Friday, 14 July 2017

The Strange Capitalist Embrace of Austerity Viewed in Terms of Marx’s Falling Profit-Rate Law

"Taking the views of Marx, Kalecki and Keynes into account, it may be that revival in the rate of profit is a necessary condition of capitalist recovery, but not sufficient. It seems that recovery of private investment will require the satisfaction of two conditions: both a revival in the rate of profit (Marx) and a sustained growth in autonomous expenditure (Kalecki, Keynes). For the global economy as a whole, currency-issuing governments are the only limitless source of autonomous expenditure." ~Peter Cooper

Read the whole thing at Heteconomist

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