RGacky3
13th September 2011, 12:47
http://online.wsj.com/video/roubini-warns-of-global-recession-risk/C036B113-6D5F-4524-A5AF-DF2F3E2F8735.html
Excess Capacity (surplus of productoin) and lack of demand, leading to an increased ratio of capital to labor in favor of capital meaning cutting labor which in turn aggrivates the problem of lack of demand leading to an internal contradiction of capitalism causing it to self destruct.
Yup, the guy that famously predicted the crisis gives his props to Marx, this guy who is one of the most respected economists around knows whats up, more and more Marx is entering mainstream (pro-capitalist) economics, and people are starting to have to suck it up and admit ... Marx was right.
Unfortunately most of these economists are giving Marx props for discovering all the internal contradictions of capital accumulation and all the inefficiencies and explination of how capital accumulation works, while at the same time sticking to pure keynsian solutions, solutions that understand the internal contradictions but just want to try and balance it outm rather than re-work the system.
Its like having a ship with leaks all over the place, and instead of getting a new boat, all they do is run around trying to throw the water out with buckets and try and patch up the holes with things that are gonna brake anyway, as soon as they patch up one hole they'll be another one on the other side of the ship, once you bucket out all the water theres gonna be just as much comming in anyway. Capitalism is sinking and we need a new ship.
Excess Capacity (surplus of productoin) and lack of demand, leading to an increased ratio of capital to labor in favor of capital meaning cutting labor which in turn aggrivates the problem of lack of demand leading to an internal contradiction of capitalism causing it to self destruct.
Yup, the guy that famously predicted the crisis gives his props to Marx, this guy who is one of the most respected economists around knows whats up, more and more Marx is entering mainstream (pro-capitalist) economics, and people are starting to have to suck it up and admit ... Marx was right.
Unfortunately most of these economists are giving Marx props for discovering all the internal contradictions of capital accumulation and all the inefficiencies and explination of how capital accumulation works, while at the same time sticking to pure keynsian solutions, solutions that understand the internal contradictions but just want to try and balance it outm rather than re-work the system.
Its like having a ship with leaks all over the place, and instead of getting a new boat, all they do is run around trying to throw the water out with buckets and try and patch up the holes with things that are gonna brake anyway, as soon as they patch up one hole they'll be another one on the other side of the ship, once you bucket out all the water theres gonna be just as much comming in anyway. Capitalism is sinking and we need a new ship.