Category Archives: Michael Kalecki

A Scientific Normative Alternative Between Laissez-Faire Running Amok and Totalitarianism Featuring Controlled Media, Firm Indoctrination, the Threat of Labor Camps, and Servile Degeneracy

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Frederick Lawrence (Boston College) is a co-editor of Bernard Lonergan’s Macroeconomic Dynamics: An Essay in Circulation Analysis. (CWL 15)   Fred penned the Editors’ Introduction to that book. (Click here.) He also wrote an article entitled “Between Capitalism and Marxism: Introducing Lonergan’s Economics”.  Perspicacious economists in academe, government, and banking will benefit greatly from an immediate reading.  For access to the article now, please use the following simple path:

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Then, type into that box 40338243 and press your Enter key. That’ll do it. Continue reading →

Debunking Marx’s “Exploitation”; The “Iron Law” of Consumer Expenditures; (CWL 15, footnote 34; CWL 21, ftnt. 14 [Editor’s Intro] and 87)

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In explaining the normative pure cycle of economic expansion for which the process has a systematic exigence, Lonergan redefined “costs” and “profits”,

There is a sense in which one may speak of the fraction of basic outlay that moves to basic income as the “costs” of basic production.  It is true that that sense is not at all an accountant’s sense of costs; … But however remote from the accountant’s meaning of the term “costs,” it remains that there is an aggregate and functional sense in which the fraction… is an index of costs.  For the greater the fraction that basic income is of total income, the less the remainder which constitutes the aggregate possibility of profit.  But what limits profit may be termed costs. Hence we propose ….to speak of (c’O’  = p’a’Q’) and (c”O” = p”a”Q”) as costs of production, having warned the reader that the costs in question are aggregate and functional costs…. [CWL 15, 156-57] Continue reading →