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Robert Mundell: nothing optimal

Noted neoclassical mainstream economist, Robert Mundell, has died at the age of 88 years.  Mundell won a Nobel (Riksbank) prize in economics for his extension of general equilibrium theory as applied to Keynesian macroeconomics into the international arena.  Whereas the neoclassical equilibrium version of Keynes’ macromodel (called ‘bastardised Keynesianism’ by Joan Robinson) described a ‘closed’Continue reading “Robert Mundell: nothing optimal”

Financial fiction part two: the new ones (SPACs, NFTs, cryptocurrencies)

In my last post I discussed recent financial engineering and swindles that are traditional to the accumulation of and speculation in what Marx called fictitious capital, ie financial assets like bonds, stocks, property, credit and so-called derivatives of these. Financial fictions: the old ones Finance capital is ever-ingenious in inventing new ways of speculation and swindles. Continue reading “Financial fiction part two: the new ones (SPACs, NFTs, cryptocurrencies)”

The rise of capitalism and the productivity of labour

In my view, there are two great scientific discoveries made by Marx and Engels: the materialist conception of history and the law of value under capitalism; in particular, the existence of surplus value in capitalist accumulation.  The materialist conception of history asserts that the material conditions of a society’s mode of production and the socialContinue reading “The rise of capitalism and the productivity of labour”

The year of the pandemic

It is one year to the day since the World Health Organisation (WHO) declared the COVID-19 outbreak or epidemic as a ‘pandemic’, namely the global spread of the disease.  Of course, COVID-19 had emerged much earlier, maybe even in autumn 2019, but the outbreak really took hold in Wuhan, China first, before quickly sweeping acrossContinue reading “The year of the pandemic”

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