Debunking Ecnomics and alternative theories

[OrganisedRandomness]

Debunking Economics is a great book, but apparently when it comes to criticism of Marxism or the Austrian school, well... read this quote I found on an Amazon review:


The only downside to the book is that his treatment of alternative theories, especially the quite closely linked Austrian school of economics, is very short and vague, and his criticism of Marxist economics is incompetent and useless, done from a Sraffian perspective. This leads to the impression that Keen knows what's wrong with neoclassics, but not what is to be done instead. Therefore, start by reading this book, but don't end there.

I haven't finished the book, and I have to say Keen provides a balanced analysis on Marx for a non-socialist, but have others who have read this book found this to be true as well?

[Die Neue Zeit]

His criticism of Marx is something I elaborated upon in Wikipedia. He thinks Marx's LTV fails to take into account machine ability to produce output greater than depreciation. At least Keen doesn't go for the corn straw-man, but another non-Marxist economist, Michael Hudson, says that Marx's LTV does take into account machine value production greater than depreciation. Hudson says that Marx was the first cost accountant!

If you actually visit Keen's website, there is a PowerPoint presentation (and also one or two articles) where he thinks Marx had a different theory of value altogether, based on the "dialectic" between use value and exchange value, out of which surplus value arises.