Michael Roberts — Capital.150 part two: the economic reason for madness

Critique of David Harvey's reading of Das Kapital.

Michael Roberts Blog
Capital.150 part two: the economic reason for madness
Michael Roberts

Nick Johnson — Production and realization of surplus value – Marxists, Keynesians and others

Many Marxists follow the man himself by emphasising that capitalism is a profit-driven system. By contrast, Keynesians, particularly the more radical post-Keynesians, see the system as demand-driven and therefore responsive to a policy of demand-expansion during a slowdown or recession.…

In sum then, I find the above quote from Marx on the contradiction between the production and realization of surplus value and profit very helpful. It offers tremendous insight into the dynamics of capitalism, which has given rise to periods of growth and crisis throughout its history. 

If Marx is right, different kinds of crisis may require different solutions: if the production of surplus value and profitability is insufficient, then some kind of restructuring is required; if its realization is weak due to inadequate demand, then policies which boost investment or consumption may be appropriate.

The Political Economy of Development

Production and realization of surplus value – Marxists, Keynesians and others

Nick Johnson

David Harvey articulates the demands of OWS

David Harvey is known as an articulate spokesperson for the left. In this relatively short blog posts, he sums up what the Occupy Wall and Street and We Are The 99% movements are about — confronting massive overreach by the 1% politically and economically over the past several decades. The demand is essentially regime change — not so much personalities as the entire status quo, which is serving only a tiny fraction of the people.

David Harvey—The Party of Wall Street Meets its Nemesis