In this recent stream on economics, Academic Agent attempts to defend Rothbard’s views on the American economy in the 1870s. In my Twitt...| socialdemocracy21stcentury.blogspot.com
This is a very important point since one criticism of my last post is the view that “only taxes levied by the state and the need to pay those taxes in the state-issued fiat money drive the demand for, and value of, that fiat money and its use as a general medium of exchange in modern nations” is not actually held by L. Randall Wray, the most prominent academic advocate of MMT. So it turns out that, on this issue, I have to eat some humble pie!| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
The Austrian economist Per Bylund has recently written this challenge to advocates of MMT/Neochartalism:Bylund, Per. 2023. “Is it Money because it is redeemed in Tax Payments?: A Response to Kelton and Wray,” Quarterly Journal of Austrian Economics 25.4: 147–165.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
I was challenged by a person in the comments section to engage with the work of the Marxist Radhika Desai.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
The Austrian economist Per Bylund has recently written this challenge to advocates of MMT/Neochartalism:Bylund, Per. 2023. “Is it Money because it is redeemed in Tax Payments?: A Response to Kelton and Wray,” Quarterly Journal of Austrian Economics 25.4: 147–165.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Chapter 10 of volume 3 of Capital is called “Equalization of the General Rate of Profit through Competition. Market Prices and Market Values. Surplus Profit,” and it discusses the equalization of profit rate and the formation of prices of production. | Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
As an advocate of Post Keynesian economics, I reject Marx’s economic theories in the three volumes of Capital because they are founded on the false Labour Theory of Value (LTV). | Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
The Marxist Paul Cockshott presents his defence of the Labour Theory of Value in this video:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
I present below a bibliography on Marx’s Law of the Falling Rate of Profit. The list is not meant to be exhaustive, but includes the most important or interesting discussions.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
D. Zachariah’s paper “Labour Value and Equalisation of Profit Rates: A Multi-Country Study” (Indian Development Review 4 [2006]: 1–20) seeks to prove Marx’s Labour Theory of Value (LTV) by examining empirical data on factor input costs and final prices of finished goods from 18 nations in a period from 1968 to 2000. | Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Academic Agent has got into another row on MMT, but this time with someone called “Adam Friended.”| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Academic Agent lost a bet to me on Twitter and was forced to respond to my post here on Austrian economics and the reality of relative price rigidity. He has now produced two videos in this debate.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
In this video, the Austrian libertarian “Radical Liberation” claims that “full employment” is not a term used in Austrian economics:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
The purpose of this post is to examine and provide a critique of Austrian price theory, and in particular the Austrian denial of relative price rigidity in the real world.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Academic Agent had a livestream here criticising my blog post that was a critique of his original video against MMT:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Academic Agent – a YouTube libertarian and unusually ignorant advocate of Austrian economics – tries to refute Modern Monetary Theory (MMT) in this video:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
The libertarian “Academic Agent” examines the concept of excess capacity here:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
This is an older and short video in which Steve Keen is interviewed, and gives a short summary of Keynes’ economic ideas:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
I give an account below of Keynes life in 1931.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
I give an account below of Keynes life in 1930, the second year of the Great Depression.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
I give an account below of Keynes life in 1929, the year in which the Great Depression began.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Victoria Chick gives a talk here on some aspects of the history of Post-Keynesian economics. This talk appears to have been given in 2018:| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
It is well known that the Great Depression hit Weimar Republic Germany particularly hard. There was severe unemployment, and the wage and price deflation was also severe, as can be seen in these graphs (with data from Mitchell 1992):| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
Tucker Carlson channels left-wing economics in this debate with the free market, Neoconservative charlatan Ben Shapiro: | Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
From 1933 to 11 March 1938, Austria was ruled by the clerical fascist Fatherland Front in a regime called the Austrian Federal State.| Social Democracy for the 21st Century: A Realist Alternative to the Modern Left
This is a very important point since one criticism of my last post is the view that “only taxes levied by the state and the need to pay those taxes in the state-issued fiat money drive the demand for, and value of, that fiat money and its use as a general medium of exchange in modern nations” is not actually held by L. Randall Wray, the most prominent academic advocate of MMT. So it turns out that, on this issue, I have to eat some humble pie!| socialdemocracy21stcentury.blogspot.com
I hesitate to discuss a subject that will no doubt provoke any amount of contemptibly ignorant comments below. The criminal insanity, genoci...| socialdemocracy21stcentury.blogspot.com
