Macroeconomics: The Dynamics of Commodity Production by Amit Bhaduri

By Amit Bhaduri

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Additional resources for Macroeconomics: The Dynamics of Commodity Production (Radical Economics)

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This, in turn, means that the entire surplus of consumption goods cannot be realised into profit. Instead, unplanned accumulation of inventories implies that firms producing consumption goods are 34 Macroeconomics forced to hold part of their production as inventories that they were unable to sell. Thus, the commodities which were produced and planned to be sold but could not be sold due to lack of market become unplanned inventory accumulation to create a corresponding discrepancy between the expected profit of the capitalists and the realised profit.

24), we have NNPle = (NNP -ITn) = (Y" + URp) + URg - B. , (I1T + ITn + U Rg - B). 25). 19». Such circularity offlows should warn us against any simple-minded analogy between the income of an individual and that of the capitalist economy as a whole. Precisely because circular flows interlink expenditure to income through sale, such analogies may turn out to be false. For example, less spending means more saving for an individual that leads to his accumulating more assets in one form or another. , less expenditure by individuals, reduce overall expenditure and sales, which in turn reduce incomes of all concerned through the circular flows of expenditure and income.

Income of the private sector before direct taxes as (Yp + U Rp). 24). 24), we have NNPle = (NNP -ITn) = (Y" + URp) + URg - B. , (I1T + ITn + U Rg - B). 25). 19». Such circularity offlows should warn us against any simple-minded analogy between the income of an individual and that of the capitalist economy as a whole. Precisely because circular flows interlink expenditure to income through sale, such analogies may turn out to be false. For example, less spending means more saving for an individual that leads to his accumulating more assets in one form or another.

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