In his new book, Piketty has a rather lucid interpretation of Marx’s hypothesized “tendency of the rate of profit to fall” that also helps illuminate his hypothesis that capital’s share of income will grow in the next century.
For Marx, the logic of capitalism would either cause the rate of profit [...]
From “Capital in the Twenty-First Century:”
To put it bluntly, the discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often highly ideological speculation, at the expense of historical research and collaboration with the other social sciences. Economists are all too often preoccupied with petty mathematical [...]
I have decided to begin a book recommendation series. Occasionally, I will pick a book I enjoyed — either recently or in the past — and link to it via the sidebar, as well as write a post about it. The first book is Why Not Socialism? by G.A. Cohen.
Cohen begins this [...]