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Tag Archives: History of Economics

Keynes: socialist, liberal or conservative? — Michael Roberts

Interesting post. Michael Roberts argues that Keynes was all three–socialist, liberal and conservative at different times. But owing to his social status, Keynes was fundamentally a British upper-class conservative, or in Marxian terminology, a "bourgeois liberal." However, he was not hidebound and also had a sense of reality that made him open to accommodate changing circumstances.Michael Roberts BlogKeynes: socialist, liberal or conservative? Michael RobertsSee alsoThe Political Economy...

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Robert Paul Wolff — “The Future of Socialism” (article)

I  (Tom Hickey) recommend reading this paper now that "socialism" is the new buzz word. You may recall Professor Wolff from The Poverty of Liberalism, In Defense of Anarchy, and A Critique of Pure Tolerance (with Herbert Marcuse and Barrington Moore, Jr.), which were popular at the time of the "countercultural revolution" in the Sixties and Seventies. He also published scholarly works on Emmanuel Kant and Karl Marx. He blogs at The Philosopher's Stone, which I follow and occasionally offer...

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Michael Roberts — Pluralism in economics: mainstream, heterodox and Marxist

So it was great that I had been invited to present the case for the contribution of Marxist economics, along with Carolina Alves, the Joan Robinson fellow at Girton College, Cambridge. In my presentation (see my PP here The contribution of Marxian economics), I outlined the differences in theory and policy, both micro and macro between mainstream neoclassical economics, the heterodox alternatives (Keynesian, post-Keynesian, institutional and Austrian) and the Marxist. I see this as three...

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Branko Milanovic reviews Francis Fukuyama’s The Origins of Political Order.

How do you write about a book that is almost 600 pages long (in small print), has 25 pages of references, and the ambition to explain political institutions from the dawn of mankind to the French Revolution, from kinship-based bands of hunters to Voltaire? This was Francis Fukuyama’s objective in this monumental (yet eminently readable) book, “The Origins of PoliticalOrder” (note the plural).My review, given the size and importance of the book, will be done in two parts, First, here, I...

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Michael Roberts — MMT, Minsky, Marx and the money fetish

This is a good historical backgrounder and it should be read for that reason alone. But Michael Roberts also brings up other issues that follow upon this history that are relevant to the current debate, at least some of which that have been brought up previously in the comments here. Highly recommended. As Maria Ivanova has shown, there remains a blind belief that the crisis-prone nature of the latter can be managed by means of ‘money artistry’, that is, by the manipulation of money,...

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Branko Milanovic — Marx for me (and hopefully for others too)

Branko Milanovic explains why Marx's historical analysis of socio-economic phenomena remains not only relevant but also preeminent, based on a few key insights. While he does not identify as a Marxist or even a Marxian, he credits the important influence of Marx on his thinking.There are no non-trivial economic phenomena that are not socio-economic, and Marx is the analyst that put his finger on the how and why. While it would be a mistake to dogmatize Marx, it would also be a great mistake...

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C. George Caffentzis — Algebraic Money: Berkeley’s Philosophy of Mathematics and Money

AbstractIn the early 1730s George Berkeley began to explore the conceptual field between ideas and spirits that he previously claimed to be empty. In this field he found a rich set of concepts including “notions,” “principles,” “beliefs,” “opinions,” and even “prejudices.” Elsewhere I have referred to this phase in Berkeley’s thought as his “second conceptual revolution.”2 I believe that it was motivated by his increasing need to develop a language to discuss the social, moral and...

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Merijn Knibbe — Thomas Sargent discovered his inner Marxist. Really. Two graphs.

The ‘Matching functions’ mentioined in the quote explain unemployment by assuming that finding a job or a worker takes time. And this does explain unemployment – part of it (2%-point?). The rest must be explained by crises and the inability of the market system to create jobs. As is clear from comparing graph 2, short-lived crises cause lower levels of job creation and higher levels of job destruction. Basically, these swings are not even that large. But together they lead to a fast...

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