In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative cla... more In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets (DOPA); indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should be the central concern of Marxian theory
A. Macro-Structure.................................................................................. more A. Macro-Structure................................................................................................... 15
Economists generally argue that inflation is overstated by the federal government because it does... more Economists generally argue that inflation is overstated by the federal government because it does not sufficiently account for the improved quality of products. This economist believes that if we account for all pertinent changes in the quality of life, inflation is understated.
This Article is brought to you for free and open access by the Economics at Digital Commons @ Loy... more This Article is brought to you for free and open access by the Economics at Digital Commons @ Loyola Marymount University and Loyola Law School. It has been accepted for inclusion in Economics Faculty Works by an authorized administrator of Digital Commons@Loyola Marymount University and Loyola Law School. For more information, please contact [email protected]. Repository Citation Devine, James, "The Utility of Value: The "New Solution," Unequal Exchange, and Crisis" (1990). Economics Faculty Works. 11. http://digitalcommons.lmu.edu/econ_fac/11
Key elements of any SSA analysis include the (1) durability of institutions and systems of instit... more Key elements of any SSA analysis include the (1) durability of institutions and systems of institutions; (2) fact that some institutions count are more important than others in stabilizing the capitalist mode of production; (3) possibility that institutions do not always work in sync or last forever; and (4) the role of the articulation of different institutions. The concept of “institutional equilibrium” (IE) can help us understand these. A “workable” IE involves an organization’s operations conditioning and selecting its participants to embrace attitudes that push them to act to allow the organization to survive over time without structural changes. Understanding this IE involves examining the conditions needed to attain internal harmony plus the homeostatic mechanisms that can creating that harmony (in interaction with external conditions). IE can also imply “relative autonomy,” so that it persists longer than external conditions allow, which can eventually lead to crisis and/or ...
... Price hikes may be immediately lucrative (perhaps encouraging more investment), but ... Inste... more ... Price hikes may be immediately lucrative (perhaps encouraging more investment), but ... Instead of solving the dilemma, inflation results. If, instead of constant P, a constant inflation rate had been assumed, the profit squeeze boosts the inflation rate [Devine, 1986]. ...
for their comments on early drafts of this paper and to Pat Shanahan for help with the math. Spec... more for their comments on early drafts of this paper and to Pat Shanahan for help with the math. Special thanks to Roberto Veneziani for his innumerable comments on early drafts, which improved this paper immeasurably. Thanks also to Ismael Hossein-Zadeh for his comments on this paper. Of course, all flaws, whether cosmetic or fundamental, are my fault alone. This paper is dedicated to the late Joan Robinson and Richard Goodwin.
In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative cla... more In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets (DOPA); indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should be the central concern of Marxian theory
A. Macro-Structure.................................................................................. more A. Macro-Structure................................................................................................... 15
Economists generally argue that inflation is overstated by the federal government because it does... more Economists generally argue that inflation is overstated by the federal government because it does not sufficiently account for the improved quality of products. This economist believes that if we account for all pertinent changes in the quality of life, inflation is understated.
This Article is brought to you for free and open access by the Economics at Digital Commons @ Loy... more This Article is brought to you for free and open access by the Economics at Digital Commons @ Loyola Marymount University and Loyola Law School. It has been accepted for inclusion in Economics Faculty Works by an authorized administrator of Digital Commons@Loyola Marymount University and Loyola Law School. For more information, please contact [email protected]. Repository Citation Devine, James, "The Utility of Value: The "New Solution," Unequal Exchange, and Crisis" (1990). Economics Faculty Works. 11. http://digitalcommons.lmu.edu/econ_fac/11
Key elements of any SSA analysis include the (1) durability of institutions and systems of instit... more Key elements of any SSA analysis include the (1) durability of institutions and systems of institutions; (2) fact that some institutions count are more important than others in stabilizing the capitalist mode of production; (3) possibility that institutions do not always work in sync or last forever; and (4) the role of the articulation of different institutions. The concept of “institutional equilibrium” (IE) can help us understand these. A “workable” IE involves an organization’s operations conditioning and selecting its participants to embrace attitudes that push them to act to allow the organization to survive over time without structural changes. Understanding this IE involves examining the conditions needed to attain internal harmony plus the homeostatic mechanisms that can creating that harmony (in interaction with external conditions). IE can also imply “relative autonomy,” so that it persists longer than external conditions allow, which can eventually lead to crisis and/or ...
... Price hikes may be immediately lucrative (perhaps encouraging more investment), but ... Inste... more ... Price hikes may be immediately lucrative (perhaps encouraging more investment), but ... Instead of solving the dilemma, inflation results. If, instead of constant P, a constant inflation rate had been assumed, the profit squeeze boosts the inflation rate [Devine, 1986]. ...
for their comments on early drafts of this paper and to Pat Shanahan for help with the math. Spec... more for their comments on early drafts of this paper and to Pat Shanahan for help with the math. Special thanks to Roberto Veneziani for his innumerable comments on early drafts, which improved this paper immeasurably. Thanks also to Ismael Hossein-Zadeh for his comments on this paper. Of course, all flaws, whether cosmetic or fundamental, are my fault alone. This paper is dedicated to the late Joan Robinson and Richard Goodwin.
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