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Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...
Persistent link: https://www.econbiz.de/10011653595
is meant by rational economic theory” (Neurath) and whether “socialism is the abolition of rational economy” (Mises …
Persistent link: https://www.econbiz.de/10012607642
models and Marxism. It argues that the two schools' shared Platonic influences render the more devout exponents of static …, perfectly competitive market models unable to contribute substantively to the defense of markets against advocates of socialism …
Persistent link: https://www.econbiz.de/10012917561
This short paper presents the Marxian value theory and its contradiction. As an alternative Marginalism is introduced and it is shown that marginal cost is equal to the monetary expression of marginal labour value. Marginal labour value is proportional to the price
Persistent link: https://www.econbiz.de/10014357728
Both Rosa Luxemburg and Michal Kalecki utilised Marx’s scheme’s or reproduction as the starting point of their analysis of economic dynamics. However, Luxemburg did not realise that they were not meant to serve as models of capitalist growth, but rather to show that the conditions for stable...
Persistent link: https://www.econbiz.de/10014040267
This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...
Persistent link: https://www.econbiz.de/10015135051
This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...
Persistent link: https://www.econbiz.de/10011994938
Marxism,” wrote the American legal historian William E. Nelson in 1985, “is not about to disappear as an attractive … ideology or as a powerful political force in the world.” The prediction was not well timed. The Marxism of the socialist bloc … Afghanistan, had already turned the historical conjuncture decisively against Soviet and Eastern European socialism. Western …
Persistent link: https://www.econbiz.de/10012941956
The Sozialdemokratische Partei Deutschlands (SPD) is often proposed as a pre-Soviet popularizer of Marxist economic theories due to its electoral successes in Germany in the decades before World War I. Using the Synthetic Control Method (SCM), we examine whether German-language print references...
Persistent link: https://www.econbiz.de/10014347963
This paper reviews Roberts' book Marx's Inferno. I take issue with three main themes of the book. The first theme deals with the ‘impersonal’ nature of domination embodied in the capital relation, the second with the putative connection between domination and republicanism, and the third...
Persistent link: https://www.econbiz.de/10014122679