In an interview with Jacobin, “Greece: Phase Two”, Costas Lapavitsas defends Yanis Varoufakis and, in the course of this defense, highlights the forces behind the increasing desperation of the Marxist underconsumptionist school:
“Let me come clean on this. Keynes and Keynesianism, unfortunately, remain the most powerful tools we’ve got, even as Marxists, for dealing with issues of policy in the here and now. The Marxist tradition is very powerful in dealing with the medium-term and longer-term questions and understanding the class dimensions and social dimensions of economics and society in general, of course. There’s no comparison in these realms.
But, for dealing with policy in the here and now, unfortunately, Keynes and Keynesianism remain a very important set of ideas, concepts, and tools even for Marxists. That’s the reality. Whether some people like to use the ideas and not acknowledge them as Keynesian is something I don’t want to comment upon, but it happens.
So I cannot blame Varoufakis for that, for associating himself with Keynesians, because I’ve also associated myself with Keynesians, openly and explicitly so. If you showed me another way of doing things, I’d be delighted. But I can assure you, after many decades of working on Marxist economic theory, that there isn’t at the moment. So yes, Varoufakis has worked with Keynesians. But that isn’t really, in and of itself, a damning thing.”
I guess I am not so much speechless that Lapavitsas said this as I am speechless that it is completely true. After 150 years, Marxists still have no other policy tools in their book bags except Keynesian ones; Marxist economists have yet to give birth to their own policy tools derived organically from the premises of labor theory of value.