underconsumption again--and Luxemburg

Steve.Keen at unsw.edu.au Steve.Keen at unsw.edu.au
Thu Feb 2 16:02:05 MST 1995

Re inflation rather than bottlenecks; Kornai's work was (from memory!)
done with the assumption of arbitrated prices--i.e., prices were
set by an authority rather than the market--with the result that
rather than "capitalist queues" (rising prices) you got socialist
ones (physical queues). Fel'dman's work was entirely in non-price
terms, and so was my critique of him.

I'm sorry, but I don't follow your question about:
"supply-side overinvestment that has produced bottlenecks in wage growth ?
Could you elaborate?

Steve Keen


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