Capital Controversy, Post Keynesian Economics and the by Philip Arestis, Gabriel Palma, Malcolm Sawyer

By Philip Arestis, Gabriel Palma, Malcolm Sawyer

Harcourt has made immense and wide-ranging contributions to economics as a rule, and to publish Keynesian economics particularly. during this quantity greater than 40 best economists pay tribute to and significantly assessment his paintings. The individuals symbolize a variety of colleges in economics, and contain Nobel Laureates Paul Samuelson and Robert Solow.

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Additional info for Capital Controversy, Post Keynesian Economics and the History of Economic Thought: Essays in Honour of Geoff Harcourt, Volume One (Routledge Frontiers of Political Economy)

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Controversies in Political Economy: Selected Essays, ed. Hamouda, New York: New York University Press. ——(1986) Controversies in Political Economy: Selected Essays, ed. F. Hamouda, New York: New York University Press. ——(1992a) On Political Economists and Modern Political Economy. Harcourt, ed. Sardoni, London: Routledge. ——(1992b) ‘Markets, madness and a middle way’, The Second Annual Donald Horne Address, Melbourne, 1992, also published in Australian Quarterly 64 (1): 1–17. ——(1993) ‘A large G & T’, Australian Labour Review 148: March 34–6, and in an extended version as ‘Macroeconomic policy for Australia in the 1990s’, Economics and Labour Relations Review 4 (2): 167–75.

Unproductive labour is of course unproductive only in a technical, not in a social sense. This type of labour, though it does not contribute to the production of the surplus directly, contributes to the proper functioning of society and hence to the production of the surplus indirectly, for example through a well-functioning legal system and through an education system which enhances technical progress and thereby contributes to increasing the volume of the surplus. Capital controversy, post-keynesian economics 14 The essentially social nature of the surplus means that distribution of incomes in general and of the surplus in particular are equally social issues.

Alienation may perhaps be grasped most easily if it is conceived of as the gap that exists between the Notes on the surplus approach in political economy 17 real world and the social preconditions for the common weal. Marx clearly perceived that, basically, alienation was related not to the behaviour of individuals but the functioning of the system. For him, economic alienation (for example, alienation occurring in the economic sphere) was fundamental. ). In hindsight this is a very fragile argument.

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