Steve Keen's Debtwatch Sun 2009-08-30 20:48 EDT
Debtwatch No. 38: The GFC--Pothole or Mountain?
``The Marxian view is that capitalistic economies are inherently unstable and that excessive accumulation of capital will lead to increasingly severe economic crises. Growth theory, which has proved to be empirically successful, says this is not true.'' wrote Economics Nobel Prize winner Edward C. Prescott. Prescott also claimed ``the Great Depression was a conscious choice by American workers to enjoy more leisure, in response to unspecified changes in the labour market'' Apparently debt played no role. The capitalistic economy is stable, and absent some change in technology or the rules of the economic game, the [...]
38; Debtwatch; GFC; Mountain; Potholes; Steve Keen's Debtwatch.