Re: [OPE-L] basics vs. non-basics and financial services

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Thu Oct 06 2005 - 11:47:29 EDT

At 12:01 PM +0200 10/6/05, Diego Guerrero wrote:
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>Paul, I think that you are wrong. May be your interpretation of
>reproduction is biased by the fact that you usually work with models
>of economies that are always growing at the maximum rates of growth,
>and therefore there is no place for increasing accumulation using
>money coming from outside the capitalist sector or from capitalists
>who were not yet investing all his surplus value? I don't know.
As I have noted, Paul C's attempt to defend a Smith criterion of
productive labor in material terms cannot be squared with his
Keynesian understanding that unproductive labor in those terms can in
fact be productive from the perspective of growth of value and use
value. I don't know whether Paul has conceded this, but my criticism
of his eclectic theory seems unanswered to me. Perhaps I am missing

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