Economía marxista para el Siglo XXI


Michael Roberts Blog

My first lecture to the economics faculty of the Autonomous National University of Mexico (UNAM) was on the relationship between profits and profitability and investment and economic growth in capitalist economies. Do profits and profitability lead investment and GDP into slumps and out of them, or vice versa?  In my view, this is one of the big divisions between the Keynesian and Marxist theory of crises, or booms, slumps and depressions in capitalism. For all the references to research etc made below, see my paper: The profit investment nexus

In my presentation, I first pointed out that both Marxist and Keynesian analysis agree that investment (especially business investment) is the key driver of economic growth and the main swing factor in the capitalist business cycle of boom and slump.  This is contrary to the view of neoclassical theory, where in so far as it has any theory of crises at all…

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