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Supporters of ‘neo-Ricardian’ theorist, Piero Sraffa, had a session aimed at comparing Marx’s analysis of capitalism with their own hero.In his ‘point by point’ comparison of Marx and Sraffa, Robin Hahnel explained that Marx was the “Marx’s attempt to fashion a formal economic theory of price and income determination in capitalism based on a labor theory of value, and elaborate a Hegelian critique of capitalism, can now be surpassed”.“a number of distinguished Sraffian economists have used modern mathematical tools to elaborate an intellectually rigorous version of Sraffian theory which surpasses formal Marxian economic theory in every regard”.

In the end, the rate of profit matters for the trajectory of the economy.Marxists have, in my opinion, conclusively won that debate.But for Marxist economics in the last 15 years, and certainly since the Great Recession, the issue has moved on to whether Marx’s value and crisis theory is supported.Nos obligan a mostrar este aviso sobre la obviedad del uso de las cokies... Si continúas navegando estás dando tu consentimiento para la aceptación de las mencionadas cookies y la aceptación de nuestra política de cookies.At ASSA 2018, away from the huge arenas where thousands listened to the millionaire guru mainstream economists speak, were the sessions under the umbrella of the Union of Radical Political Economics (URPE), where just handfuls heard papers from a range of heterodox and radical economists.

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But to understand crises like the Great Recession, profit rates alone are not sufficient.