URPE Session Papers for the RRPE
I lost my instructions for submitting the URPE session papers for the RRPE. If somebody could let me know the size information and if we send it to David Houston. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 916-898-6141 messages E-Mail [EMAIL PROTECTED]
URPE Session Papers for the RRPE
I lost my instructions for submitting the URPE session papers for the RRPE. If somebody could let me know the size information and if we send it to David Houston. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 916-898-6141 messages E-Mail [EMAIL PROTECTED]
Sacks
Anthony D'Costa commented recently on the failure of orthodox economists to recognize the importance of institutions in the failure of the IMF project and Jeffrey Sachs departure from Russia. It was interesting this morning to hear a debate on CBC between Sachs and a Russian economist (I didn't catch his name) who is now teaching at York. In any case, the upshot of it all was that Sacks was still maintaining that the only problem was that the "stabilization" plan was given up too soon and not allowed long enough to work. He also basically said that you can not have a transition to a market economy with democratic political institutions. Perhaps, on this he is correct. Paul Phillips, Manitoba
Sacks
Anthony D'Costa commented recently on the failure of orthodox economists to recognize the importance of institutions in the failure of the IMF project and Jeffrey Sachs departure from Russia. It was interesting this morning to hear a debate on CBC between Sachs and a Russian economist (I didn't catch his name) who is now teaching at York. In any case, the upshot of it all was that Sacks was still maintaining that the only problem was that the "stabilization" plan was given up too soon and not allowed long enough to work. He also basically said that you can not have a transition to a market economy with democratic political institutions. Perhaps, on this he is correct. Paul Phillips, Manitoba
Re: Does International Trade Lower Wages in the 1st World?
Interestingly Raul Prebisch of ECLA and others following "dependency", "world systems", and "unequal exchange" schools talked about the adverse terms of trade for developing countries. In that discussion it was pointed out that because of rapid technological change in the advanced capitalist countries (ACCs) there was higher labor productivity which translated into higher wages precisely because of labor's bargaing power (unionization). In the developing countries, on the other hand, little technological change was translated into lower prices for primary products in the international market, precisely because of weak labor. While this view cannot be used to present the world economy of late 20th century capitalism, adverse TOT is still a problem, perhaps, and here I am sticking my neck out, because of monopoly power exercised by transnational purchasers and distributors of developing country goods, whose marked- up prices can only be phenomenal. International competition is between labor and capital, domestic and foreign capital, and not surprisingly between labor. Anthony D'Costa U of Washington, Tacoma On Thu, 20 Jan 1994, Doug Henwood wrote: > > On Thu, 20 Jan 1994, Nathan Newman wrote: > > > > > The January 15th ECONOMIST had an interesting article that argued that > > international trade with the third world has had little or no role in > > lowering wages in the US for unskilled workers. > > > > The prima facie evidence for this fact is the argument that if unskilled > > work had been migrating to third world countries because of lower wages, > > the relative prices of low-skill goods should have fallen. THE ECONOMIST > > cites studies that asset that this has not occurred. > > > But what if lower wages have resulted in higher profits rather than lower > prices? I've been trying to puzzle out a contradiction: evidence from > one's eyes is that monopoly power has decreased and competition increased > nearly universally, which hsould depress markups and profits, but in fact > profits have held up quite well in the recent slumpish years. Does markup > theory focus too much competition among capitalist and not enough on the > relation between K and labor? > > Doug > > Doug Henwood [[EMAIL PROTECTED]] > Left Business Observer > 212-874-4020 > > > >
Re: Does International Trade Lower Wages in the 1st World?
Interestingly Raul Prebisch of ECLA and others following "dependency", "world systems", and "unequal exchange" schools talked about the adverse terms of trade for developing countries. In that discussion it was pointed out that because of rapid technological change in the advanced capitalist countries (ACCs) there was higher labor productivity which translated into higher wages precisely because of labor's bargaing power (unionization). In the developing countries, on the other hand, little technological change was translated into lower prices for primary products in the international market, precisely because of weak labor. While this view cannot be used to present the world economy of late 20th century capitalism, adverse TOT is still a problem, perhaps, and here I am sticking my neck out, because of monopoly power exercised by transnational purchasers and distributors of developing country goods, whose marked- up prices can only be phenomenal. International competition is between labor and capital, domestic and foreign capital, and not surprisingly between labor. Anthony D'Costa U of Washington, Tacoma On Thu, 20 Jan 1994, Doug Henwood wrote: > > On Thu, 20 Jan 1994, Nathan Newman wrote: > > > > > The January 15th ECONOMIST had an interesting article that argued that > > international trade with the third world has had little or no role in > > lowering wages in the US for unskilled workers. > > > > The prima facie evidence for this fact is the argument that if unskilled > > work had been migrating to third world countries because of lower wages, > > the relative prices of low-skill goods should have fallen. THE ECONOMIST > > cites studies that asset that this has not occurred. > > > But what if lower wages have resulted in higher profits rather than lower > prices? I've been trying to puzzle out a contradiction: evidence from > one's eyes is that monopoly power has decreased and competition increased > nearly universally, which hsould depress markups and profits, but in fact > profits have held up quite well in the recent slumpish years. Does markup > theory focus too much competition among capitalist and not enough on the > relation between K and labor? > > Doug > > Doug Henwood [[EMAIL PROTECTED]] > Left Business Observer > 212-874-4020 > > > >
Re: socialism finito, sez Nation
The recent exit of Jeffrey Sachs, the de facto IMF rep in Russia, underscores the falsity of an assumption that most mainstream economists hold dear--that economics as a process is the same everywhere. Furthermore, the premise that markets are natural institutions make these economists stubbornly believe that markets can be created overnight. Such simplistic notions naturally fail to recognize the absence of particular kinds of legal frameworks, administrative capacity to implement reforms, and ignore fundamentally the political processs. Macroeconomic stability sans institutions and externalization of the domestic economy when the project of nation-building is incomplete are not only contradictory but virtually a guarantee for disaster. Anthony D'Costa U of Washington
Re: socialism finito, sez Nation
The recent exit of Jeffrey Sachs, the de facto IMF rep in Russia, underscores the falsity of an assumption that most mainstream economists hold dear--that economics as a process is the same everywhere. Furthermore, the premise that markets are natural institutions make these economists stubbornly believe that markets can be created overnight. Such simplistic notions naturally fail to recognize the absence of particular kinds of legal frameworks, administrative capacity to implement reforms, and ignore fundamentally the political processs. Macroeconomic stability sans institutions and externalization of the domestic economy when the project of nation-building is incomplete are not only contradictory but virtually a guarantee for disaster. Anthony D'Costa U of Washington
