Category Archives: Econ 303- Crisis

The Enigma of the Enigma- my critique of David Harvey for the Left Forum

see the more recent, and far superior, draft here.   The Left Forum is next weekend at Pace University in NYC. I’m speaking on two panels on Sunday: David Harvey and Capitalist Accumulation; and a roundtable on Andrew Kliman’s new … Continue reading

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Das Kapital vol. 3: Part 2, Chapter 12: Supplementary Remarks

A commodity’s price of production can change if the average rate of profit changes or if its individual value changes. Marx considers each separately. Continue reading

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Rethinking Marxism: Temporal Value Theory in a Moment of Crisis; Roundtable on the Economic Crisis

This is video from a roundtable on the economic crisis held during this year’s Rethinking Marxism conference in Amherst Mass. Each panelist’s presentation stands on its own so they need not be viewed in any specific order. A brief bio proceeds each video as well as my own short summary of their argument. This is merely to help viewers decide what to watch and to give some brief context for the uninitated. Continue reading

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Value, Crisis and Marx’s Order of Operations- final draft

An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. This paper will attempt to critique credit-centered and underconsumptionist theories of crisis from the perspective of Marx’s “order of operations”. It will close with some brief remarks about the Falling Rate of Profit. Continue reading

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Crisis, Value and Marx’s “Order of Operations”

Abstract:
An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. Interestingly enough the misunderstanding of Marx’s method, of the proper relation between different aspects of his value theory, is also one of the main reasons that many have dismissed the labor theory of value and Marx’s theory of crisis in the first place. This paper will seek to explain and defend Marx’s “order of operations” in hopes that this can shed valuable light onto what exactly differentiates Marx’s theory of capitalism from others. Continue reading

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What Transformation Problem?

Nerd alert: I know that my videos normally represent the height of fashion. I know that my massive popularity, on the account of all the violence, sex appeal, and sports references have launched me into the top ranks of viral … Continue reading

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Falling Rate of Profit

The Falling Rate of Profit The financial world is a mysterious one. It appears that through trading stock, advancing credit, or swapping currencies profit can appear out of thin air- that is, money can be turned into more money just … Continue reading

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