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Author Archive | David Ruccio

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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GDP - wages

To the victor belong the spoils

The phrase, which was used in the early nineteenth century to describe the the spoils system of appointing government workers, accurately describes the American economy today.* And it’s pretty clear who the victor is, and it’s not the working-class. Instead, a small group at the top have come out as the victor—and that’s been true […]

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Chart of the day 8/7

Chart of the day

The American economy gained 1.8 million jobs last month, even as the coronavirus surged in many parts of the country and newly reintroduced restrictions caused some businesses to close for a second time.

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