AD/AS redux

To respond to Ellen Frank's latest posting (I'm glad someone is still interested in the AD/AS brouhaha!), I would say first that what is needed is a graphical framework in which P-dot is on the vertical axis and not Y but Y/Y* (or U) is on the horizontal axis; the latter approach sets the stage

Mill and Marx

Jim Devine has asked for examples from Mill that might be compared to Marx. Chapter IV, Book IV of Mill's Principles is entitled "Of the Tendency of Profits to a Minimum." In the chapter Mill put forth an argument of falling profit rates based on a diminishing opportunities for investment. He

Mill and Marx

I lost a number of pen-l messages and so what follows may be out of context. If so, sorry. With regard to the Mill/Marx similarity, it's clear that some of the impetus to Marx's ideas on the separation of purchase and sale, the distinction between barter economies and those in which money

Telling it like it is

QUOTE OF THE MONTH "We shift the cost of benefits to our employees. We eliminate any wage increases. We retire the older, more expensive talent. We reclassify people as probationary to avoid paying benefits, and we abandon any meaningful retirement plan except Social

progress at last

As you can see, Nick Trown, our new guru, has managed to fix the system so that pen-l is the sender. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 916-898-6141 messages E-Mail [EMAIL PROTECTED]

AD/AS redux

To respond to Ellen Frank's latest posting (I'm glad someone is still interested in the AD/AS brouhaha!), I would say first that what is needed is a graphical framework in which P-dot is on the vertical axis and not Y but Y/Y* (or U) is on the horizontal axis; the latter approach sets the stage

No Subject

Berkley Rosser wrote: 1) The argument that as one traces back "indirect energy" (or whatever) each successive stage contributes less and therefore one cannot have a model based on that does not hold. This is true of labor as well. In a linear I-O model, any Sraffian basic can in principle

Telling it like it is

QUOTE OF THE MONTH "We shift the cost of benefits to our employees. We eliminate any wage increases. We retire the older, more expensive talent. We reclassify people as probationary to avoid paying benefits, and we abandon any meaningful retirement plan except Social

unemployment questions

I am working on a short-term project which requires me to get some entry-level citations on the relationship between unemployment and capitalism ("the reserve army..."), especially from a Marxist perspective. Citations should not be too technical or too terse. They can either be sections from a

Saturn query

Dear Pen-lers, Regarding my request yesterday for info on the Saturn plant, unless you specify otherwise, I will assume it is okay to forward whatever you send to others on Pen-l who are interested in Saturn (I will not forward messages from today, since broadcasting was not mentioned). If