I tried to tell the story of the Great Depression of the late 19th century in my
book, End of Economics. Not only did the Depression occur in the way Jim cited Doug
Dowd, but most of the leading economists of the time in the United States explicitly
recognized that reality.
Tom Walker wrote:
> Suppose the period 1873 to
> 1897 might be best characterized with regard to Marx's observation that:
>
> a large part of available capital is constantly more or less depreciated
> in the course of the reproduction process, because the value of commodities
> is not determined by the labour-time originally expended in their production,
> but by the labour-time expended in their reproduction, and this decreases
> continually owing to the development of the social productivity of labour.
>
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
