> SA wrote:
>> ... I don't know how much investment in plant, equipment and
>> infrastructure is supposed to be enough, but clearly it's been
>> sufficient to produce a very healthy long-term secular rise in useful
>> output... Marx isn't of much help here - though Veblen is, as is Minsky.
>
>
> On the contrary, a new interview of Robert Brenner helps clarify why
> under conditions of overaccumulation (i.e., Marx not Veblen or
> Minsky), there 'wasn't enough investment' in the 1980s-2000s, because
> of overinvestment in the prior era. Hence underinvestment in the real
> sector accompanied hyperinvestment in the financial sector.
Thanks, I'll read this. I liked Brenner's NLR special issue. But as I recall he was mercilessly attacked by Marxists, precisely because, as he acknowledged, his account locates the origin of crisis in the abode of exchange rather than the abode of production, unlike Marx.
SA