Doug Henwood wrote:
>
> On Aug 31, 2010, at 8:15 PM, Julio Huato wrote:
>
> > I'm not sure I understand why the profit rate would be irrelevant. It
> > seems to me that it's exactly the opposite. The profit rate is the
> > rate at which capital expands itself.
>
> Not necessarily. It's the return on past investment. That return can be reinvested, hoarded, or consumed.
Can it, in practice, be hoarded. What happens to money that isn't spent. In a pre-capitalist order a miser could hoard bags of gold or silver. But isn't money _always_ on the move in a capitalist society? And if profits are large, can they really be consumbed?
Carrol