interesting read:Marx, Labor’s Dwindling Share of the Economy and the Crisis of Advan

Discussion in 'Politics' started by Free Thinker, Sep 1, 2011.

  1. Marx, Labor’s Dwindling Share of the Economy and the Crisis of Advanced Capitalism:

    now, before the right wing intelligensia on et start screaming marxism,socialism,communism ect, remember that henry ford believed the same thing. ie The essential meaning is that the worker must be paid higher wages in order to afford the products that the industrialist himself produces, causing an economy that runs full-circle.
    It is self-evident that conventional economics has failed, completely, utterly and totally. The two competing cargo cults of tax cuts/trickle-down and borrow-and-spend stimulus coupled with monetary manipulation have failed to restore advanced Capitalism’s vigor, not just in America, but everywhere.

    Conventional econometrics is clueless about the root causes of advanced finance-based Capitalism’s ills. To really understand what’s going on beneath the surface, we must return to "discredited" non-quant models of economics: for example, Marx’s critique of monopoly/cartel, finance-dominated advanced Capitalism. ("Capitalism" is capitalized here to distinguish it from "primitive capitalism.")

    All those fancy equation-based econometrics that supposedly model human behavior have failed because they are fundamentally and purposefully superficial: they are incapable of understanding deeper dynamics that don’t fit the ruling political-economy conventions.

    Marx predicted a crisis of advanced Capitalism based on the rising imbalance of capital and labor in finance-dominated Capitalism.
  2. Ricter


    Ignoring for a moment the real human suffering caused by this latest crisis, it is amusing to watch the sheer desperation of capital seeking a return. There's so much cash sitting idle that some banks have begun (extra) charging people to park it, lol.
  3. Lucrum


    Maybe they should just hand over all their cash to the government and let them <s>spend</s> waste it for them.
  4. Ricter


    There's enough of that already, through lobbying.

  5. Luke......why don't you run for office ? :( . :D .
  6. Ricter


    Raises a question, can one simply ask the mods to completely wipe their posts here, or would they have to pay the mods to do it.
    : )