Right conclusion with weak evidence: A review of
AbstractThis paper reviews Andrew Kliman's The Failure of Capitalist Production (2011) with a focus on his critique of the underconsumptionist account of the current crisis. He innovatively refutes the underconsumptionist claims that the deterioration of income distribution and hence the decline of demand is the root causes of the crisis. However, his counterevidence based on the alleged rise in the share of workers' income is not strong enough to support his relevant criticism of the underconsumptionist theory and its political implications. Rather, we suggest an outline of alternative critique which would refute underconsumptionism more effectively.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 42619.
Date of creation: Sep 2012
Date of revision:
Andrew Kliman; Underconsumptionist; Worker’s income share; Alternative critique;
Find related papers by JEL classification:
- B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
- G01 - Financial Economics - - General - - - Financial Crises
- Y30 - Miscellaneous Categories - - Book Reviews - - - Book Reviews
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- Simon Mohun, 2006. "Distributive shares in the US economy, 1964--2001," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 30(3), pages 347-370, May.
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