House of Paine

pollin moronia

 this  two legged
             bupkus loom 

            needs a red sabot
                  jammed up
                           its ..... 


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love that bob ....



marx:


"After many years of reflecting,
 my view of the core 
of Marx’s critique 
of capitalism 
is what he called 
the 'reserve army of labor' "

" the fact that capitalism
 needs mass unemployment 
in order to function efficiently
 on its own terms"

" Without mass unemployment
 workers acquire too much power
 enabling them to drive up wages
 force down profits
 and gain general assertiveness 
in the workplace and in politics"

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  keynes:


"The Keynes problem is fivefold:"


" 1) that free-market capitalism 
is inherently unstable"



" 2)  the reason free-market capitalism 
is inherently unstable 
is because 
the driving force 
of the system 
is the decision 
by private capitalists 
to invest"


" 3)  decisions by capitalists 
are guided by their guesses 
as to how much profit 
they are likely to make
 from putting their money 
on the line"


" 4) the inherent instability 
of this guessing game
 becomes magnified 
through the operations 
of financial markets"

" 5) the fluctuations in private investment
 in turn generate fluctuations 
in overall demand in the economy"

" including demand by businesses 
to hire workers"

" Financial markets are created 
to spread the risk 
inherent in the decisions
 by private capitalists 
to invest and to ride out
 fluctuations in aggregate demand"

" they succeed in doing this,
but
they  add layers of overall social risk 
and instability to the operations 
of a capitalist system"


------------------------------

polyani 

" I actually think 
the Polanyi problem 
is the most fundamental of all"

" it pushes us so explicitly 
into the realm 
of considering community and ethical values 
within economic analysis"

" Polanyi effectively says, 
'Let's take the free market model of Smith
 It works only because 
of two driving forces
greed and competition"

"the more greedy we are
 and the more competition 
there is to constrain
 everyone's greed
 the better the system operates'" 

 " polyani asks us
       Do we really want 
to have a society 
whose two driving engines
are
 greed and competition ?" 



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