Masters of Words: A reply to Michel Husson on the character of the latest economic crisis
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In response to Husson’s critique, this paper defends the author’s conclusion that U.S. corporations’ rates of profit have fallen or stagnated since the early 1980s. It defends the use of historical-cost rates of profit alongside inflation-adjusted rates, and it shows that Husson’s objection to the author’s inflation adjustments is quantitatively insignificant. Secondly, it shows that the rise in the current-cost “rate of profit” that Husson favors is almost entirely due to mis-measurement of inflation and a one-off, exceptional fall in the relative price of fixed assets. Thirdly, it shows that the falling rate of accumulation of the last three decades is due to the fall in the rate of profit, and not ― as Husson and others contend ― to “neoliberal” policies that have encouraged diversion of profits into financial instruments. Ethical and political issues at stake in this debate are also discussed.
Abstract
In response to Husson’s critique, this paper defends the author’s conclusion that U.S. corporations’ rates of profit have fallen or stagnated since the early 1980s. It defends the use of historical-cost rates of profit alongside inflation-adjusted rates, and it shows that Husson’s objection to the author’s inflation adjustments is quantitatively insignificant. Secondly, it shows that the rise in the current-cost “rate of profit” that Husson favors is almost entirely due to mis-measurement of inflation and a one-off, exceptional fall in the relative price of fixed assets. Thirdly, it shows that the falling rate of accumulation of the last three decades is due to the fall in the rate of profit, and not ― as Husson and others contend ― to “neoliberal” policies that have encouraged diversion of profits into financial instruments. Ethical and political issues at stake in this debate are also discussed.
참고문헌 (17)
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