Value Theory

Xxxx Xxxxx Xxxxxx xxxxxxxxxx at
Tue Mar 6 19:55:14 MST 2001

Philip Ferguson wrote:

> Some years ago I did stage 1 economics at university.  I threw up my hands
> in desperation after a few months and gave up on it.  Smith and Ricardo
> would have been turning over in their graves at the vulgarisation - indeed
> destruction - of their social science.  A young friend of mine who did
> stage 1 economics here last year showed me his course handouts and texts,
> and I was struck by their sterility.  More and more complex modelling and
> no analysis/investigation of the fundamental organisation of society, which
> is simply taken as given and permanent.

You are talking about the mainstream economic theory and its leftish
variants, I guess. Here is a paper by Anwar Shaik of New School on the
causes and dynamics of global economic crisis. Shaik's paper is
particularly a critique of Brennner's analysis of the economic downturn
published in the aftermath of the Asian Crisis in NLR. Shaik attacks at
historian Brenner for the _kind_ of reasons Foster criticized him in the
Monthly Review a while ago: Smithian explanation of falling rate of
profitability, implicit reliance on neo-classical theories of
_over-competition_ as the cause of the crisis, and failure to _explain_
the real causes of declining profits, etc..

Actually, according to some Marxist economists I have read, including
Shaik, part of Brennner's problem is that his analysis of crisis is too
much historically driven and unable to abridge the gap between
"theoretical and empirical contradictions". It seems even the so called
Marxist _historians_ can be trapped in non-marxist conclusions.

the article is written in acrobat format so I can not post it;

On the Global Economic Crisis  A critique of Robert Brenner's The
Economics of Global Turbulence, New Left Review (229):1-264

cheers, Xxxx
Xxxx Xxxxx Xxxxxx
Ph.D Student
Department of Political Science
SUNY at Albany
Nelson A. Rockefeller College
135 Western Ave.; Milne 102
Albany, NY 12222

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