I have just got back from Berlin where I debated with Professor Michael Heinrich (see http://en.wikipedia.org/wiki/Michael_Heinrich and http://www.oekonomiekritik.de/, hereafter called MH) at the Marx is Muss Kongress on the relevance of Marx’s law of the tendency of the rate of profit as a theory of capitalist crises (see http://marxismuss.de/).
Readers of this blog will know that there has been a renewal of this debate in various articles and papers in the last few years. This was partly inspired by an article by MH in the American socialist journal, Monthly Review (see at end of this post) in which he presented several (old) arguments claiming that Marx’s law was: logically inconsistent or indeterminate; that it could not be validated by empirical evidence; and anyway it was irrelevant to a theory of crises under capitalism. In sum, MH concluded that there is no Marxist theory of crises.
Several of us…
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