Reserve army and relative surplus population as causes imply underconsumption . Trotskyists are gonna get you (smiles).
> On Aug 25, 2015, at 12:56 AM, Eugene Coyle <[email protected]> wrote: > > Krugman's August 24, 2015 column in NYTimes -- > > http://www.nytimes.com/2015/08/24/opinion/a-moveable-glut.html?action=click&pgtype=Homepage&module=opinion-c-col-left-region®ion=opinion-c-col-left-region&WT.nav=opinion-c-col-left-region > > In clinging to his simple Keynesianism -- Krugman seems bewildered. He's > embraced Bernanke's idea of a "global savings glut" sloshing around the world > making waves like Governor Christie cannonballing into a swimming pool. At > least he's anti-austerity but he says in a pathetic insertion: "Population > growth is slowing worldwide, ... " -- an excuse popular in the 1930s when > nothing else served. > > And, the end of the same sentence: " ... and for all the hype about the > latest technology, it doesn’t seem to be creating either surging productivity > or a lot of demand for business investment." > > Why would business rush to add the latest labor-reducing technology when they > can get all the labor wanted very cheaply? > > Krugman has defined the framework of secular stagnation and refuses to say > the name. > > Again, Krugman advocates more public spending on good things like > infrastructure, borrowing cheaply to do it. Fine for all that but it is sad > that the NYTimes Nobelist hasn't got a clue about WHY this is happening. Nor > have I seen anything on "the left" that explains what is going on either. > > Here's a hint: The biggest "global glut" is the reserve army of the > un-employed. Until a policy is adopted to deal with that we are condemned to > listen to Bernanke, Krugman, Robert Reich and the rest. At least the > despicable Larry Summers sees the problem. Go with Pope Francis: cut the > USA work week to four days WITH NO CUT IN PAY. A massive redistribution of > income within the North, and also between the North and South. > > Gene > > > > ___________________________________ > http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
