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If only there were a branch of economic thought which predicted regular, increasingly intense crises of capital, say, one which was articulated by a bearded 19t
by bjhoops1 8y ago
If only there were a branch of economic thought which predicted regular, increasingly intense crises of capital, say, one which was articulated by a bearded 19th century German...
- barry-cotter 8y agoCarl Menger and Joseph Schumpeter! Two of them, and they didn’t utterly fuck up the foundations of their economic analysis by having a shitty labour theory of value.
- 8K71PS 8y agoI fail to see how Marxs LTV is shitty, infact I would say that long term predictions show approaches like Marxs' works a lot better than any praexological or more traditionally neo classical methods.
- mcguire 8y agoSteve Keen's Debunking Economics has a good section on the problems with Marx's labor theory of value. IIRC, Marx's original sketch included a good model of the effects of capital, but he later neglected that to focus on labor alone and later Marxists kept that tradition.