by Summary:
Why Marx Got It All Wrong
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Why Marx Got It All Wrong
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
| Why Marx Got It All Wrong |
not so much MMT, I think the great value of Dr. Keen's work (and that the other "renegades") for the layperson, is to show so clearly that mainstream economists can't possibly know what they claim to know! (I hope it's not just that I'm an expert in logic!) because somehow the fact that they mostly get things wrong isn't convincing enough — people trust equations and degrees over their lying eyes and wallets apparently.
I'm less hopeful that the positive program of MMT will catch on, but theories fall out of favor all the time in the social sciences.
Once the public realizes that macroeconomics is a fairy tale, they'll hopefully be less willing to accept theoretical arguments for why we shouldn't just do the things that will definitely, obviously help us in the future, like education and infrastructure
Marx didn't create the labor theory of value. It's absurd to think labor doesn't create value. Labor creates the use-values of commodities. If a blacksmith turns iron into nails. He's just created value. Value that didn't exist prior to his labor.