Tag Archives: Marxist economics

This is a substantial book which the author admits has been 20 years in the making. [1] It deals primarily with Moseley’s own “Macro-Monetary” interpretation of Marx’s economic writings and takes up and rebuts criticisms of this interpretation. However, the book also looks critically at the major interpretations of Marx’s economic work, by Marxist academic economists, which have emerged in the last 100 years, giving a brief description of them and critically examining their failings. Many...

Classical economics, including Marx, focused on economic value in real terms, i.e., a non-monetary ground for economic value expressed in markets in nominal terms as prices. That recognized that value is based on some "good" that is actual rather than nominal. One way to do this is through a numéraire, such as gold or silver. A problem here is that monetary metals don't have actual economic value in real terms that isa determinative in production. Rather, their nominal value is...

The French poet Charles Baudelaire wrote in 1864 that “the cleverest ruse of the Devil is to persuade you he does not exist!” I will argue here that this is directly applicable to today’s neoliberals, whose devil’s ruse is to pretend they do not exist. Although neoliberalism is widely recognized as the central political-ideological project of twenty-first-century capitalism, it is a term that is seldom uttered by those in power. In 2005, the New York Times went so far as to make...

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...

This year’s conference of the International Initiative for the Promotion of Political Economy (IIPPE) in Pula, Croatia had the theme of The State of Capitalism and the State of Political Economy. Most submissions concentrated on the first theme although the plenary presentations aimed at both.... Michael Roberts BlogThe state of capitalism at IIPPEMichael Roberts

Welcome the new kid on the block.John LauritsModern Money Systems: Understanding the Monetary Mechanics of Value Part 1Modern Money Systems: Understanding the Monetary Mechanics of Value Part 2ht Richard in the comments

Review of Henryk Grossman, Capitalism’s contradictions: studies in economic theory before and after Marx, edited by Rick Kuhn, published by Haymarket Books.Michael Roberts BlogGrossman on capitalism’s contradictions Michael Roberts

When Marx’s theory of value is interpreted in a simultaneist way, it is relatively easy to calculate the ‘monetary expression of labor time’ (or MELT)....  There is an additional complication when it comes to measuring the temporal MELT. The temporal MELT is the appropriate measure if Marx’s theory of value is interpreted in a temporal way (as in the ‘temporal single-system interpretation’ or TSSI).... Wonkish. heteconomistOn Estimating the Monetary Expression of Labor Time in a Temporal...