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View Diary: "Unprecedented prosperity" (248 comments)

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  •  Not part of the human condition (3+ / 0-)

    ...as much as they're part of the economic conditions.  And it's hardly new news.

    In our contemporary society, anything Karl Marx wrote tends to reflexively get denigrated, but the guy was very smart.  Writing in the mid-1800s,

    Marx argued that capitalism was prone to periodic crises. He suggested that over time, capitalists would invest more and more in new technologies, and less and less in labor.

    (link to the quoted text, which links to an economic discussion of Crisis Theory).

    One of the lessons I took from a course on economic history was a better understanding that various political and economic policies tend to minimize--or increase--the magnitude of fluctuating economic booms and busts.  It seems clear to me that we're suffering the pains of the Reaganites' free market, government is bad" conservative policies. Even Bush the Dad called it "voodoo economics" before he turned to the dark side and joined the Reagan administration.

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