01/2014 Esteban Pérez Caldentey and Matías Vernengo Raúl Prebisch and Economic Dynamics:
... distinction between ‘neoclassical’ and Keynesian theory. Both are guilty of the same flaw. Prebisch’s critique of neoclassical theory is aimed at the marginal productivity theory (MPT). Prebisch argued that MPT implies that the evolution of a market economy could only be characterized in the form of ...
... distinction between ‘neoclassical’ and Keynesian theory. Both are guilty of the same flaw. Prebisch’s critique of neoclassical theory is aimed at the marginal productivity theory (MPT). Prebisch argued that MPT implies that the evolution of a market economy could only be characterized in the form of ...
Beyond the 2008 Financial “Crisis”
... A revolution has put an end to this “classical” economics of value, a revolution of value itself, which carries value beyond its commodity form into its radical form. - Jean Baudrillard Capital and “Value” ...
... A revolution has put an end to this “classical” economics of value, a revolution of value itself, which carries value beyond its commodity form into its radical form. - Jean Baudrillard Capital and “Value” ...
Marx`s Theory of the Money Commodity
... the utopian socialists and British Owenites with exaggerating the potential of monetary reforms to alter the social system. They falsely imagined that the defects of the economic system could be removed by tinkering with money, just as the ‘bourgeois apologists’ Bastiat and Carey did, even if in a d ...
... the utopian socialists and British Owenites with exaggerating the potential of monetary reforms to alter the social system. They falsely imagined that the defects of the economic system could be removed by tinkering with money, just as the ‘bourgeois apologists’ Bastiat and Carey did, even if in a d ...
CHAPTER VIII
... antecedent, let us first of all recall that, according to Marx’s “law of value” 5, prices are only a transfigured form of values, which are determined by the total amount of labour socially necessary to produce a commodity. Prices in particular sectors will deviate upwards (downwards) from values, ...
... antecedent, let us first of all recall that, according to Marx’s “law of value” 5, prices are only a transfigured form of values, which are determined by the total amount of labour socially necessary to produce a commodity. Prices in particular sectors will deviate upwards (downwards) from values, ...
What do we know about the labor share and the profit share? Part I
... falling, posing a serious puzzle to economists since then. It is this puzzle, the reasons why the labor share has been falling while it used to be constant, that this paper aims at elucidating. Just what do we know about the labor and profit shares? In this first of a four-part series we investigate ...
... falling, posing a serious puzzle to economists since then. It is this puzzle, the reasons why the labor share has been falling while it used to be constant, that this paper aims at elucidating. Just what do we know about the labor and profit shares? In this first of a four-part series we investigate ...
How capitalists learned to stop worrying and love the crisis
... Following J.B. Clark (1899), neoclassical manuals assert that, under perfect competition, the income of every ‘factor of production’ is equal to its (marginal) productive contribution. In this way, capitalists, workers and the owners of raw materials receive in income what they add to the economy’s ...
... Following J.B. Clark (1899), neoclassical manuals assert that, under perfect competition, the income of every ‘factor of production’ is equal to its (marginal) productive contribution. In this way, capitalists, workers and the owners of raw materials receive in income what they add to the economy’s ...
Institutional Marxian Political Economy: A Conceptual Marriage
... become a “pure” capitalist economy by eventually eliminating the pre-capitalist residue and commodifying labour with the creation of a relative surplus population through cyclical crises. Marx was quite successful in abstracting a “pure” capitalist economy from tendencies capital exhibited in his t ...
... become a “pure” capitalist economy by eventually eliminating the pre-capitalist residue and commodifying labour with the creation of a relative surplus population through cyclical crises. Marx was quite successful in abstracting a “pure” capitalist economy from tendencies capital exhibited in his t ...
Louis Althusser and the Forms of Concealment of Capitalist
... subjection of ‘humankind’ to the ‘object world’ created be ‘human labour’.10 The anthropological approach to fetishism is thus formulated, which we criticised in the case of Lukács as extensive-universalising11 and which appears, with forms barely different, in recent analyses of fetishism that pre ...
... subjection of ‘humankind’ to the ‘object world’ created be ‘human labour’.10 The anthropological approach to fetishism is thus formulated, which we criticised in the case of Lukács as extensive-universalising11 and which appears, with forms barely different, in recent analyses of fetishism that pre ...
