Steve Keen’s book, The New Economics: A Manifesto (2021), offers a new path for economics, and for good reason. In his view, neoclassicism, the paradigm that rules modern-day economics, has become a serious menace: I regard Neoclassical economics as not […]
Steve Keen’s The New Economics: A Manifesto
The question of the book is how a radical critique of capitalism is possible when critique in the tradition of Kant and Hegel means that the criticized subject itself has to “give” the measure of its critique. The thesis is
,AbstractWe write this essay for both lay readers and scientists, though mainstream economists arewelcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The mostimportant tools in this box are demand, supply and equilibrium. All mainstream
The 1-2-3 toolbox of mainstream economics:Promising everything, delivering nothing
mmortality This note offers some speculative ideas worth considering. One of the key features of all hierarchical civilizations is their rulers’ fear of death. This fear was famously narrated in the ancient myth of Gilgamesh – the Sumerian king who
The Capitalist Degree of Immortality
Inflation is the average rate of change of individual money prices. In this narrow sense, Milton Friedman’s claim that inflation is always and everywhere a monetary phenomenon is correct. But underlying the average rate of inflation, individual prices change at different rates. And in
Inflation is always and everywhere a redistributional phenomenon
Trillion-dollar government spending programs have far exceeded the outlays following the 2008 financial crisis in Western countries, and go hand in hand with the gigantic government bond-buying programs and quantitative easing policies of central banks, which in turn flood the
On the situation in the financial markets
you can order here A New Theory of Speculative Capital The book’s central theme is to develop a new theory of speculative capital related to other forms of capital, the world market, and the state. Besides most Marxist and heterodox
Financial Capital in the 21st Century
Inflation is always and everywherea phenomenon of structural change. — Jonathan Nitzan Milton Friedman has been dead for more than a decade, but his ghost still haunts us. In the 1960s, Friedman declared that inflation is ‘always and everywhere a monetary phenomenon’ —
The best starting point for reconstructing a world-historical theory of ecological transformation under capitalism is found in Marx’s concept of metabolic rift. For Marx and Engels (1970), the theory of metabolic rift centers on the ecological moment of the antagonistic
ENVIRONMENTAL CRISES AND THE METABOLIC RIFT IN WORLD-HISTORICAL PERSPECTIVE
Zu Beginn der Covid-19-Krise im Jahr 2020 kam es weltweit zu einem starken Rückgang von Angebot und Nachfrage in der Industrieproduktion. Neben den riesigen Gewinnen von Big Pharma, den großen Technologieplattformen und einigen Großbanken sanken die gesamten Unternehmensgewinne in den
As Adam Tooze and Joscha Wullweber show in their new books, in the year 2020 the functions of central banks were strengthend by their new role as market makers. As Daniela Gabor puts in a paper: “Indeed, central banks have
Central Banks as market makers? (1)
We present ht here, in three parts, a preliminary report on the book Speculative Capital, which contains the first comprehensive study of a new form of capital that dominates the economies of the 21st century. Throughout this report, we refer
Speculative Capital in the context of LiPumas theory of Speculation And CIrculatory Capital