Re: (OPE-L) Luxemburg's Intro to P.E. in English

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Fri Nov 19 2004 - 10:54:36 EST

At 4:46 PM +0100 11/19/04, Riccardo Bellofiore wrote:
>At 10:21 -0500 19-11-2004, Fred Moseley wrote:
>>On Thu, 18 Nov 2004, Riccardo Bellofiore wrote:
>>Riccardo, I don't recall any of the Levy crowd saying anything about the
>>rate of profit, whereas I think it is fundamental to understanding the
>>current world economic situation.
>>And they certainly do not say anything about unproductive labor, the
>>main cause in my view of the decline of the rate of profit in the postwar
>>US economy.
>of course, my point was about the financial side. I am not asking PK
>guys to be Marxists, but I may ask Marxists to recognize where PK
>theorists have contributed significantly.
>>  Actually Moseley does not seem to me to be a falling rate of profit
>>  >guy, read carefully.
>>When I first read this I said, "What?!"
>>But from a later post, I realize that
>>what you mean is that I emphasize the
>>increase of unproductive labor, more than
>>the increase of the composition of capital,
>>which is true (although I think the latter
>>is still important).
>it is as you realized from the later post.

Yes but Grossman's emphasis on effect of third persons and
circulation costs on profit rate already showed that he thought the
U/P labor ratio was important as was the OCC. Fred may change
emphasis but his ideas still only make sense within Grossman's


>Riccardo Bellofiore
>Dipartimento di Scienze Economiche
>"Hyman P. Minsky"
>Via dei Caniana 2
>I-24127 Bergamo, Italy
>direct    +39-035-2052545
>secretary +39-035 2052501
>fax:      +39 035 2052549

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