Suchergebnisse

This comment reflects upon the political contradictions of capitalism in the light of John Weeks's essay on "Free Markets and the Decline of Democracy." JEL Classification: B5, P1

In his Critical Sociology essay on Piero Sraffa's Production of Commodities by Means of Commodities, William Jefferies aims to rescue Marx's labor value analysis by demonstrating the purported inadequacy of the Sraffa model. Jefferies's argument is untenable, however; for it rests upon a thoroughly confused caricature of Sraffa's analytical framework. The present comment argues that, far from undermining Marx, Sraffa provides a way to place Marx's project on solid foundations.

Thomas Piketty's Capital in the Twenty-first Century has focused attention on the dramatic rise in economic inequality that has occurred in the United States and Europe over the past four decades. This paper argues that his account of the mechanisms that determine the distribution of income and wealth in a capitalist economy is unconvincing, for it rests on a tautology and on a spurious hypothesis about how the savings rate, the growth rate, and the capital/income ratio are connected.

The rise of European fascism in the 1920s and '30s triggered the greatest migration of intellectual capital the world has ever known. This paper is concerned with the German-speaking economists who formed the core of the original Graduate Faculty of the New School for Social Research. Among émigré economists of the interwar period, those who found refuge at the New School exerted a distinctive influence on American economics, partly owing to their concentration at a single institution, and partly by virtue of the character and quality of their work. The paper has three aims: to provide an overview of the contributions of these economists, to assess their impact on American economics, and to account for the apparent evaporation of their legacy after the onset of the Cold War.

This paper presents a critique of recent efforts, under the rubric of Temporal Single System Marxism, to defend Marx's value theory against the claim that his transformation algorithm is flawed. Although Marx did make a number of errors in elaborating his theory of value & the profit rate, these missteps do not undermine his larger scientific project. Far greater damage has been inflicted by his would-be Temporal Single System defenders, who camouflage Marx's errors by detaching him from his Ricardian roots; in the process they redefine value in a way that trivializes its function in Marx's system. 39 References. Adapted from the source document.