Hayek Meets Information Theory. And Fails

A pithy, stimulating debate between three great economists on the heterogeneous character of economic thought

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.

Fragen über den Zweck, die Struktur und den Inhalt des wirtschaftswissenschaftlichen Curriculums sie sind so alt wie die Disziplin selbst. Ein prominentes deutsches Beispiel ist der vor mehr als 100 Jahren ausgefochtene Werturteilsfreiheitsstreit. Das öffentliche kritische Interesse an den Wirtschaftswissenschaften korreliert mit den Krisen des Systems. Aus dieser Warte gesehen ist es nicht verwunderlich, dass sich nach der großen Finanzkrise in den Nuller Jahren dieses Jahrhunderts vermehrt kritische Stimmen zu Wort melden.

Teaching and learning ontology and epistemology. Onto-what? Bates & Jenkins explain what is needed to equip students with the ability to critically reflect on learned content and understand meta-discussions in their field.

New challenges require new approaches. Is economics part of the problem or part of the solution? Probably both.

In diesem Vortrag in ökonomischer Philosophie stellt Dr.in Silja Graupe, Lehrende und Mitbegründerin der Cusanus Hochschule für Gesellschaftsgestaltung eine neue Form der Erkenntnisgewinnung im Bereich ökonomischer Entscheidungen vor. Als Gegenströmung zur Verhaltensökonomik oder zu rationaler Nutzenmaximierung werden Gemeinsinn, Imagination und Pluralität in der Ökonomie verankert.