[OPE-L:5803] Re: heterodox theories of value

From: Gerald_A_Levy (Gerald_A_Levy@email.msn.com)
Date: Wed Jun 06 2001 - 09:14:27 EDT

Re Makoto's [5798]:

> Our book, M.Itoh and C.Lapavitsas, Political 
> Economy of Money and Finance
> (Macmillan and St.Martin's, 1999), contains 
> Marxist systematic analysis of
> money and finance including a critique of post-
> Keynesian treatment of the
> issue, and must be of sime interest to you and 
> other OPE-L friends.

Thanks for the reminder. Have any Post-
Keynesians replied to Ch 10 ("Post-Keynesian
Monetary Policy")?  E.g. have Moore and Wray
(whose perspectives are explicitly critiqued in
that chapter) offered responses?

Steve K might be interested in noting that the book
suggests that "Marxist theory can benefit from
Minsky's insight into uncertainty, expectations
and speculation" (p. 153). The preceding two
sentences are: "It [Minsky's theory of financial
instability, JL] has much in common with the 
Marxist theory of crisis, particularly because it
attempts to identify inherent weaknesses of the
capitalist economy. However Minsky ignores
the contradictory and crisis-prone character of 
real capitalist accumulation, itself ultimately
deriving from the class relations of  capital
and labour".   I'm not sure about the last
sentence, though. Doesn't [Post-Keynesian]
chaos theory stress the inherent instability (crisis-
prone character) of the capitalist accumulation 
process? I take it that the authors point is that this 
instability is not systematically related in Goodwin's 
theory to class relations under capitalism [?].

In solidarity, Jerry

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