Ramanan suggested to me that this is old news. If it is I missed it the first time. At any rate the Department of Justice is prosecuting banks now for rigging the foreign exchange markets.
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Apologies, this is offtopic, but I am rereading an old debate you had with an Austrian on your blog, and you said this regarding the capital controversies:
ReplyDelete“… yes there is a problem in aggregation, but that's NOT what is relevant about the K debates. THE problem is that there is no inverse relation between remuneration of K, the rate of interest, and the intensity of its use. Hence, with price flexibility (and lower interests) there is no guarantee that K will be fully utilized.”
http://nakedkeynesianism.blogspot.com/2014/05/robert-murphy-austrian-theory-of-rate.html?showComment=1400691163075#c1774681953916426413
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Can you possibly please recommend the best discussions of this problem in the Post Keynesian/Sraffian literature on the Cambridge capital controversies, both for the beginner and advanced reader?
thanks and regards
LK,
DeleteThis short book by Lazzarini might be a place to start. Matias has many posts on the topic, just search for "capital controversies".
http://digamo.free.fr/lazzari11.pdf
And progress is being made concerning the libor scandal - http://dealbook.nytimes.com/2014/10/07/a-former-banker-pleads-guilty-in-british-libor-case/?_php=true&_type=blogs&_r=0
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