4 ms·
> The two big, long-lived families of macroeconomic explanation are from the Keynsian, Austrian/liberal "schools". You left out Marx.
by jefurii 9y ago
> The two big, long-lived families of macroeconomic explanation are from the Keynsian, Austrian/liberal "schools".
You left out Marx.
- kgwgk 9y agoDo you think the Marxian school is big?
- SideburnsOfDoom 9y ago> the Marxian school Marxist.
- kgwgk 9y ago> Marxist. I'm indeed Marxist, how did you know? We recently commemorated the 40th anniversary of Groucho's death, by the way. Or maybe you were correcting me? https://en.wikipedia.org/wiki/Marxian_economics https://en.wikipedia.org/wiki/Marxian_economics
- SideburnsOfDoom 9y agoThat's actually informative, thanks.
- dalbasal 9y agoI dunno if there's a Marxist interpretation of recessions. Iirc there's something somewhere about recessions leading to socialist revolutions, but I don't remember anything about why they happen. I don't think das capital has anything. I think there's very little Marxist economics left, in the technical sense. Marx is pretty early.
- s_kilk 9y agoThere's a great book called The Long Depression which offers a Marxian analysis of these boom bust cycles. It basically boils down to Marx's Law of Profitability, where the rate of profitability tends to fall as investment in fixed capital increases: https://en.m.wikipedia.org/wiki/Tendency_of_the_rate_of_profit_to_fall https://en.m.wikipedia.org/wiki/Tendency_of_the_rate_of_prof...
- conanbatt 9y agoMarx looks more monetarist than anything else. "If the amount of paper notes in circulation were doubled the prices would double" and things like that. I really do wonder what those economists would think of modern economics.