Search results

11 – 20 of over 1000

Abstract

Details

Documents on and from the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-84663-909-8

Book part
Publication date: 7 November 2011

Robert Chernomas and Fletcher Baragar

In an effort to explain the growth stagnation that hampered the United States in the period from the mid-1970s to the mid-1990s, mainstream economists unwittingly and incompletely…

Abstract

In an effort to explain the growth stagnation that hampered the United States in the period from the mid-1970s to the mid-1990s, mainstream economists unwittingly and incompletely reinvented the concept of unproductive labor that is rooted in classical and Marxian economics. The price to pay for having ignored this concept had been unexplained economic events, inappropriate policy, and relative national economic decline. The mainstream economists' attempt to adopt this concept came at a cost to their theoretical core. The abandonment of the concept came at a cost to the real economy represented by the financial crisis of 2008.

Details

Revitalizing Marxist Theory for Today's Capitalism
Type: Book
ISBN: 978-1-78052-255-5

Book part
Publication date: 7 November 2011

Riccardo Bellofiore

There are two influential interpretative positions in the current debate on the crisis among Marxists. The first understands financialization as a consequence of the tendential…

Abstract

There are two influential interpretative positions in the current debate on the crisis among Marxists. The first understands financialization as a consequence of the tendential fall of the rate of profit. The other interpretation, prevalent among those influenced by Keynesianism and Neoricardianism, refers to the tendency toward the crisis of realisation, because of the squeeze on the wage bill and the insufficiency of consumer demand. In both cases, the current crisis is the crisis of a feeble capitalism, permanently stagnationist. A Marxian interpretation of the crisis cannot be separated from the tendential fall of the rate of profit. This latter, however, cannot be accepted as it is presented by Marx, and it must be rethought as a meta-theory of the crisis, including within it the different crisis theories that can be derived from Capital. This article first provides a personal survey of Marx's crisis theories, often presented as opposed to each other. Second, it seeks to integrate the different positions into a unitary discourse, within a nonmechanical reading of the fall of the rate of profit. This discourse then mutates into an historical sketch of the long dynamic of capital: from the Great Depression of the end of the nineteenth century, to the Great Crash of the 1930s, to the Social Crisis in the immediate processes of valorisation of the 1960s–1970s (the Great Inflation). Finally, the “new” capitalism (the Great Moderation) and its recent crisis (the Great Recession) are read – integrating Marx and Minsky – as the conjunction between the real subsumption of labour to finance and the fragmentation of labour.

Details

Revitalizing Marxist Theory for Today's Capitalism
Type: Book
ISBN: 978-1-78052-255-5

Abstract

Details

American Economics
Type: Book
ISBN: 978-1-84950-044-9

Content available
Book part
Publication date: 8 December 2021

Abstract

Details

Society in Flux
Type: Book
ISBN: 978-1-80262-241-6

Article
Publication date: 1 April 1987

Geoffrey M. Hodgson

Present‐day economics is characterised by the fragmentary and reductionist approach that typifies most social sciences. Economists generally fail to recognise that the economy is…

Abstract

Present‐day economics is characterised by the fragmentary and reductionist approach that typifies most social sciences. Economists generally fail to recognise that the economy is merely one aspect of a whole ecological and social fabric; a living system composed of human beings in continual interaction with one another and with their natural resources, most of which are, in turn, living organisms. The basic error of the social sciences is to divide this fabric in fragments, assumed to be independent and to be dealt with in separate academic departments (Capra, 1982, pp. 194–5).

Details

Journal of Economic Studies, vol. 14 no. 4
Type: Research Article
ISSN: 0144-3585

Book part
Publication date: 18 February 2004

Clark Everling

This paper traces the path of Marxism in the 20th century with special focus upon its place within political economy. It argues that the emphasis upon Marxism as a political…

Abstract

This paper traces the path of Marxism in the 20th century with special focus upon its place within political economy. It argues that the emphasis upon Marxism as a political economy has been directly connected to movement away from Marxism as a theory of class struggle. It begins by establishing how and why, in Marx’s view, all history is a history of class struggles and integrates this perspective with his work in Capital. It is argued that political economy was one of the things Marx was critiquing and that he was attempting to show political economy to be a product of capitalism rather than seeking to establish a Marxist political economy.

Details

Wisconsin "Government and Business" and the History of Heterodox Economic Thought
Type: Book
ISBN: 978-0-76231-090-6

Book part
Publication date: 20 May 2005

Warren J. Samuels

The first set of introductory notes to the graduate study of the history of economic thought, and the reasons for their use, was published in Volume 22-B (2004). Subsequently…

Abstract

The first set of introductory notes to the graduate study of the history of economic thought, and the reasons for their use, was published in Volume 22-B (2004). Subsequently, while distributing the first set in my graduate courses, I initiated a largely new, second set of introductory topics, using a new outline for presentation in each course of lectures on further introductory ontological, epistemological and hermeneutic topics that went beyond the materials in the first set. For several years, I lectured using in part an outline of my 1991 essay (cited below). That outline is reproduced here as Set II.1. The notes published below as Sets II.2 and II.3 are composites, as to content and sequence of topics, of subsequent successions of lectures. Whereas the set of notes published in Volume 22-B was distributed to students with only casual accompanying remarks, these served for me as the basis of lectures and were not distributed. No set of notes published here indicates the comments I made, from course to course, when distributing the first set of notes on the first day of class. One difference between II.1 and II.2–3 is the increasing attention to historiographic topics vis-à-vis discourse-analysis topics with the passage of time. The common elements are, first, the social construction of reality, in two senses: the literal creation of society and the interpretations given that creation; second, the distinctions between truth and belief system, and between truth and validity; third, the continuing relevance therefore of epistemology and ontology alongside the rhetoric of economics; fourth, the relations of epistemology and language to policy; and fifth, the importance of limits. During this period of time conflict had erupted between advocates of the rhetorical and epistemological approaches to the history of economic thought. I was teaching that both approaches to the meaningfulness of ideas were important.

Details

A Research Annual
Type: Book
ISBN: 978-1-84950-316-7

Book part
Publication date: 18 February 2004

E.K. Hunt and Allen M. Sievers

The University of Utah is located in Salt Lake City, the home of the Church of Jesus Christ of Latter Day Saints (LDS or Mormon). This conjunction has led some to believe the…

Abstract

The University of Utah is located in Salt Lake City, the home of the Church of Jesus Christ of Latter Day Saints (LDS or Mormon). This conjunction has led some to believe the University is Church-run, or at least Church dominated. In fact, the University, state-financed from the beginning, has been wholly autonomous since an incident in the early 20th Century. In that incident several faculty members were discharged for their unorthodox religious and political views. This led to an uproar and subsequent protracted controversy, the resolution of which did not reinstate the discharged faculty members but did establish the complete autonomy of the University from the Church.

Details

Wisconsin "Government and Business" and the History of Heterodox Economic Thought
Type: Book
ISBN: 978-0-76231-090-6

Book part
Publication date: 11 June 2014

Abstract

Details

Child Labour in Global Society
Type: Book
ISBN: 978-1-78350-780-1

11 – 20 of over 1000