Post-Keynesian

Table 1: Selected Events 1853 - 1856Crimean war.1861Emanicpation of the serfs under Alexander II.1877 - 1878Russo-Turkisk war.1881Alexander II assassinated by a Narodnik conspiracy.1883Plekhanov founds Emancipation of Labor Group, struggles against Narodniks.1898Russian Social Democratic Labor Party founded, first congress.1900 - 1901First publications of Iskra, an all-Russian underground newspaper for the RSDLP.1902Lenin publishes What is to be done?1903Second party congress of RSDLP,...

Guido Lorenzoni and Ivan Werning. Inflation is Conflict. Bob Rowthorn is referenced, as he should be. Frederick Guy and Peter Skott. 2005. Power-Biased Technical Change and the Rise in Earnings Inequality. The references on twitter must be to something more recent. Seth Ackerman interview with James Forder, about the myths economists believe about the Philipps curve and 1970s stagflation. Cybersocialist planning. This Jacobin article talks about Ian Wright's work among others....

In mainstream economics, marginal productivity does not determine distribution. Furthermore, every correct proposition of marginal productivity theory is consistent, under competitive conditions, with Marx's claim that workers are exploited by capitalists. Assume technology is given, the economy is in a stationary state, and one knows what technique is chosen. (Ludwig von Mises called a stationary state an 'evenly rotating economy'.) The technique consists of a list of the physical inputs...

1.0 Introduction I find the question in the title of this post hard to answer. I should probably say something about secondary literature, which I do not consider myself well-informed on. For purposes of this post, I ignore distinctions between socialism and communism. 2.0 Marx Wanted To Implement An Utopian Vision Of A Post-Capitalist Society You will sometimes find reactionaries assert that wherever Marxism was implemented, the government killed tens of millions. They are too ignorant...

Jacobin is a recent, popular socialist magazine in the United States. I think the editor is Bhaskar Sunkara. Doubtless, some of you will have objections to some of the politics of some of their writers or interpretations of various things. One nice aspect of their magazine is that they provide profiles and write ups of lesser known historical figures and events in the past. Some of these are academics writing on their speciality. Some are book reviews. I have gathered together some...

Figure 1: A Part of a Parameter Space This post revisits my numerical examples in which I demonstrate the possibility of the reswitching of the order of fertility and of the reswitching of the order of rentability. Each of those posts presents a numeric example. In each, different ranges of the coefficients of production a0,2 and a1,2 are considered. This post combines those ranges, while still not considering the full parameter space, even for the slice for these coefficients. In the...

1.0 Introduction Here are some attempts to step back, but not very far, from some of the details in my numeric examples. 2.0 Henry George and Piero Sraffa Henry George's book Progress and Poverty misrepresents classical political economy. I cannot justify this claim, since I read George's book more than a decade ago. But George and his followers are absolutely correct on a couple of points. Marginalism developed by extending the theory of intensive rent, as in David Ricardo's...

Figure 1: Wage and Rent Curves for a Numeric Example1.0 Introduction This post continues, with some repitition, my exposition of a model of extensive and intensive rent. In the example, the cost-minimizing technique is non-unique at a low enough wage or rate of profits. One cost-minimizing technique, Epsilon, illustrates a case of extensive rent. The other cost-minimizing technique, Iota, illustrates a case with both extensive and intensive rent. In this technique, a kind of absolute rent...

1.0 Introduction Kurz and Salvadori (1995) explain prices of production with two methods of analysis: the direct method and the indirect method. The indirect method, for the circular capital case, involves the creation of the wage frontier, the most well-known diagram to come out of Sraffa (1960). The direct method characterizes a system of prices of production by axioms, while the indirect method suggests algorithms for finding cost-minimizing techniques. 2.0 The Direct Method In both...

I think of Gramsci or Lukacs as the authors to read for understanding why Marxism might be called a "philosophy of praxis". Apparently, that phrase was first used by Antonio Labriola. His collection of letters to Georges Sorel was published as Socialism and Philosophy. In the following letter, "praxis" is translated as "practice" in the last two paragraphs. Rome, May 14, 1897 To return to my first argument, it seems to me that the following question is uppermost in your...