360 Ergebnisse
Karl Marx was the greatest champion of the labor theory of value. The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible component of Marxism, and those who wish to continue the spirit of analysis begun by Marx without the labor theory of value.
Use-Value, Exchange Value, and the Demise of Marx's Value Theory of Labor
This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
How can we establish new institutions and practices in order to use fare-free public transport as a beacon for sustainable mobility and a low-carbon lifestyle? The author of this essay elaborates on how practice theory and institutional economics can help to answer this question.
Towards a practice of fare-free sustainability
In 18th century Europe figures such as Adam Smith, David Ricardo, Friedrich List and Jean Baptiste Colbert developed theories regarding international trade, which either embraced free trade seeing it as a positive sum game or recommended more cautious and strategic approaches to trade seeing it as a potential danger and a rivalry and often as a zero-sum game. What about today?
Free trade in economic theories
Free, Fair & Alive is a foundational re-thinking of the commons, the self-organized social systems that human beings have used for millennia to meet their needs.
Free, Fair, and Alive
Value and Crisis brings together selected essays written by Alfredo Saad-Filho, one of the most prominent Marxist political economists writing today. Divided into two parts, "Essays on the Theory of Value" and "Essays on Contemporary Capitalism," this book examines the labour theory of value from a rich and innovative perspective from which fresh insights are derived.
Value and Crisis
Ha Joon Chang exposes the main ideas of his book Bad Samaritans, namely that historically states have developed and industrialized by making policy interventions related to industry protection, tariffs and subsidies and not by opening their markets to free trade. Chang elaborates on the examples of Japan, the US, Singapore and Germany amongst others to show that an interventionist path to development has been the regularity and not an anomaly. In the end of the lecture, he argues that they idea of a level playing field should be replaced by a trade order that accounts for differences in power and economic capacities of different countries. The last 20 minutes are questions and answers.
Ha-Joon Chang - Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism
In her short contribution, the author questions how the value of goods and services is shaped in current neoclassical teaching. She criticizes the principle of pricing based on marginal income. She discusses what can be called wealth generating, what kind of wealth we need and points out a lack of a value theory.
Takers and Makers: Who are the Real Value Creators?
Mark Carney explains how we have come to esteem financial value over human value and how we have gone from market economies to market societies, how economic theory foundation affect the society as a whole, how we understand our world today and ultimately how this affects our lives.
How We Get What We Value
In this webinar for the Princeton Bendheim Center for Finance, Nobel Prize winner William Nordhaus explains the main problems regarding the economics of a low-carbon energy transition.
Climate Compacts to Combat Free Riding in International Climate Agreements
In this book, the author, Intan Suwandi, engages with the question of imperialism through the specific channel of Global Value Chains.
Value Chains
Global Value Chains (GVCs) started to play an increasing and key role in the global economy from the 1990s on. The market mechanism in GVCs supports industrialisation in the Global South and under certain conditions product and process upgrading. But GVCs do not lead to the catching-up of countries in the sense of them approaching real GDP per capita levels comparable with developed countries. These arguments are supported by a critical interpretation of the traditional trade theory, the New Trade Theory and specific approaches to explain GVCs, especially different governance structures and power relationships. Several case studies support these arguments. For catching-up, countries need comprehensive horizontal and vertical industrial policy and policies for social coherence. The small number of countries which managed to catch up did this in different variations.
Global Value Chains in economic development
Mariana Mazzucato explains how we lost sight of what value means and why we need to rethink our current financial systems so capitalism can be steered toward a bold, innovative and sustainable future that works for all of us.
What is economic value, and who creates it?
The background for the present elaboration is twofold firstly the ongoing debate about whether the Marxian theory of value has been damaged or even destroyed by the alleged impossibility of solving the transformation problem and secondly the fact that almost all of the later economic manuscripts of Marx are now …
A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model
Why is money more valuable than the paper on which it is printed Monetarists link the value of money to its supply and demand believing the latter depends on the total value of the commodities it circulates According to Prabhat Patnaik this logic is flawed In his view in any …
The Value of Money
In this searing and insightful critique, Adrienne Buller examines the fatal biases that have shaped the response of our governing institutions to climate and environmental breakdown, and asks: are the 'solutions' being proposed really solutions? Tracing the intricate connections between financial power, economic injustice and ecological crisis, she exposes the myopic economism and market-centric thinking presently undermining a future where all life can flourish.
