The Real Movement

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Tag: interest rates

Keynes and the myth of the Reagan administration’s neoliberalism

Robert Skildelsky, biographer of John Keynes, has written an essay written an essay on the 80 year legacy of the General Theory in which he credits Keynes with inventing macroeconomic policy and for showing how government could employ means at its disposal to offset economic depressions.

For all the genius of Keynes’ General Theory, its importance has not always been acknowledged by mainstream economics. By the 1980s, according to Skidelsky, most of mainstream economics came to reject many of the ideas first proposed by Keynes, particularly his argument capitalist economies were inherently prone to chronic underutilization of both capital and labor.

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“Secular Stagnation” and capitalist destruction of the productive forces

Tyler Cowen has an interesting take on Larry Summers talk at the IMF on so-called “secular stagnation”. According to Cowen, if Larry Summers is correct, the economy is probably contracting.

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Crying Wolf over Deflation

larry-summersProSyn has a post today about why deflation poses such a mortal risk for the fascists. The post is written by Jean Pisani-Ferry, a French economist and public policy expert according to the Wikipedia. Being a public policy expert Pisani-Ferry has decided that a fall in the prices of commodities is bad for “the public” for several reasons: Read the rest of this entry »

‘Marxist Economists’ and Simpleton Trolls

“The dominant political economy Marx engaged with in his critique was a very different beast.” —Mike Beggs

I have come to the conclusion that anyone calling themselves a “Marxist economist” can safely be dismissed as an idiot.

The very idea of defending historical materialism from bourgeois simpletons is offensive to me. The idea of setting Marx on par with ideologues like Samuelson and Keynes, as though Marx was braddelonginterested in “the economy” is disturbing. There is nothing in Marx that can be said to even distantly resemble a description of “How the economy works”. Marxists are “Marxists” precisely because they suffer the delusion Marx was, in turn, an “economist”, a “sociologist”, or a “philosopher, depending on which field the person talking about him belongs.

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