Greenspan IQ query

Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Fri Apr 7 09:53:14 PDT 2000

Enrique, I was referring *real* accumulation of physical machines, etc and addition of capacity in producer goods. In order to avoid excess capacity/idle capital, the reservoir of labor cannot dry up; scarcity of workers in relation to real capital means surplus of workers. Of course overcoming labor shortage does not mean profits extracted will actually be sufficient for further accumulation--and these market caps will be revealed to be ridiculous. But shortage of surplus value--which is what governs all of Marx's thought--can be brought about by an insufficient population base and/or insufficient rate of exploitation. No credit to Greenspan really. Yours, Rakesh

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