Date: Tue, 8 Oct 1996 14:52:47 -0500
Subject: Re: Marxist theory


At 11:23 AM 10/8/96, Kevin Cabral wrote:

>        You are correct about Roemer, and Nove. But what is your opinion
>on Schweikart of Loyola?

Don't know; haven't read him. Will soon though.

Justin asked about my beef with Roemer on stock markets. Basically - and
I'm doing this from memory, it's been a while since I read him - he seems
to buy all the bourgeois propaganda about stock markets (which I always
like to abbreviate as s/m) providing guidance to managers about levels and
types of investment - of providing social signals about the allocation of
investment. What nonsense. Stock markets are extremely unreliable narrators
that grossly overvalue the last piece of news, and depend, as Keynes argued
(and he not only knew, he knew how to profit from the knowledge) on
perceptions about perceptions of future perceptions. Stock markets are
institutions for the intra-class management of ownership and control, but
serve no serious economic function. And they have almost *nothing* to do
with providing finance for real investment - not only in the U.S., but in
other First and even Third World countries as well.

Doug

--

Doug Henwood
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