|
Glen
Tenney's Online Resources |
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What’s
Behind the Interest Rate Conundrum By Frank Shostak |
(3
pages, 2005) |
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China Does
Not Determine U.S. Interest Rates By Frank Shostak |
Shostak
suggests that the initial increase in demand for dollars that is evidenced by
China’s recent increase in trade surplus with the US is offset by the
fact that China’s central bank is buying US Treasuries. Thus
China’s efforts have no effect on US interest rates on net. Hence, the
low US interest rates, and the burst in the housing bubble that will
eventually come about, are the result of US Fed policies rather than the
actions of Chinese monetary policy or currency stabilization policies. (5 pages, 2005) |
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Classical Economics vs. the Exploitation Theory By George Reisman |
In
this excellent article, Dr. Reisman suggests that profits are not deducted
from wages as the classical economists, and Marx, thought. In a world without
the capitalist, profits are the primary form of income. It is only when
capitalists enter the scene that people are able to work for wages, and thus
the interests of the capitalists and the wage earners are complimentary rather
than exploitative. He then revises the labor theory of value in a manner
consistent with this thesis. (2005, 17 pages) |
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Bohm-Bawerk’s
Critique of the Exploitation Theory of Interest By Robert Murphy |
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Why Do
Capitalists Earn Interest Income? By
Robert Murphy |
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The Abstinence
Theory of Interest By Robert Murphy |
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Labor Cannot Increase its Share at the Expense of Capital By Roger Garrison |
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By Eugen Bohm-Bawerk |
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