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
^^^^^
CB: Yeah , sure is clean and elegant.
What Hemingway say about a clean , dry , well-lighted place ? (smile)
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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... *