[lbo-talk] Marx before Minsky

michael perelman michael at ecst.csuchico.edu
Sat Jan 31 14:49:33 PST 2009


Previously, I made the case that the financial meltdown was basically a delayed response to the severe neglect of investment in plant, equipment, and infrastructure. I also explained the cause of this neglect.

http://radicalnotes.com/content/view/73/39/

Here, I'm going to discuss the financial side of the crisis, which, while secondary, is still important.

This crisis has been nicely described as a Minsky moment, but it may just as well be described as a Marx moment. Marx's term fictitious capital and the more conventional discounted present value are not entirely different, but Marx's expression emphasizes the fact that the future is both unknown and unknowable.

more at

http://michaelperelman.wordpress.com/2009/01/31/marx-before-minskymarx-before-minsky/

-- Michael Perelman Economics Department California State University Chico, CA 95929

530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com



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