calling in loans

christian11 at mindspring.com christian11 at mindspring.com
Tue Aug 27 06:10:00 PDT 2002


On Mon, 26 Aug 2002 15:03:24 -0700 Michael Perelman <michael at ecst.csuchico.edu> wrote:


> The importance of reswitching is that it shows
that the marginal productivity of capital is invalid as a macroeconomic concept. As a result, neoclassical economics has no theory of profit.

Well, it's not that there is no theory of profit, it's just that it has no theory of profit that categorically excludes theft and class struggle.

Actually, it's more than that: it's that there is no theory of profit consistent with the view of prices as outcome of supply and demand, and distribution as factor payments, no?

Christian



More information about the lbo-talk mailing list