[Marxism] Michael Roberts' latest

Gary MacLennan gary.maclennan1 at gmail.com
Wed Feb 3 17:38:46 MST 2016


This will shortly appear on the list 'nae doot' but I thought I would get
in with an early, if ill-informed, comment.  This it seems to me was
Roberts at his very best.  His strengths are his grasp of empirical
detail.  There are enough graphs to make the most empirically minded of
moderators happy.

There is of course just a touch (justifiable) of *Schadenfreude*, when he
contemplates the wreckage littering the wake of neo-classical economics.
His commentary bites hard when he considers Zero Interest Rates,
Quantitative Easing, and now the new entry into the field - Negative
Interest Rates.  He quotes Richard Koo to good effect that these policy
shifts are all signs of increasing desperation.

But Roberts is nothing if not consistent.  The crisis is on us because the
rate of profit is tending to fall.  He will have nothing of the theory of
underconsumptionism and so there is nothing that can be done bar bring on
the revolution.  As a closeted underconsumptionist, I think this is a bit
hard.  I hope to see the state adapt fiscal measures, but strange as it may
seem the political crisis is not as deep as the economic one and so we will
not get a return to Keynes just yet, if at all.

Whatever the case, I am not looking forward to the 'creative destruction'
that Roberts mentions in his last paragraph.



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