[lbo-talk] Michael Hudson - 'From Marx to Goldman Sachs: The Fictions of Fictitious Capital'

[Alan Rudy]

Never heard it told this way... surprised there have been no comments as a
result.
Is this a widely held perspective that the international conspiracy against
me has withheld from my awareness?
It flips a lot of things around - though I'm not sure on their head.
Anyone?
APR

On Sat, Jul 31, 2010 at 1:27 PM, Ira Glazer <ira.glazer at gmail.com> wrote:


>
> http://michael-hudson.com/2010/07/from-marx-to-goldman-sachs-the-fictions-of-fictitious-capital1/
>
> *Classical economists developed the labor theory of value to isolate
> economic rent, which they defined as the excess of market price and income
> over the socially necessary cost of production (value ultimately reducible
> to the cost of labor). A free market was one free of such “unearned” income
> – a market in which prices reflected actual necessary costs of production
> or, in the case of public services and basic infrastructure, would be
> subsidized in order to make economies more competitive... *