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Keen 2016/7 Financialisation 02 Value And Dialectics

Summary:
Most of my lectures annoy Neoclassicals; this one is going to annoy Marxists. Using the energy-aware production function derived in the previous lecture, I argue that the “Labour Theory of Value” asserts that production is entirely a function of the energy input to unskilled labour–which is absurd. I then explain the dialectical interpretation of Marx, ...

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Most of my lectures annoy Neoclassicals; this one is going to annoy Marxists. Using the energy-aware production function derived in the previous lecture, I argue that the “Labour Theory of Value” asserts that production is entirely a function of the energy input to unskilled labour–which is absurd. I then explain the dialectical interpretation of Marx, which thankfully contradicts the “Labour Theory of Value” and is also compatible with an energy-based model production. It also provides a rich foundation for a non-equilibrium, monetary theory of capitalism.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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