Heterodox
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...
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