[lbo-talk] Open Letter from a Keynesian to a Marxist by Joan Robinson

MICHAEL YATES mikedjyates at msn.com
Sun Jul 17 15:52:12 PDT 2011


Joan Robinson was a friend of Paul Sweezy, and Monthly Review published some things by her. One was in theJanuary 1971 issue and is titled "The Relevance of Economic Theory." The essay is about the Cambridge Controversiesin the neoclassical theory of capital. She is a fan of Sraffa, and says that radicals will have to be well-versed in Sraffato combat the neoclassicals. This sounds pretty quaint today. I wrote a reply to Robinson's essay and submitted it to Monthly Review. I don't remember what I said now, but it probably dwelt on the rejection of Marx's value theory thatis implicit in Sraffa's famous little book on the production of commodities by means of commodities (which fails to incorporatethe notion that labor power is a special commodity). I also probably took Robinson to task for ignoring the class struggle.We can criticize neoclassical economics all we want, but it will rule until the rule of capital is seriously challenged. I doubt that Robinsoncould see this, but then again the times were different in 1971 than today. Paul Sweezy sent me a nice, handwritten and detailed rejection letter, saying that my essay was a bit too technical for MonthlyReview. I doubt that this could have been the case, especially since Robinson's essay itself would be considered pretty opaque by thevast majority of MR readers then and now. And even in 1971 I could write clearly and for a general audience. I was disappointed withthe rejection, having just written a 50-page paper on the Cambridge Controversies for a graduate school seminar. But the letter from Sweezywas so friendly that I determined to make his aquaintance. Happy to send a pdf of Robinson's essay to anyone who asks me.



More information about the lbo-talk mailing list