by Summary:
Rather than engage in histrionics over what is obviously a supply-side or cost-push (rather than demand-side or demand-pull) inflationary period, I have been pondering Marxist resistance to MMT. When viewed from the standpoint of Marx’s theory of value, the resistance makes little sense, since there is nothing in MMT necessarily incompatible with a conception of value based in labor time. When viewed from the standpoint of politics, it also makes little sense, because there is nothing in MMT necessarily incompatible with the Marxist view that capitalism is irredeemable and a transition to socialism/communism the only worthwhile alternative. MMT in itself does not rule out that possibility; it is simply agnostic on the matter. Upon reflection, the sticking point may be Marx’s retention
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Rather than engage in histrionics over what is obviously a supply-side or cost-push (rather than demand-side or demand-pull) inflationary period, I have been pondering Marxist resistance to MMT. When viewed from the standpoint of Marx’s theory of value, the resistance makes little sense, since there is nothing in MMT necessarily incompatible with a conception of value based in labor time. When viewed from the standpoint of politics, it also makes little sense, because there is nothing in MMT necessarily incompatible with the Marxist view that capitalism is irredeemable and a transition to socialism/communism the only worthwhile alternative. MMT in itself does not rule out that possibility; it is simply agnostic on the matter. Upon reflection, the sticking point may be Marx’s retention
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Mike Norman writes Class
Mike Norman writes Episode 8 (S2) of the Smith Family Manga is now available — Bill Mitchell
Michael Hudson writes Beyond Surface Economics: The Case for Structural Reform
Nick Falvo writes Homelessness planning during COVID
Rather than engage in histrionics over what is obviously a supply-side or cost-push (rather than demand-side or demand-pull) inflationary period, I have been pondering Marxist resistance to MMT. When viewed from the standpoint of Marx’s theory of value, the resistance makes little sense, since there is nothing in MMT necessarily incompatible with a conception of value based in labor time. When viewed from the standpoint of politics, it also makes little sense, because there is nothing in MMT necessarily incompatible with the Marxist view that capitalism is irredeemable and a transition to socialism/communism the only worthwhile alternative. MMT in itself does not rule out that possibility; it is simply agnostic on the matter. Upon reflection, the sticking point may be Marx’s retention (with modification) of the classical distinction between ‘productive’ and ‘unproductive’ labor. Marx’s criteria for distinguishing productive from unproductive activity is not obviously applicable in a state money system....
heteconomist
‘Unproductive’ Labor and Marxist Resistance to MMTPeter Cooper