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... are you reading that talk in terms of:
It is illusory the way they talk about value, it is illusory the way they talk about markets.. markets has lost any meaning when there is a bunch of things now at the core which are out of the market, or there is no market.

This sounds very much like an argument why the American Institutionalist approach to analysing markets as one among many real world socioeconomic institutions is superior to the traditional marginalist approach of looking at all transactions through the filter of the market model.

Many American Institutionalists do indeed use a General Theory informed description of the macro-economy, but not all do, and its not in the core of the approach ... obviously Veblen and Commons couldn't have done since they died before the publication of the General Theory, but the work of Wesley Claire Mitchell was more used by Keynes for empirical information on the operation of the business cycle than making use of Keynes.

And trade, wow, trade.. I think we have been discussing about that.. it was not illusory but probably bad faith regarding how Friedmanists plunder a bunch of industries in favor of the rich guys.

Yes, that would seem to be the most common institutionalist analysis of these so-called "trade" agreements, that they are in reality agreements to eliminate constraints on the exercise of economic power by large transnational corporations.

I am not clear on why you disagree with that analysis. Are you seriously siding with the traditional marginalist economists? worshipping at the alter of "free trade" no matter what the details of the agreement may happen to be? You prefer that position to the American Institutionalist analysis that it is a naked power grab?

Really?


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Sep 24th, 2008 at 12:03:26 AM EST
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