The political economy of 'policy credibility': The new-classical macroeconomics and the remaking of emerging economies

Article Abstract:

The criterion of 'policy credibility' is often invoked by new-classical development economists. It is argued that the credibility criterion is used to privilege neoliberal economic policies and associated institutions. It is theoretically anti-pluralist and politically anti-democratic, and it is argued that a policy's credibility is endogenously secured via political and economic power, rather than exogenously.

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A re(in)statement of the labour theory of value: A comment

Article Abstract:

Mohun's new solution takes as given the monetary value of the net value added. A closed economy, without government, producing single commodities with circulating capital and labour is assumed. All commodities are products of labour, so the net output is proportional to total labour expended. From a Marxian viewpoint, the ratio between profits and capital is more relevant than the ratio of profits to wages.

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Marx and Menger on value: As many similarities as differences

Article Abstract:

It is argued that Marx and Menger have much in common, as each had his own abstract concept of value. They both proposed theories of value form and gave explanations of the origin of money. They become more sharply divided due to their similarities, sharing many questions to which they provided opposite answers.

Research, Marxist economics

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