Another weird feature of the Keynesian perspective is its inability to deal with the meanings of profits, including their dynamic and exploitation laden relationship with wages and nature. Ask any boss andI any worker what is of absolute importance in the daily, weekly, etc production process and the answer will be about profits. That which is clear to workers and their bosses is lost on the Keynesian.
I was at the London conference of Rethinking Economics over the weekend. Rethinking Economics is an international network of economics students calling for changes in the curriculum of university departments and in the economics discipline in general (http://www.rethinkeconomics.org/). It was formed in 2012 in disgust at the failures of mainstream economics after the Great Recession and against the unwillingness of university economics departments to allow alternative courses or even pluralist critiques of the prevailing neoclassical mainstream. It is financed by George Soros’ Institute for New Economic Thinking among others.
The London conference drew a range of academics and other speakers, first, to explain why mainstream economics is unchanged, despite its failure to forecast, explain or even accept the failure of modern market economies in the light of the Great Recession. Second, the conference had speakers to discuss different strands of alternative or heterodox economics.
The conference themes of…
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