Date: Sat, 29 Apr 1995 08:38:58 +1000 From: Steve.Keen-AT-unsw.edu.au Subject: Re: Marx's birthday (fwd) Hi Doug, This is actually also a quick non-list note re my views on Marx's views (on unemployment, and a lot of other things) being more Post Keynesian than Marxian. I don't want to post them to the list (pkt) itself, because they are based on an argument I'm putting forward to the History of Economics Society conference this June, and in one sense, it's highly complicated. The basic idea is that there are two sets of axioms in Marx, one which I call the Labor Axioms, which give us the Labor Theory of Value, and a second set, which I call the Commodity Axioms, which contradict the LTV and in fact lead to much of what is now accepted Post Keynesian theory. The latter set was "lost" to marxism (a) because Marx thought it was consistent with the former set--in fact he thought it was a means to derive the Labor Axioms--so having set it out, he then tended to work in the LA most of the time; (b) the two sets were in fact contradictory, and Marx's attempt to make them look consistent was therefore one of the most confusing sections of Capital (and I have since become aware that most people skip it--Chs 7&8); (c) the Commodity Axioms were based on the concepts of use-value and exchange-value, but after Hilferding's reply to Bohm-Bawerk, the view that use- value played no part in Marx's logic became the conventional wisdom. I've published two papers in the JHET which point out how erroneous a move (c) above was, and the negative implications-- for what is known as Marxism today. The paper I'm presenting at the HES gives the positive implications--but they are positive for Post Keynesianism, not Marxism. Anyway, if you could work that into your "Happy Birthday" program, I'd be willing to participate. Maybe it would be useful if I sent you text of the above paper(s) email, so you can decide yourself? This is not so much to beat my own drum, as to give you an idea of how my arguments have been received by my peers: the following is a quote from a referee's report from History of Political Economy (where I eventually blew publication because I couldn't cut the manuscript down--it was my Masters' thesis--in time): "This is a startling, original and extremely important interpretation of Marx's economics, one which would be likely to stir a significant controversy. The issues are subtle, and this surprising thesis might not survive the onslaught of criticisms it would unleash, but it would be fascinating to find out if it could..." Cheers, Steve Keen steve.keen-AT-unsw.edu.au 61 2 558-8018 --- from list marxism-AT-lists.village.virginia.edu --- ------------------
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