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What Marx Means Today

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  • Hans-Werner Sinn

Abstract

Marx made significant contributions to macroeconomics, laying the grounds for both Keynes’s theory of aggregate demand and Schumpeter’s theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen’s theory of secular stagnation which has recently received much attention among scholars studying the financial crises in Japan, the US and the Eurozone. This article argues that part of the new stagnation does not result from a natural exhaustion of investment possibilities, but from an overly loose central bank monetary policy that keeps zombie banks and their zombie clients alive and blocks the emergence of new start-up firms.
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Suggested Citation

  • Hans-Werner Sinn, 2017. "What Marx Means Today," Economic Affairs, Wiley Blackwell, vol. 37(2), pages 229-239, June.
    • Handle: RePEc:bla:ecaffa:v:37:y:2017:i:2:p:229-239
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    2. Schock, Matthias Malte, 2019. "Steuerreformvorschläge des Mirrlees Committee und der Stiftung Marktwirtschaft [Tax Reform Proposals of the Mirrlees Committee and the Stiftung Marktwirtschaft]," MPRA Paper 96689, University Library of Munich, Germany.

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