On Thu, 25 Oct 2001, Fred B. Moseley wrote: > On Tue, 23 Oct 2001, Gerald_A_Levy wrote: > > > What does the empirical evidence tell us about the cause or causes of > > the current world economic crisis? > > Jerry, here is my very brief answer to your very big question. > > I think the main factor that has caused the current crisis in the US > economy is a very significant decline in the absolute amount of profit > from 1997 to the present (in spite of corporate reports to the > contrary). Falling profits CAUSE U.S. crisis or are SYMPTOMS of crisis? Also, shouldn't we be delighted that capitalist profits decline (maybe s/v declined)! Whose CRISIS? If the 1930s was a CRISIS, is using the big word today suggesting we are in 1929? Was using the word in 1973 suggesting then that we then were in 1929? Was it correct to have so described? In sum, I am questioning when to use CRISIS (certainly not when it subjectively moves us). > According to recently revised estimates by the US Bureau of > Economic Analysis, after-tax profits for the non-financial corporate BEA made a revision. Why should we jump on THIS revision? Paul Z.
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