Monday, January 05, 2009

the problem with neo-classical economics


This is frickin rad:
". . . the situation in the current capitalist system whereby much of the surplus labour appropriated by capitalists and shareholders ends up unable to find genuine investment opportunities because workers whose surplus labour has been appropriated do not earn enough to provide a sufficient market for the goods or services that would have been produced or supplied. In other words, much of the capital derived from the surplus labour that people have performed ends up not being invested at all – at least not in any meaningful economic sense, in new productive activities. Indeed, this is the primary cause of the world’s current economic crisis – too much capital accumulating at the expense of wages and growth of economic demand."

My only gripe is that it lacks any mention of sustainable development. Just a small elephant in the room, there.

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