I have just finished reading a short book by Nikolai Bukharin, “Economic theory of the leisure class.” It was published in 1914, exactly 100 years ago. His idea was a very good one. At the time of the rising, and seemingly victorious, marginal revolution which argued that value is determined by marginal utility and not by the socially-necessary labor, a Marxist, like Bukharin, took upon himself to reply to the Austrian school and John Bates Clark...Some more history of economics.
An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Sunday, December 14, 2014
Branko Milanovic — Intelligentsia in power
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2 comments:
"Intelligentsia in power"
SCARY!!!!!
Creative destruction is original to Marxist theory but used in Austrian school and by the tea potty
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