On Mar 5, 2011, at 1:38 PM, Peter Fay wrote:
> Not to rain on this parade, but did profitability really rise 1982-97?
> Andrew Kliman argues nominal rates rose then, but profit rates adjusted to
> money prices, etc. show a continual decline(hope he doesn't mind me quoting
> his rough draft - "Value and Crisis: Bichler & Nitzan versus Marx"):
Yeah, you can always adjust away things that are inconvenient for your theory.
I would say that anyone who lived through the years 1982-97 and thinks that the rate of profit didn't rise had to have been asleep or deluded. And anyone who describes that as a period of stagnation needs to have his head examined.
Doug