DJP
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Marx's theory was an attempt to explain the dynamics of capitalism, how labour is regulated and distributed in a market economy. It's not a theory of equilibrium price.
The point of capitalism is to invest capital *with a view to making a profit* If those profits are not there to be had the capital does not get invested..
jondwhite wrote:What's your mail order book thing?Nothing particularly interesting. At the minute mainly just picking up second hand books and selling them on Amazon. Bought a web domain but no website yet. I've called it "Wylde Books". Might stock some new radical books, depends how well I do with the other stuff.
Sorry to be a bore. If possible could someone post a photo or scan of any page from the inside of the book? Want to know how well it is typest and laid out before I buy one. If it's any good and it has an ISBN I could possibly sell some through my mailorder book thing…
It's the "out of thin air" or "at the stroke of a pen" part that's important. It's only because bank deposits are included in the defintion of broad money that the money supply rises and falls with loans being issued and repayed. You have to bear in mind that the type of 'money' that is created by a commercial bank is different from the base money that is created by the central bank. To understand how the money system works you have to appreciate the different measures of money M0, M1, M3 etc.
Any chance someone could put up the contents table. Or is there anywhere online we can 'look inside'?PS Publishing on Kindle is piss easy, get an account with Kindle Direct, Createspace or IngramSpark.
dms wrote:The question is whether the money supply is expanded and contracted by private businesses/individuals taking out and repaying loans from commercial banks. It sounds to me like it is and I think the ECB article backs me up on this.I don't think anyone argues against this, so long as you're talking about the broad money supply, or if they do I've not heard it.The question is whether or not commercial banks can infinitely go on extending credit without eventually getting into trouble.Or another question concerns the questions of the nature of economic crises in capitalism. Is the cause of these always and only to do with the money supply?
dms wrote:if that were true why would they say “create inside money”? Why not just say that they borrow money from other banks in order to lend it out? Why even include it in a section called “how is money created?” at all?Because their definition of "money" includes both credit and deposits…
Sounds like a cross between Steven Hawkins and the voice that tells you which station you're at. Those cheap freelancing sites are best avoided.
I think they must have seen some of those old anarchist stickers: "If voting changed anything they'd make it illegal".. Well perhaps it does and they just did..
robbo203 wrote:I think the Sun needs to be corrected.Yes I'm sure they don't want to tarnish their reputation for accurate reporting.
