Economía marxista para el Siglo XXI

Doctors without diagnoses


Michael Roberts Blog

You are feeling ill and you go to the doctor.  The doctor says that he/she does not know why you are ill, but no matter, take this medicine anyhow you like and you should soon be better.  If you don’t get better, then just wait until you do.  The doctor does not know why you are ill because you have not been ill often enough in the same way for the doctor to get a theory.  This, according to top Keynesian economics blogger, Noah Smith, is the state of understanding that economists have about recessions or slumps in capitalist economies
(http://noahpinionblog.blogspot.co.uk/2014/06/we-dont-know-why-recessions-or.html).

Smith says: “John Maynard Keynes, Friedrich Hayek and Irving Fisher wrestled with this question in the 1930s….but almost a century later, despite sending some of our best brains up against the problem, we’ve made frustratingly little progress.”  Smith goes on: “It’s hard to overstate how few…

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