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Author Archive | David Ruccio

Chart of the day December 17, 2020

Chart of the day

Both the number of initial unemployment claims for unemployment compensation and the number of continued claims for unemployment compensation are once again on the rise, signaling a worsening of the Pandemic Depression.

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Toward a critique of political economy

Toward a critique of political economy

There is no necessary trajectory to Marx’s writings, no reason his earlier writings had to lead to or culminate in Capital. However, as we look back from the vantage point of his critique of political economy, we can see the ways his thinking changed and how the elements of that critique emerged.

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Age of capital

Age of capital

It was during the “age of capital,” as the illustrious British historian Eric Hobsbawm aptly called it, that Marx formulated his critique of political economy.

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Toward a critique of political economy: Hegel

Toward a critique of political economy: Hegel

It is difficult to fully understand the Marxian critique of political economy without some understanding of Hegel. No less an authority than Lenin wrote that “it is impossible completely to understand Marx’s Capital, and especially its first chapter, without having thoroughly studied and understood the whole of Hegel’s Logic.”

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Cornelia Mittendorfer, Double Alienation (2012)

Ruthless criticism

But where did Marx’s critique of mainstream economics come from? It certainly did not emerge in one fell swoop, as a ready-made theory of capitalism. And it wasn’t produced in isolation, independently of the society within which it was first produced and then further elaborated.

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Chart of the day

Chart of the day

U.S. billionaires have recouped all of their wealth—and more—during the Pandemic Depression. Meanwhile, since May, the number of poor Americans has grown by about 8 million.

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Milton Friedman - Performative economics

Performative economics

The relation between economic theories and economic systems is even more dynamic. The various economic theories of capitalism are not just different ways of making sense of that particular economic system. They emerge, develop, and change over time as capitalism itself changes—and, in turn, they have effects back on capitalism.

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Economic theories and systems

Economic theories and systems

In the previous chapter, we saw that Marxian economics represents a two-fold critique: a critique of mainstream economic theory and a critique of capitalism, the economic and social system celebrated by mainstream economists.

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I’ve just signed a contract with Polity Press to write a new book, “Marxian Economics: An Introduction.” The idea is to publish it in late 2021 or early 2022. - David F. Ruccio (Photo: [ht: adm])

Contemporary relevance of Marxian economics

My goal is to write a textbook that can fulfill two purposes: first, a stand-alone book for courses that are focused on Marxian economics or survey courses that have a section devoted to Marxian economics; second, it will also be useful as a companion text in a course that is based on reading all of […]

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Chart of the Day - Sep. 3

Chart of the day

The number of continued claims for unemployment compensation, while below its peak, rose from the previous week and was more than 29 million American workers—a figure that includes workers receiving Pandemic Unemployment Assistance.

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