Need to address real problems
It has been an education to learn what progressive economists think and talk about (on e-mail, at least!). I would be very interested to see the same intelligence turned to the question of how North America (probably all industrialized countries) are going to deal with increasing "jobless growth", which can translate into R. Reich's vision of a world where a small (probably international) minority owns and controls everything, leading to a 'Blade Runner' future. What alternative futures might we design that would include a decent level of guaranteed income (as a form of return on our long-term social investment in health, education), RD, law and order, and infrastructure, sharing of paid work, maximum income limits, and a richer life in terms of the variety of activities in which people could engage. This needn't be pie in the sky, but the attention of progrssive economists is needed. Sally Lerner, Futurework Project,Centre for Society, Technology and Values
Sunk Costs and Nike and Captialism
The classic work on sunk costs is John Maurice Clark's The Economics of Overhead Costs published in 1923. I wish more people would read the book, ignoring the mild tone. In my HO it's one of the seminal books of this century. Clark clearly points out the "discovery" of overhead costs and the implications that this has for the MC=MR type of thinking. Among his bon mots: "Discrimination is the secret of efficiency" -- with respect to using the overhead that modern capitalism builds. As Clark points out, his book is about unused capacity -- waste. Capacity which capitalism can never use. In solidarity, Larry Shute -- Laurence Shute Department of Economics California State Polytechnic University, Pomona Tel: (909) 869-3850 Internet: [EMAIL PROTECTED]
Nike again
Yes, Nike is a marketing company. Keep in mind that as companies rely more and more on fixed capital to replace labor, they, in effect, increase their ratio of marketing to production. For example, automobile manufacturers become mere assemblers and marketers. More and more of the value added is in oursourced parts. With respect to John Maurice Clark, much of his concern about overhead costs was implicit in his fathers work. Although J.B. and many of the leading lights of economics wrote text books on perfect competition, they recommended policies based on the idea that large fixed capital costs made competition destructive. I have a piece in the Summer issue of the Journal of Economic Perspectives (in Joe Persky's column) on this subject. It is also in a new book that I am completing called The End of Economics. Michael Perelman -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 916-898-6141 messages E-Mail [EMAIL PROTECTED]
current events
any thoughts from pen-l on the following? (1) the L.A. Times business section today had an article suggesting that the Fed upped interest rates in order to pop a developing speculative bubble in financial markets. (2) The L.A. Weekly had an article (by economist Richard Rothstein) arguing that Clinton wants to raise world labor standards (in line with ILO desires), i.e., upward harmonization. The case in point is labor standards in Indonesia. Rothstein wants us to support Clinton's efforts. in pen-l solidarity, Jim Devine BITNET: jndf@lmuacadINTERNET: [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA 310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
References
By popular demand, here are the two references I mentioned eariler this week: Eric Sheppard Trevor J. Barnes. 1990. _The Capitalist Space Economy: Geographical Analysis after Ricardo, Marx, and Sraffa_. London: Unwin Hyman. Sayer, Andrew. 1992. _Method in Social Science: A Realist Approach_. London: Routledge. Marsh Feldman Community Planning Phone: 401/792-2248 204 Rodman Hall FAX: 401/792-4395 University of Rhode Island Internet: [EMAIL PROTECTED] Kingston, RI 02881-0815
RE: marx on money
Victor, thanks for the analysis of the context of the sentence quoted by Marx. But there are two debates going on here: (1) does money-lending lead to the creation of surplus-value or is that simply an illusion arising from the fetishism of commodities? Here, I believe, Steve Keen and I agree: it is the latter. Gil Skillman disagrees with us. (2) Can use-value be described as being quantitative in nature? Here Steve and I disagree. I don't know what Gil thinks about this. in pen-l solidarity, Jim Devine BITNET: jndf@lmuacadINTERNET: [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA 310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
Romans and capitalism
Jim suggests two reasons why the Romans did not develop capitalism, absence of free labour and lac of a stable state. He must be joking on the later. Until the Barbarian incursions of the late 4th early 5th century, the Republic and the Empire provided much of Europe and North Africa with the most long lasting and stable state it has ever seen, and in the process provided for a level of economic development and commodity trade that was not exceeded until the 18th century according to some accounts. Paul Cockshott ,WPS, PO Box 1125, Glasgow, G44 5UF Phone: 041 637 2927 [EMAIL PROTECTED] [EMAIL PROTECTED]
Sunk Costs and Nike and Captialism
