Re: [OPE-L] SV: [OPE-L] what is irrational in the functioning of capitalism?

From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Wed Dec 06 2006 - 12:50:55 EST

--- Paul Cockshott <wpc@DCS.GLA.AC.UK> wrote:

> I put the high level of unemployment down to :
> 1) Restrictive monetary policies which hindered
> capital accumulation.
> 2) An obsession with reducing the state budget
> deficit
> 3) A shift in the distribution of income from the
> working class towards
> the rentier class who have a lower propensity to
> consume
Paul, they are all Keynesian arguments. I think it
works when you are describing recessions. It is hard
to make Keynesian arguments for unemployment when an
economy is growing around the rate of 8% or at least
6% on the average for 25 years (which is the case of
India). I think we need to wind this debate down. But
just out of curiosity, I have a question: When do you
measure labor content of commodities, how do you
homogenize heterogeneous labor? Do you use wage
differentials? If so, then how do you justify it?
Cheers, ajit sinha

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