The Value of a Whale
This part is devoted to simulation experiments based on the simulation model developed in part I from the value theoretic reconstruction of the main parts of Marx s critique of Political Economy After introducing the main parameters and the range of their variation Section 1 a singular run as well …
A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model Part II
In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency.
Whither Central Banks?
Mainstream textbooks present economics as an objective science free from value judgements; that settles disputes by testing hypotheses; that applies a pre-determined body of principles; and contains policy prescriptions supported by a consensus of professional opinion.
The economics anti-textbook
This edited volume presents a collection of articles that engage with various concepts from Marx’s Capital and Marxian theory in general, from a ‘Southern’ perspective. The book engages with four specific themes: “Reception of Capital in the East; Value, Commodity, Surplus Value and Capitalism; Population and Rent in Capital; and Issues Beyond Capital”.
‘Capital’ in the East
Western sanctions on Russia after its invasion of Ukraine quickly led the Ruble to lose more than 45 percent of its value. But these days, the Russian currency is back to its pre-war value. Cameron and Adam explain the turnaround and discuss what it means for the war.
How the Russian Ruble Bounced Back
‘We cannot afford their peace & We cannot bear their wars’:
Value, Exploitation, Profitability Crises & ‘Rectification’
Political Economy based on Marx
In this refreshingly revisionist history, Erik Reinert shows how rich countries developed through a combination of government intervention, protectionism, and strategic investment, rather than through free trade.
How Rich Countries Got Rich ... and Why Poor Countries Stay Poor
Diane Perrons and Sigrid Stagl combine feminist and critical environmental economics perspectives to develop a critique of the free market growth model and offer new ideas for a more sustainable gender equitable model of development in the interests of all.
A Feminist Political Economy for an Inclusive and Sustainable Society
Want to learn more about behavioural economics and its application to public policy? Take this free course from the Behavioural Economics Team of the Australian Government.
Behavioural insights for public policy
The Philosophy of Economics Foundational Text provides a systematic and well-structured overview over the field of philosophy of economics.
Philosophy of Economics
Esther Duflo discusses the fact that in social policy one cannot check the big questions, i.e. whether development assistance as an aggregate is helpful, because there is no counterfactual. She then suggests to focus on smaller questions such as what prevents or incentiveses people from immunizing their kids or whether mosquito bednets should be distributed for free. These questions can be answered by using randomized control trials as in the medical sciences. Thus, she argues, by bringing the experimental method to social policy analysis better decisions as to where allocate funds can be made.
Social experiments to fight poverty
Paul Mason presents the main arguments of his book PostCapitalism. First, he argues that capitalism runs out of its capability to adapt to crises and second states that information technology challenges the capitalist system. In a nutshell, he argues that a society which fully exploits information technologies can't include concepts such as intellectual property, free market or private ownership. This has far-reaching consequences for the organisation of wages and work. The talk stops at minute 37.30.
The Future of Capitalism
This video animates part of the talk “On Economics” by Ha-Joon Chang in which he states that economics is not a science for experts but for everyone. Chang further argues why it is important to take into account different perspectives on economics – he identifies at least nine school of thoughts which all have their strengths and weaknesses and presents examples on free trade and well-being. Chang further elaborates on the difficulties of changing the economic status quo.
Economics Is For Everyone!
Dani Rodrik, Professor of International Political Economy at Harvard's Kennedy School of Government, is teaching in this online session about the global rules under which the modern (free trade-focused) type of globalization operates and why, under such institutions, international community fails to deal with the climate change and pandemics.
Pandemics, Climate Change, and Global Economics: Where Did We Go Wrong in Globalization?
In this video, Clara Mattei investigates the function of austerity in relation the stabilization of capitalism as a form of social order build around private property, wage labor and class relations. In order to develop this argument, she situates austerity in the history of World War 1 and its revolutionary aftermath. Zooming in on the politicization of the economy and the associated threat to class society that emerged in the period, she highlights how austerity was a „tool of reaction“ that was successful in curtailing demands for economic democracy and a society free from class oppression.
The Capital Order - How Economists Invented Austerity & Paved the Way to Fascism
This self-paced free course by Perry Merhling guides you to his "Money View" approach that integrates the fields of economics and finance. The course can easily be understood by people interested people without technical economic knowledge or training as it is primarily a tool for analysis.
Economics of Money and Banking
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