PDA

View Full Version : Economists who got it right.....



tractor
21st April 2013, 07:40
<Placeholder>

This is unlikely to be a long thread :bang:

Paddy
21st April 2013, 07:53
<Placeholder>

This is unlikely to be a long thread :bang:

Karl Marx

EconomicPolicyJournal.com: Was Karl Marx Right about Capitalism? (http://www.economicpolicyjournal.com/2011/08/was-karl-marx-right-about-capitalism.html)


So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong). Firms are cutting jobs because there is not enough final demand. But cutting jobs reduces labor income, increases inequality and reduces final demand.

istvan
21st April 2013, 12:37
Karl Marx
So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong). Firms are cutting jobs because there is not enough final demand. But cutting jobs reduces labor income, increases inequality and reduces final demand. [/url]

so, demand needs to be increased... how? incentive to people to get rich... greed always works... do not penalize entrepreneurs, innovators, investors into entrepreneurial firms, etc... reduce taxes and handouts...

Paddy
21st April 2013, 13:33
so, demand needs to be increased... how? incentive to people to get rich... greed always works... do not penalize entrepreneurs, innovators, investors into entrepreneurial firms, etc... reduce taxes and handouts...

Yes, but that has to be true free market. We do not have a free market. We are dominated by corporate monopolies that virtually control government policy.

Energy, transport, water and (almost) food in a monopoly. The people are forced to go to one supplier even if there is a bogus choice.

minestrone
21st April 2013, 13:38
Yes, but that has to be true free market. We do not have a free market. We are dominated by corporate monopolies that virtually control government policy.

Energy, transport, water and (almost) food in a monopoly. The people are forced to go to one supplier even if there is a bogus choice.

Yes, but my big mac is just the way I like it no matter where I am in the world.

AtW
21st April 2013, 13:42
Roman emperor Vespasian.

VectraMan
21st April 2013, 15:44
so, demand needs to be increased... how?

Increase demand by making everything cheaper. Which you can do by shedding workers.