tag:blogger.com,1999:blog-6245381193993153721.post3438372503007849592..comments2024-03-17T00:23:24.896-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: James Galbraith on the Role of GovernmentLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6245381193993153721.post-32918452611375661252014-11-10T13:55:55.149-08:002014-11-10T13:55:55.149-08:00Galbraith's new book is very good. I'm goi...Galbraith's new book is very good. I'm going to write a review of it hopefully.Philip Pilkingtonnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-57562043689915726432014-11-10T02:52:57.811-08:002014-11-10T02:52:57.811-08:00LK,
in your post summarising the problems with th...LK,<br /><br />in your post summarising the problems with the ABCT you write:<br /><br />"In alternative versions of the ABCT where the fundamental dis-coordination mechanism is presumed to be the role of “false money profits,” it is assumed that prices of goods do move flexibly in response to demand changes and induce shifts in money profits of businesses, which then cause malinvestments as capitalists exploit unsustainable profit opportunities"<br /><br />http://socialdemocracy21stcentury.blogspot.co.uk/2013/08/why-austrian-business-cycle-theory-is.html<br /><br />This seems to be the argument which Bob Murphy tries to make in his paper on Hayek/Sraffa, after he acknowledges that the usual ABCT story about 'the natural rate of interest' is wrong. Do you agree?<br /><br />Where else is this 'alternative version of the ABCT' laid out?Philippenoreply@blogger.com