[p2p-research] Can Marxian Economics Explain the Crisis?

[Michel Bauwens]

Many thanks for that!

On Fri, Jan 8, 2010 at 10:28 AM, Drewk <Andrew_Kliman at msn.com> wrote:

>  Dear Michael,
>
> Please see the study at http://akliman.squarespace.com/persistent-fall/
>
> Best,
>
> Andrew
>
> ----- Original Message -----
> *From:* Michel Bauwens <michelsub2004 at gmail.com>
> *To:* Ryan <rlanham1963 at gmail.com> ; akliman at pace.edu
> *Cc:* Peer-To-Peer Research List <p2presearch at listcultures.org>
> *Sent:* Thursday, January 07, 2010 9:28 PM
> *Subject:* Re: [p2p-research] Can Marxian Economics Explain the Crisis?
>
> Dear Andrew,
>
> As part of our discussion on the p2p research list (
> http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org),
> would you have any figures that confirm the falling rate of profit, as I
> believe you claim?
>
> Many thanks for considering this assistance,
>
> Michel Bauwens
>
> http://blog.p2pfoundation.net
>
>
>
> (http://del.icio.us/mbauwens/P2P-Left ;
> http://del.icio.us/mbauwens/P2P-Marxism ;
> http://del.icio.us/mbauwens/P2P-Right;
> http://del.icio.us/mbauwens/P2P-Political-Theory)
>
>
>
> On Fri, Jan 8, 2010 at 7:34 AM, Ryan <rlanham1963 at gmail.com> wrote:
>
>>
>>
>>  Sent to you by Ryan via Google Reader:
>>
>>
>>  Can Marxian Economics Explain the Crisis?<http://feedproxy.google.com/%7Er/EconomistsView/%7E3/mHbJA88DOtk/can-marxian-economics-explain-the-crisis.html>
>> via Economist's View <http://economistsview.typepad.com/economistsview/>by Mark Thoma on 1/6/10
>>
>> John Quiggin wonders if anyone has constructed "a distinctively Marxian
>> analysis of the current crisis":
>>
>> Marxian economics MIA?, by John Quiggin<http://crookedtimber.org/2010/01/06/marxian-economics-mia/>:
>> The financial crisis has, justifiably, enhanced the reputation of Karl Marx
>> as an economic thinker. Marx was the first economist to treat crises and
>> panics as an inherent feature of capitalism rather than as an inexplicable,
>> but fortunately temporary, departures from a natural equilibrium.
>>
>> Unfortunately, most of his analytical effort, and even more, that of the
>> school of thought that followed him, was devoted to pointless exercises in
>> value theory[1]. Marx’s discussion of crisis rested mainly on the idea of
>> the falling rate of profit which seemed at the time to be both a theoretical
>> inevitability and an observable trend. But with technological progress,
>> there’s no necessity for the rate of profit to fall consistently, and it
>> hasn’t. There are other ideas in Marx that might be developed to yield a
>> better theory of crisis, but nothing resembling a systematic theory.
>>
>> And, in the current crisis, Marxian economics seems to be pretty much
>> Missing in Action. I haven’t seen much and what I have seen hasn’t added
>> much, in analytical terms, to the standard left-Keynesian analysis. Perhaps
>> the problem is that just about everyone expects capitalism, in one form or
>> another, to survive this crisis, contrary to the orthodox Marxist view where
>> crises become ever more severe and eventually precipitate the revolutionary
>> overthrow of the entire system. But it’s equally possible that I haven’t
>> been looking in the right places.
>>
>> Readers of my blog have pointed me here<http://www.workersliberty.org/marxists-crisis>,
>> which has some good stuff, but, as I said, isn’t much different from the
>> standard left-Keynesian analysis[2]. Can anyone recommend a distinctively
>> Marxian analysis of the current crisis?
>>
>> fn1. If I get time, I’ll write a longer post on this point. ...
>>
>> fn2. Except for this piece<http://www.workersliberty.org/story/2008/07/13/marxists-capitalist-crisis-6-dick-bryan-inventiveness-capital>,
>> which reads more like Cochrane or Fama with some added Marxist verbiage.
>>
>>
>>
>>
>>  Things you can do from here:
>>
>>    - Subscribe to Economist's View<http://www.google.com/reader/view/feed%2Fhttp%3A%2F%2Feconomistsview.typepad.com%2Feconomistsview%2Fatom.xml?source=email>using
>>    *Google Reader*
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>>    *all your favorite sites*
>>
>>
>>
>>
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>
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-- 
Work: http://en.wikipedia.org/wiki/Dhurakij_Pundit_University - Think thank:
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