Economics and Marxism

[red eck]

My query on Economics and Marxism -

Recently I had a debate with someone over the acclaimed Economist and Historian, Robert Brenner. This person didn't rate Brenner at all and predictably, has a highly orthodox and dogmatic approach to Marxism. He points to Brenner's abandonment of the Labour Value of Theory - a heresy in his eyes. He also rejects Brenner's hypothesis of overproduction and overcapacity as the source of the decline of profit.

I am not an economist therefore I am not in a postion to determine authentic economic analysis from false ones. But I remain suspisious of those who write off whole established schools of economics and claim to hold the 'truth'. My question is this is: Is there a devoted researcher on the web or elsewhere keeping young radicals on the straight and narrow on the topics of economics?

I do believe economics to be a subject worthy of the label 'science'. It involves empirical studies (empirical being a pejorative in some people's eyes) and has meaningful concepts such as productivity, GDP, real wage etc. As a world recession is looming, the subject of economics and arguments about inflation will be at the fore of public current affairs. This is why I feel it is important that a resource be available that challenges right-wing assertions but does not fall into the hands of quack economists.

What do people here think about Marxists and economics? Marx uses terms that are called something else in contemporary economics. For example, Marx's use of 'Variable/Constant Capital' would be translated as 'Direct/Indirect Labour'. Marx's arguments about class structures and the ruling class idealism of money is invaluable, but I would like to read something that brings Capital up to date, identifies Marx's archaic ideas, and is accessible to non-economists.

I am not interested in any 'Dialectical' explanation. I've read most of Robert Brenner's 'The Economics of Global Turbulence' and I concede his explanations for his assertions are hard to follow, being as it is all in economists jargon. Difficult it may be, people still need real and authentic explanations of economics. Otherwise, how do we know if it is true that rising wages has a negative effect on the national economy?

Can anyone help me?

[Rosa Lichtenstein]

I am not sure, but this might help:

http://louisproyect.wordpress.com/20...renner-debate/

[ComradeRed]

He also rejects Brenner's hypothesis of overproduction and overcapacity as the source of the decline of profit.

Ask him how this is consistent with accepting the Law of Accumulation...

My question is this is: Is there a devoted researcher on the web or elsewhere keeping young radicals on the straight and narrow on the topics of economics?

I tried to be such a person, but presently I'm overwhelmed with getting a paper published. When that's done, I'll probably be back and continue where I left off...

I do believe economics to be a subject worthy of the label 'science'. It involves empirical studies (empirical being a pejorative in some people's eyes) and has meaningful concepts such as productivity, GDP, real wage etc.

For the record, this does not include Neoclassical (or more generally Marginalist) economics...i.e. "conventional" economics.

They're empirical precision is ~1-5%...that's terrible!

What do people here think about Marxists and economics? Marx uses terms that are called something else in contemporary economics. For example, Marx's use of 'Variable/Constant Capital' would be translated as 'Direct/Indirect Labour'. Marx's arguments about class structures and the ruling class idealism of money is invaluable, but I would like to read something that brings Capital up to date, identifies Marx's archaic ideas, and is accessible to non-economists.

Yes, that is the dream to rewrite Capital with modern data and clarity...mathematical rigor isn't a bad thing either

But as per critics of orthodox (marginalist) economics, there are many. Unfortunately, the best of them are quite mathematically inclined.

One written for the layman is Debunking Economics by Steve Keen. All others that come to mind are written for technical journals.