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Chomsky on Marxism

Summary:
I don’t always agree with Chomsky, but what he says here about Marxism is spot on. The interesting and insightful individual concepts in Marx’s Capital – say, the idea of the monetary production economy, endogenous money,* the rudiments of aggregate demand theory, etc. – should be taken up in contemporary economy theory and developed. The other absurd, dogmatic and untenable aspects of Marxism – the labour theory of value, falling rate of profit idea, etc. – should be utterly rejected. Marx should be read as part of the history of economic theory, and his whole theory was essentially a failed theory of 19th-century capitalism, nothing else.[embedded content]Note * I hasten to add that endogenous money theory was known well before Marx and he did not originate the theory.

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I don’t always agree with Chomsky, but what he says here about Marxism is spot on. The interesting and insightful individual concepts in Marx’s Capital – say, the idea of the monetary production economy, endogenous money,* the rudiments of aggregate demand theory, etc. – should be taken up in contemporary economy theory and developed. The other absurd, dogmatic and untenable aspects of Marxism – the labour theory of value, falling rate of profit idea, etc. – should be utterly rejected. Marx should be read as part of the history of economic theory, and his whole theory was essentially a failed theory of 19th-century capitalism, nothing else.

Note
* I hasten to add that endogenous money theory was known well before Marx and he did not originate the theory.

Lord Keynes
Realist Left social democrat, left wing, blogger, Post Keynesian in economics, but against the regressive left, against Postmodernism, against Marxism

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