Re: This Cutting Edge (John McWhorter & Glenn Loury)
Hmm, you walk me through the steps and still I don't know. First, may I just ask if you're actually saying the same thing as Florian? You say that any change in the balance between labor and capital is disruptive. As you give your reasons, they across to me as, relatively speaking, particularized, at least next to Florian's claim, which seems to be that capitalism has a fundamental flaw: the laborers can't buy back the product they make on account of labor saving technology. Florian's point doesn't seem to be (I'm sure I'll be corrected if I'm wrong) that there is a two-way balance between labor and capital, that, if disrupted, will lead to a mismatch of goods demanded and goods supplied. Rather, Florian seems to be saying that owners engage in suicidal behavior by continually sucking money from labor, such that total demand will dry up and capitalism will be in crisis. The crisis will be on its on terms. By "on its own terms" I don't mean that the workers will storm the Bastille, (they might) but that capitalism will fail to sustain itself because economic activity won't be able to keep humming along, and the reason will be that capital took too much money from labor. This seems thoroughly Marxist, and you replied "No doubt." But since your reply struck me as noticeably different from Florian's, I thought I would go to you. Is it different?
Last edited by Jay J; 08-18-2011 at 12:21 AM..