Heterodox
It is not difficult to identity them: (1) the use of a proto-effective demand theory by Marx;(2) endogenous money theory;(3) Marx’s rejection of Say’s law;(4) the notion of a monetary production economy (also developed as a theory by Keynes); and(5) a conflict theory of the distribution of income, and the recognition that workers and capitalists have unequal power. However, the trouble is that none of these insights prove that Marx’s overall theory was right: far from it.There are many...
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