The final part 5 in the series ‘A Theory of Systemic Fragility in the Global Economy’ is now available on my website. From the concluding chapter of my 2016 book, ‘Systemic Fragility in the Global Economy’, the summary chapter 19, here serialized in 5 parts, looks at 9 key variables involving credit, debt, income, and terms & conditions of debt repayment, and how their mutual interaction leads to growing ‘fragility’ in the economy making it prone to financial instability events. Fragility is considered across household consumer, business investment, and government fiscal-monetary policy dimensions. How variables exacerbate each other over time and the transmission mechanisms between the three sectors and nine variables.
The US and global economy are growing more fragile since 2010, drawing the economy nearer to yet another major financial instability event.
TO READ: GO TO http://www.kyklosproductions.com/articles.html
Jack,
Just in passing, an insight, I think, did come to me in the aftermath of the issue you raised about the relationship between “value” and “price” in the comment thread to Micheal Roberts recent piece on whether or not Marx subscribes to a theory of value, and it’s still on its way toward me, but already I’m discerning enough of it that I think I will make the effort to cobble a short essay around it in the near future.
For the moment, so as not to lose sight of it, I’ve formulated the two-part thesis of what I think is hatching for me just so:
A) Under capital, “the law of value” really is operative despite the fact that “labour power” is not exchanged, as all other commodities, on the basis of its actual “value.”
And ( for the part that you have me thinking about):
B) The proportionality between market prices and “labour-time,” the latter being the magnitude of “value,” is maintained by the fact that demand is proportional to the aggregate remuneration to the working class as a whole.
Anyway, if and when I get the thing done, and only if you have the time and feel the inclination, I’d like to bounce it off you.
Regards,
–N
Sure. Send it my way.
Yo,
On the off chance that you’ve never read this piece by Paul Mattick and that you may find anything of interest to you: The Permanent Crisis – Henryk Grossman’s Interpretation of Marx’s Theory Of Capitalist Accumulation
In particular, see section, “II. Accumulation and Crisis.”
Regards,
–N