Economía marxista para el Siglo XXI

Heinrich responds


Michael Roberts Blog

Last April, Michael Heinrich, a renowned Marxist scholar, published an article in the US publication, Monthly Review (http://monthlyreview.org/commentary/critique-heinrichs-crisis-theory-law-tendency-profit-rate-fall-marxs-studies-1870s), in which he argued that Marx’s law of the tendency of the rate of profit to fall (LTRPF) made no contribution to the Marxist theory of capitalist crises.  In particular, Heinrich said that the law was ‘indeterminate’, so that its premises did not lead to any precise conclusions.  In that sense, it was no law at all.  Also, it cannot be empirically justified in any scientific way.  Moreover, Marx’s view on the relevance of the law was distorted by Engels’ editing of Capital and indeed in his later years, Marx probably dropped the law altogether as an explanation of crises because it was ‘indeterminate’.  

Heinrich’s article provoked considerable discussion and debate among Marxist economists.  Some of that debate took place on my blog.  And my contributions have been neatly compiled here…

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