Profitability, investment and the pandemic

16 May 2020 — Michael Roberts Blog

Last week’s speech by US Federal Reserve Chair Jay Powell at the Peterson Institute for International Economics, Washington was truly shocking.  Powell told his audience of economists that “The scope and speed of this downturn are without modern precedent”. One shocking fact that he announced was that, according to a special Fed survey of ‘economic well-being’ among American households, “Among people who were working in February, almost 40% households making less than $40,000 a year had lost a job in March”!!!

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The US economy before the virus struck

12 April 2020 — theplanningmotivedotcom

The purpose of this article is to determine the health of the US economy before it sickened from the virus. Why is this important? It is importance lies in this; the impact of the lockdown on the future of the US economy will be mediated by the state of the economy prior to the pandemic. A robust economy will exit this lockdown in better shape than will a non-robust economy.

us-economy-q4-2019-pdf.pdf

Supplementary files

table-1.14-quarterly-up-to-q4-2019.xls

go-up-to-q4-2019.xls

Invisible Leviathan – Marx’s law of value in the twilight of capitalism By michael roberts

6 April 2019 — Michael Roberts Blog

My foreword to Invisible Leviathan, by Professor Murray Smith of Brock University, Ontario, Canada, published by Brill in November 2018.   Relevant, I think, to my recent presentation on the contribution of Marx to economics made at the Rethinking Economics conference at Greenwich University, London.

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TOWARDS A UNIFIED THEORY OF THE CAUSES AND LIMITS TO THE INDUSTRIAL CYCLE

12 January 2019 — theplanningmotivedotcom

Capitalism is society’s first chaotic industrial society which by tending to recurring crises demonstrates its transitory nature. Marx was not the first to note the industrial cycle, it was well known to Smith and Ricard. Marx provided a primary and subsidiary explanation for these recurrences, but because this explanation was disjointed, it led those who followed him to adopt contradictory positions on why capitalism stumbled periodically. These explanations ranged from the tendency for the rate of profit to fall, to under-consumptionism and on to disproportionality. This paper will demonstrate that they all are part of the unified theory and the way they connect offers a full explanation why production, under the whip of profit, will always be convulsive.

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You Can Always Tell By S.Artesian

21 November 2018 — Anti-Capital

Leading indicator:  Here’s how you know when an upturn in the economy is beyond its peak, has run its course; that the wolf at the door is actually a bear; that it’s time to head for the exits before they get nailed shut; that the next big thing in this world of, by, and for investors will be options on canned goods and shotguns.  Simple.  Somebody who everybody thinks should know better gets in front of a microphone or phones, a camera or cameras and says something like “This time is different,”  something like “This time the good times don’t have to end.”

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