tag:blogger.com,1999:blog-6245381193993153721.post1830790298336319786..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Chomsky on MarxismLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-6245381193993153721.post-27963649673827869932015-07-14T06:30:13.060-07:002015-07-14T06:30:13.060-07:00John,
I would urge caution with the "failed ...John,<br /><br />I would urge caution with the "failed LTV" bit, since in a setting such as this it tends to be less of a phrase with descriptive potency and more of a tautology, since "LTV" is virtually defined as "a theory that has failed." As seen above, when one asks for information on it that doesn't boil down to a contentious interpretive squabble -- i.e., actual empirical evidence of failure -- one is very rudely dismissed.Hedlundnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-18728278610417475242015-07-14T02:11:53.574-07:002015-07-14T02:11:53.574-07:00Hi Lord Keynes,
On the concept of aggregate dema...Hi Lord Keynes,<br /><br /> On the concept of aggregate demand and aggregate supply, Marx provides the rudiments on which many Post Keynesians have built.<br /><br />The 'forces of production' represent the forces which affect productivity, productive capacity and aggregate aupply (Labour, means of production, technological progress etc.). The relations of production (wage-labour and capital) represent the relation between wages and profits (or more broadly 'surplus value') and this relation shows how the distribution of national income affects aggregate demand.<br /><br />Marx's distinction between the production of profits and their realisation is important. Distribution is central to macroeconomics and not peripheral as in neo-classical theory (including new Keynesianism). Aggregate demand matters not only in the short run but also in the long run.<br /><br />No-one needs the failed LTV nor the failed theory of the long run falling rate of profit to see some value in Marx. <br /><br />John Arthur.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-85926211703743935172015-07-13T07:00:18.565-07:002015-07-13T07:00:18.565-07:00These comments of those of an idiot troll. My advi...These comments of those of an idiot troll. My advice: just sod off -- unless you want to make serious comments.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-50332891343307970362015-07-13T05:49:15.162-07:002015-07-13T05:49:15.162-07:00Real talk: Are we ever gonna get to hear why Marx&...Real talk: Are we ever gonna get to hear why Marx's theory "fails"? All you ever give us is contentious interpretations.Hedlundnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-57043480380802485122015-07-13T05:46:52.171-07:002015-07-13T05:46:52.171-07:00Ah, a new week, a fresh load from LK.
"We sh...Ah, a new week, a fresh load from LK.<br /><br />"We should like only those parts of Marx I personally agreed with going into my study, and hate those parts I personally was skeptical about and therefore refuse to state in non-contradictory terms. My definition of science is 'to restate one's priors in increasingly insulting and arrogant ways.' " - Very Serious Economics Blogger Lord KeynesHedlundnoreply@blogger.com