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Socialdem. 21st Century

Bibliography on Marx’s Law of the Falling Rate of Profit

I present below a bibliography on Marx’s Law of the Falling Rate of Profit. The list is not meant to be exhaustive, but includes the most important or interesting discussions.In essence, the text of volume 3 of Capital was taken from the manuscripts of volume 3 from 1864–1865 which were in a draft and fragmentary form (Vollgraf and Jungnickel 2002: 68). Engels began editing volume 3 for publication around 1885 but it took him nearly 10 years before that volume was published in 1894 (Vollgraf...

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Zachariah’s “Labour Value and Equalisation of Profit Rates”: A Critical Review

D. Zachariah’s paper “Labour Value and Equalisation of Profit Rates: A Multi-Country Study” (Indian Development Review 4 [2006]: 1–20) seeks to prove Marx’s Labour Theory of Value (LTV) by examining empirical data on factor input costs and final prices of finished goods from 18 nations in a period from 1968 to 2000. Zachariah concludes that “market prices and labour value of industry outputs are highly correlated for a fairly broad sample of economies” (Zachariah 2006: 18), and that the idea...

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Academic Agent versus “Adam Friended” on Price Inflation and MMT

Academic Agent has got into another row on MMT, but this time with someone called “Adam Friended.”In brief, “Adam Friended” responded to Academic Agent in the following video on the issue of MMT and price inflation:[embedded content]Academic Agent then produced this response on MMT here:[embedded content]Academic Agent is correct that Covid welfare payments and furlough schemes were not the fundamental drivers of inflation in some goods. It is also true that the Western world is far from...

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Reply to Academic Agent on Austrian Economics and Price Rigidity

Academic Agent lost a bet to me on Twitter and was forced to respond to my post here on Austrian economics and the reality of relative price rigidity. He has now produced two videos in this debate.Here is Academic Agent’s first video response to my post:[embedded content]Before he uploaded the video, I predicted that his video would contain the following:(1) he would misrepresent the actual theories of Austrian economics;(2) he would attack straw-man misrepresentations of my post;(3) he...

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Austrians and Full Employment

In this video, the Austrian libertarian “Radical Liberation” claims that “full employment” is not a term used in Austrian economics:[embedded content]While it is true that Austrians rarely speak of “full employment” (which is a very low level of involuntary employment, and does not mean zero unemployment) as a policy goal, the claim that Austrians do not think in terms of the concept of “full employment” is actually rubbish, because Austrians just use expressions such as the “no involuntary...

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