ARCHIVE: MARX, CLASSICAL POLITICAL ECONOMY AND THE
... The outcome was a strengthened phase in the vulgarisation and transformation of Classical political economy .[19) The last remaining vestiges of the original content of the theory were eradicated : those real contradictions of capital which were still admitted and pointed out by Malthus and Say (Mal ...
... The outcome was a strengthened phase in the vulgarisation and transformation of Classical political economy .[19) The last remaining vestiges of the original content of the theory were eradicated : those real contradictions of capital which were still admitted and pointed out by Malthus and Say (Mal ...
how not to write about the rate of profit
... production as constituted by the creation of value by labour and the appropriation of part of it (surplus-value) by capital. It is only (as, once again, Harvey knows as well as anyone) towards the very end of Capital, III, in Part 6, that he proceeds to uncover the “real value relation” underlying t ...
... production as constituted by the creation of value by labour and the appropriation of part of it (surplus-value) by capital. It is only (as, once again, Harvey knows as well as anyone) towards the very end of Capital, III, in Part 6, that he proceeds to uncover the “real value relation” underlying t ...
The `Marginal Revolution` in Economics against the Labour Theory
... battle: John Stuart Mill (1806-1873), contemporary and opponent of Karl Marx and English liberal theorist, was first to call into question the concept of value. Against the Labour Theory of Value, the heart of Political Economy up to that time, Mill stepped into the shoes of Jeremy Bentham (1784-183 ...
... battle: John Stuart Mill (1806-1873), contemporary and opponent of Karl Marx and English liberal theorist, was first to call into question the concept of value. Against the Labour Theory of Value, the heart of Political Economy up to that time, Mill stepped into the shoes of Jeremy Bentham (1784-183 ...
Profit and the Firm
... profits • A firm that cannot remain profitable loses its value and will eventually fail. • Investors may tolerate or even accept temporary losses in the hope of higher future profits, but there is a limit to their patience. » The demise of many internet and technology companies in recent years is a ...
... profits • A firm that cannot remain profitable loses its value and will eventually fail. • Investors may tolerate or even accept temporary losses in the hope of higher future profits, but there is a limit to their patience. » The demise of many internet and technology companies in recent years is a ...
Marxist economics MARXISM IS COMPLICATED by the fact that
... founding fathers of their discipline, such as Adam Smith and David Ricardo. In particular, Marx based much of his work on the labor theory of value, then a bedrock of economic thought, whereas modern pro-capitalist economists theorize that value is generated from other sources than labor. The labor ...
... founding fathers of their discipline, such as Adam Smith and David Ricardo. In particular, Marx based much of his work on the labor theory of value, then a bedrock of economic thought, whereas modern pro-capitalist economists theorize that value is generated from other sources than labor. The labor ...
John Milios
... Malthus commented (in 1822) that these exceptions: ‘are both theoretically and practically so considerable as entirely to destroy the position that commodities exchange with each other according to the quantity of labour that has been employed upon them’. Marx attempted to solve the problem in the s ...
... Malthus commented (in 1822) that these exceptions: ‘are both theoretically and practically so considerable as entirely to destroy the position that commodities exchange with each other according to the quantity of labour that has been employed upon them’. Marx attempted to solve the problem in the s ...
Chapter 7 - Karl Marx
... It is important to note that increases in the quantity of capital is likely to bring with it an increase in the quality of capital (technological improvements) which will increase the return to capital. WHICH FORCE WILL WIN? It is diminishing returns vs. technological improvements There is really no ...
... It is important to note that increases in the quantity of capital is likely to bring with it an increase in the quality of capital (technological improvements) which will increase the return to capital. WHICH FORCE WILL WIN? It is diminishing returns vs. technological improvements There is really no ...
MS Word Version
... demonstrated to be incorrect, and even more so with the current crisis than in earlier crises (though there have been some efforts by a couple Trotskyist writers on economics to explain away the evidence). There are a lot of theoretically problems with this theory too, and even Marx talked about man ...
... demonstrated to be incorrect, and even more so with the current crisis than in earlier crises (though there have been some efforts by a couple Trotskyist writers on economics to explain away the evidence). There are a lot of theoretically problems with this theory too, and even Marx talked about man ...