Friedrich Hayek was of the same view too, like his mentor, Mises. Many contemporary neoclassical economists have similar views of economic crises too- if only wages were downwardly flexible enough, then markets would soon clear, and all would be well again. BTW I would point out that back in the 1970s, many Marxist economists invoked similar explanations for the economic crisis of that time. In their view, during the 1960s, trade unions had been strong enough to drive up wages and wrest some degree of control away from capital, such that profits for capitalists had gone into a steep decline, leading capital to wage an offensive against the working class in order to restore profit levels. Paul Sweezy, and his Monthly Review colleagues, rejected that explanation of the crisis.
Jim Farmelant http://independent.academia.edu/JimFarmelant http://www.foxymath.com Learn or Review Basic Math
---------- Original Message ---------- From: Charles Brown <cb31450 at gmail.com> To: Forum for the discussion of theoretical issues raised by Karl Marx and the thinkers he inspired <marxism-thaxis at greenhouse.economics.utah.edu>, marxist-debate <marxist-debate at googlegroups.com>, a-list <a-list at lists.econ.utah.edu>, lbo-talk <lbo-talk at lbo-talk.org>, pen-l <pen-l at lists.csuchico.edu> Subject: [Marxism-Thaxis] The Austrian theory of everything--workers are paid too much. Date: Tue, 28 Jan 2014 09:23:54 -0500
Bruce Bartlett shared a link.
14 hours ago The Austrian theory of everything--workers are paid too much.
http://socialdemocracy21stcentury.blogspot.com/2014/01/misess-explanation-of-great-depression.html
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