Michael Roberts blog
Blogging from a Marxist economist
Recent Analysis
Overproduction or overaccumulation? – the debate
Back last November, the excellent Argentine Marxist economist, Rolando Astarita presented on his blog the case for ‘overproduction’ as the cause of crises under capitalism, denying the role of Marx’s law of the tendency of the rate of profit to fall as being relevant. He argued that Marx and Engels never mentioned the law in…
Milei’s ‘creative destruction’
It’s one year since the self proclaimed ‘anarcho-capitalist’ Javier Milei became President of Argentina. He took power in a country where annual inflation was running at 160%, over four of every 10 people were below the poverty line and the trade deficit stood at $43 billion. In addition, there was a daunting $45 billion debt…
The chaos theory of profitability refuted
Back to theory in this post. The law of the tendential fall of the average rate of profit (LTRPF) lies at the very heart of Marxian economics. It is essential to explain all aspects of the capitalist economy, from economic crises to imperialism and the theft of international value inherent in imperialism. In short, it…
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