The classic work on sunk costs is John Maurice Clark's The Economics of Overhead Costs published in 1923. I wish more people would read the book, ignoring the mild tone. In my HO it's one of the seminal books of this century. Clark clearly points out the "discovery" of overhead costs and the implications that this has for the MC=MR type of thinking. Among his bon mots: "Discrimination is the secret of efficiency" -- with respect to using the overhead that modern capitalism builds. As Clark points out, his book is about unused capacity -- waste. Capacity which capitalism can never use. In solidarity, Larry Shute -- Laurence Shute Department of Economics California State Polytechnic University, Pomona Tel: (909) 869-3850 Internet: [EMAIL PROTECTED]
current events
any thoughts from pen-l on the following? (1) the L.A. Times business section today had an article suggesting that the Fed upped interest rates in order to pop a developing speculative bubble in financial markets. (2) The L.A. Weekly had an article (by economist Richard Rothstein) arguing that Clinton wants to raise world labor standards (in line with ILO desires), i.e., upward harmonization. The case in point is labor standards in Indonesia. Rothstein wants us to support Clinton's efforts. in pen-l solidarity, Jim Devine BITNET: jndf@lmuacadINTERNET: [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA 310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
Liberalism
I am a teaching fellow this year, and for our meeting next week we are reading an article by Clark Kerr, "Knowledge Ethics and the New Academic Culture" (_Change_ Jan/Feb, 1994: 9-15). I remember Clark as Chancellor at UC Berkeley and one of the guys we demonized in the sixties. Well Clark's still at it. On p. 13 he says: There are those who totally reject scholarship as being at the center of the academic enterprise. A Harvard professor, for example, has written that the "primary function of Marxists in the university" is to "take part in what is, in fact, a class struggle"; and thus our "chief task must be to disrupt production" The quotations are from Richard Lewontin, "Marxists and the University", _New Political Science_ Vol. 1, Nos. 2-3, Fall-Winter 1979-80: 256-30. I suspect old Clark takes this quotation out of context, perhaps one that sees the university as the site of ideological struggle between progressive and reactionary scholarship. Unfortunately, our library does not have the article so I can't look it up. Can someone out there help me out? BTW, Clark is curiously silent on universities that have business schools, law schools, job placement offices, departments of government, etc. I guess these are not forms of class struggle for scholars like Clark. Marsh Feldman Community Planning Phone: 401/792-2248 204 Rodman Hall FAX: 401/792-4395 University of Rhode Island Internet: [EMAIL PROTECTED] Kingston, RI 02881-0815
college tuition
Someone asked about the dizzying rise in college tuitions. I think there was an article on this topic in The Atlantic some months back. I haven't seen it, but I'm told it was very good. Doug Doug Henwood [[EMAIL PROTECTED]] Left Business Observer 212-874-4020 (voice) 212-874-3137 (fax)
Re: current events
On Fri, 4 Mar 1994, Jim Devine wrote: any thoughts from pen-l on the following? (1) the L.A. Times business section today had an article suggesting that the Fed upped interest rates in order to pop a developing speculative bubble in financial markets. That may be. The central bankers have been emitting plenty of signs lately that they're concerned about leverage, particularly hedge funds and exotic derivatives. The front page of the new IMF Survey, for example, features an article on the topic based on a study they published last summer. Reading the Survey the way Kremlinologists used to read Pravda, that looks very much like anxiety to me. Still, the lunatics in the bond market are still worried about inflation (commodity and wage), and are pressing the Fed for another tightening, and soon. They still think we're at or near full capacity and full employment and that an out-of-control boom may be underway. (2) The L.A. Weekly had an article (by economist Richard Rothstein) arguing that Clinton wants to raise world labor standards (in line with ILO desires), i.e., upward harmonization. The case in point is labor standards in Indonesia. Rothstein wants us to support Clinton's efforts. Hahahahahahahaha. Does he have evidence for this, or does it rely on faith in Clinton's inner liberal? Doug Doug Henwood [[EMAIL PROTECTED]] Left Business Observer 212-874-4020 (voice) 212-874-3137 (fax)
Query re labor economics literature
As a non-academic who has been lurking on PEN-L for a few weeks, I'd like to make a request of you professorial types. For some preliminary work on a journalistic book on changes in the nature of work, I need to go back and review labor-economics theory. I'd like to know what texts in the field are being used most widely these days so I can get a grasp of the current conventional wisdom (if there is any) from both the orthodox and progressive prospectives. Also, if anyone has a good curriculum/reading list on labor economics that could be e-mailed to me, I would be very grateful. Philip Mattera [EMAIL PROTECTED]
No Subject
