Krugman on Marx

William S. Lear rael at dejanews.com
Thu Aug 13 05:58:57 PDT 1998


On Wed, August 12, 1998 at 22:11:46 (-0700) michael perelman writes:
>Mostly the refutations consist of denying the labor theory of value by
>asserting that capital is productive. Probably the most serious efforts
>came from the Austrian school, Bohm Bawerk and Hayek.

Just when I need a reference, I leave the book at home ...

Hahnel and Albert's *Quiet Revolution in Welfare Economics* has a short discussion of Marx's LTV, with, if I remember correctly, notes to sources of further discussion.


>For the most part, you cannot refute any economic theory unless is is
>logically inconsistent. ...

That's what Krugman and the neoclassicals would like us to believe, isn't it? You certainly can refute a theory by showing it is not consistent with empirical evidence, can you not?

Bill



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