Marx, Keynes and the economics of the 99% John Weeks Professor Emeritus SOAS, University of London

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Presentation transcript:

Marx, Keynes and the economics of the 99% John Weeks Professor Emeritus SOAS, University of London

Forthcoming book (October 2013) Economics of the 1%: How mainstream economics serves the rich, obscures reality and distorts policy Anthem Press (£13.95/US$ 18.95)

For the technical version of today's presentation, see John Weeks, The Irreconcilable Inconsistencies of Neoclassical Economics: false paradigm (Routledge 2012) and "Effectiveness of Monetary Policy Reconsidered," Review of Political Economy (Issue 1, 2013)

Lionel Robbins specifies the problem: Economics is the science which studies human behaviour as a relationship between given ends and scarce means which have alternative uses. (Robbins, An Essay on the Nature and Significance of Economic Science (London: Macmillan 1932), p16)

J M Keynes specifies the problem When I began to write my Treatise on Money I was still moving along the traditional lines…I had made some progress towards pushing monetary theory back to becoming a theory of output as a whole. But my lack of emancipation from preconceived ideas showed itself in what now seems to me to be the outstanding fault of the theoretical parts of that work, that I failed to deal thoroughly with the effects of changes in the level of output. (Keynes, The General Theory, 1936, vi-vii, emphasis added)

What is the difference & why does it matter?

(It is for real, go to versus

(also for real, Versus

Economics Versus "Neoclassical economics" [aka Fakeconomics]

What is economics? I propose: The study of the mobilization of resources to achieve full employment and maximum feasible output, in order to increase the general welfare.