Marxism Revisited

Cross-posted from WEA Pedagogy

I am reblogging this post, from three years ago, in honor of Bi-Centenary Anniversay of Marx. I would like to add that the Marxist analysis of Capitalism is, hands down, far superior to anything currently being taught in conventional economics courses at Universities today.  For those who would like to pursue it, David Harvey’s Reading Capital is an excellent series of lectures which goes through and explains the Magnum Opus of Karl Marx. It is a deep Marxist insight that Capitalism works not by force, but by persuading the laborers of the necessity, justice, and fairness of their own exploitation. Modern economic theory is the ideal tool for this purpose. To bring out this essential but ignored aspect of economic theory — that it is nothing more than propaganda for capitalism, it is useful to re-label it as ET1% – The Economic Theory of the top 1%. A more detailed analysis of the deceptive nature of ET1% is provided in my sequence of posts on ET1%: Blindfolds Created by Economic Theory.

I do like Timothy Taylor, but this is a rather poor post on Marx. It only proves the above.