Re: [OPE] Great article from Jan Toporowski

From: Cipolla <>
Date: Mon Oct 04 2010 - 18:17:29 EDT

For what I read of his he (John Bellamy Foster, without a dash) certainly
qualifies as an underconsumptionist. His account of the late crisis is based
on Sweezy´s (and on Baran and Sweezy's) tendency towards stagnation due the
fact that supply of consumers goods grows ahead of demand. To this other
things are added it is true, but he remains a devoted follower of the
previous editors of Monthly Review. In fact "left-Keynesiam
underconsumptionist" is an almost precise match for the whole of the
analysis is based on the lack of demand. The last attempt of Palley from the
New School to put together the views from the left (read underconsumptionist
school) and the views springimg from Minky´s type of analyses shows how
precise that denomitation is.


----- Original Message -----
From: "Jurriaan Bendien" <>
To: "Outline on Political Economy mailing list" <>
Sent: Sunday, October 03, 2010 9:52 AM
Subject: [OPE] Great article from Jan Toporowski

>I haven't called Monthly Review a "a left-Keynesian underconsumptionist
> publication". I don't think you can really say that - it is a broadly
> leftwing, pluralist publication. It is true that Bellamy-Foster is a
> middleclass intellectual, but I am not sure that he qualifies as
> underconsumptionist.
> Toporowski is really more a Kaleckian economist, I would say. He is not a
> true Left-Keynesian, because his theory of money and capital is not really
> Keynesian and he ditches essential components of the Keynesian framework.
> Why I appreciate his story is, because it is based on a much more
> realistic
> portrayal of modern capitalism than the right and the left provides. It is
> just that I would attach or conclude more implications, which are largely
> beyond the normal field of inquiry of economics.
> To the extent that Left-Keynesians actually do real economic research (not
> merely mathematical masturbation) I think they are certainly worth
> listening
> to.
> Jurriaan
> _______________________________________________
> ope mailing list

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Received on Mon Oct 4 18:19:03 2010

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