Makes a good point, but any number of textbook chapters or published papers now make the same point much more clearly and concisely (in, like a paragraph to convey the basic idea, and a couple of pages to lay out a formal model). The basic point, as I see it, being: A capitalist economy can have multiple equilibria, including Pareto-rankable ones; nothing prevents us from going to a Pareto-suboptimal (which pretty much always means, low-output) equilibrium. For a paper which makes this point much more briefly, and in a much more soundly-argued way, see Diamond's "Aggregate Demand Management in Search Equilibrium," JPE 1982. ( )

A critically-important volume, to be sure, but difficult to read. ( )