tag:blogger.com,1999:blog-26706564.post1360297108137237629..comments2024-03-12T13:51:41.094-04:00Comments on Thoughts On Economics: Krugman Promoting Zombie Horror, Not SF FuturesRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-26706564.post-75001421783358334272012-12-13T09:51:27.509-05:002012-12-13T09:51:27.509-05:00" the natural rate of growth persistently fal..." the natural rate of growth persistently falls below the actual rate" should be "the actual rate of growth persistently falls below the natural rate of growth".<br /><br />And I should have linked <a href="http://robertvienneau.blogspot.com/2010/08/why-income-equality-leads-to.html" rel="nofollow">here</a>.Robert Vienneauhttps://www.blogger.com/profile/00872510108133281526noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-87352150283453435612012-12-12T10:05:34.190-05:002012-12-12T10:05:34.190-05:00Some lessons I take from the cited work: no market...Some lessons I take from the cited work: no market mechanism exists to simultaneously ensure accumulation will lead to both the economy operating at normal capacity and the labor force being fully employed.<br /><br />Nevertheless, I would think that a structure of accumulation in which the natural rate of growth persistently falls below the actual rate would generate political and social forces that would change the structure. I hoped that the recent global financial disaster would have led to a different structure, including a better distribution of income, addressing the global problems that I see evident since the end of the Bretton Woods' system. But I do not see much evidence of that.<br /><br />In this environment, I can see increasing mechanization and automation accompanying a continued extreme maldistribution of income in the developed countries and, thus, persistent aggregate demand problems. The mechanisms are more a matter of bargaining power and politics.<br /><br />I'd like to agree with Krugman politically, but his pointing to neoclassical models shows his captivity to zombie ideas. (Ideas of skill-biased technical change never made any sense in the 1980s, either.) His pointing to models of monopoly power and previous articles on the political influences on the distribution of income might be cause for hope.Robert Vienneauhttps://www.blogger.com/profile/00872510108133281526noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-38489720279604105642012-12-11T20:24:36.661-05:002012-12-11T20:24:36.661-05:00Interesting question,Lord Keynes.At least some thi...Interesting question,Lord Keynes.At least some think so even Keynsians,and from a philosophical,the question must be raised:Is fulltime,many time alienated work,diserable?This is one thought provoking but intersting read from André Gorz on the issue: <br />Critique of Economic Reason:Andre Gorz<br />Andre Gorz <br />THE CRISIS OF WORK<br />1.1. The Ideology of Work http://www.antenna.nl/~waterman/gorz.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-40009937531913238222012-12-11T13:48:12.653-05:002012-12-11T13:48:12.653-05:00Do you think mass automation on a much larger scal...Do you think mass automation on a much larger scale will create structural unemployment and aggregate demand problems in the future?Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.com