[Marxism] The world’s scariest economist? | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Fri Jul 26 05:49:59 MDT 2019

As Mazzucato makes clear in her second book, The Value of Everything, 
government investment and production does create value ie things or 
services we need and is not just a (necessary) cost. But as I commented 
in a review of that book, in Marxist terms, Mazzucato conflates value 
with use-value.  Yes, government investment in schools, hospitals, 
transport, infrastructure and technology creates useful things, but 
under the capitalist mode of production for profit, it does not create 
value (surplus value or profit).  On the contrary, it can lower overall 
profitability for the capitalist sector. So there is an inherent 
contradiction in capitalism between more use-value and value.


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