Re-sending this message. First version contained an error It has been an education to learn what progressive economists think and talk about (on e-mail, at least!). I would be very interested to see the same intelligence turned to the question of how North America (probably all industrialized countries) are going to deal with increasing "jobless growth", which can translate into R. Reich's vision of a world where a small (probably international) minority owns and controls everything, leading to a 'Blade Runner' future. What alternative futures might we design that would include a decent level of guaranteed income (as a form of return on our long-term social investment in health, education, RD, law and order, and infrastructure), sharing of paid work, maximum income limits, and a richer life in terms of the variety of activities in which people could engage. This needn't be pie in the sky, but the attention of progrssive economists is needed. Sally Lerner, Futurework Project,Centre for Society, Technology and Values
Reply to Gil on wages
Wages are by definition a market outcome. Is that a fact? One might say that on the contrary, wages or at least their levels are the result of a class struggle. Since when was there a class struggle over the price of Cornflakes or Ethelene ? Paul Cockshott ,WPS, PO Box 1125, Glasgow, G44 5UF Phone: 041 637 2927 [EMAIL PROTECTED] [EMAIL PROTECTED]
RE: marx on money
Victor, thanks for the analysis of the context of the sentence quoted by Marx. But there are two debates going on here: (1) does money-lending lead to the creation of surplus-value or is that simply an illusion arising from the fetishism of commodities? Here, I believe, Steve Keen and I agree: it is the latter. Gil Skillman disagrees with us. (2) Can use-value be described as being quantitative in nature? Here Steve and I disagree. I don't know what Gil thinks about this. in pen-l solidarity, Jim Devine BITNET: jndf@lmuacadINTERNET: [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA 310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
Re: Query re labor economics literature
As a non-academic who has been lurking on PEN-L for a few weeks, I'd like to make a request of you professorial types. For some preliminary work on a journalistic book on changes in the nature of work, I need to go back and review labor-economics theory. I'd like to know what texts in the field are being used most widely these days so I can get a grasp of the current conventional wisdom (if there is any) from both the orthodox and progressive prospectives. Also, if anyone has a good curriculum/reading list on labor economics that could be e-mailed to me, I would be very grateful. Philip Mattera [EMAIL PROTECTED] Bruce Kaufman's _The Economics of Labor Markets and Labor Relations_ is about the best of a limited lot. Gil Skillman [[EMAIL PROTECTED]]
Keynes' letter to Lydia
I'm delighted to find that professor Salvadori is on pen-l network. And I think we all hope to hear more from you in the future. Thanks for correcting my mistake on the date of the letter I quoted. My source is Jean-Pierre Potier's PIERO SRAFFA--UNORTHODOX ECONOMIST (1898-1983), Routledge, 1987. The quotation appears on pp.59-60, and gives the reference in the footnote as yours. Cheers, Ajit Sinha Original message In message [EMAIL PROTECTED] Ajit Sinha writes: Soon after arriving at Cambridge in 1928, Sraffa explained the basic idea of PCMC to Keynes; to which Keynes is reported to have made this remark to his wife Lydia: "On Saturday I had a long talk with Sraffa about his work. It is a very interesting and ORIGINAL--but I wonder whether his class will understand him when he lectures." I know thi letter very well. It dated 28 November 1927 and, as fae as I know it is still unpublished and under the copyright of The Provost and Scholars of King's College, Cambridge 1993, King's College Library, Cambridge. If you know that it has been published, please let me know. I quoted it in a footnote in a paper on "Sraffa, Marshall and the problem of returns" which will be published in the next issue of the EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT. Neri Salvadori Dipartimento di Scienze Economiche, Universita' di Pisa Via Ridolfi 10, i56100 PISA (Italy) e-mail: [EMAIL PROTECTED] FAX: (39)(50)598040 Tel: (39)(50)549215
GOOD NEWS AND A WARNING. PLEASE READ!!!!!:X
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Re: current events
Rothstein has some evidence that Clinton wants to raise labor standards. But the labor standards being criticized are so low that they may be irrelevant to changing the d trend toward t downward harmonization that's going on. That is, he is talking about Indonesia and some of its worst practices. Further, you're right about him having faith that Clinton is a closet liberal (or even a closet social democrat). He's a buddy of the LA WEEKLY's editor, Harold Meyerson, who puts forth exactly that thesis. (which by the way is an extension of the late Michael Harrington's thesis that the Democratic Party is a closet social-democratic party.) If Clinton encounters any resisteance to upward harmonization (say, from Jesse Helms), my prediction is that the idea will be dri dropped like a hot potatoe. (hi Dan Q!) in pen-l solidarity, Jim Devine BITNET: jndf@lmuacadINTERNET: [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA 310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
Positon posts oK?
Consulting firm seeking Senior Economist for short-term assignment in mid-east. Must have experience with evaluating cost/benefit of alternative fueled vehicles, compressed natural gas in particular. InternationalEû¹4²·1²° ÀÌ I¢¦L@@®ÊÚ' *Ú ÂäÆÑ 8, 1994 to: [EMAIL PROTECTED] with subject line: Transportation Economist Please do not request more info at this time (as this is being posted for some one else). All qualified applicants will be contacted after receipt of the resume. access1%
