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In Defense of Synthetic Karl Marx: A Reply to Joseph Francis

Author

Listed:
  • Phillip W. Magness
  • Michael Makovi

Abstract

In this comment we reply to Joseph Francis’s challenges to our 2023 Journal of Political Economy article, especially challenges to our econometric analysis of Karl Marx’s citation patterns in the wake of the Russian Revolution of 1917. We show that Francis misunderstands and misrepresents the findings of our synthetic control method analysis of Marx, and we provide additional robustness testing to account for and rule out his main objections. We examine Francis’s proposed alternative metrics from the JSTOR academic journal database, and show that his results are compromised by duplicated citations in his tabulations and other measurement biases. We examine the historical literature around Marx’s intellectual dissemination, and find additional support for our thesis. Both empirical and qualitative evidence are strongly consistent with the findings of our Synthetic Karl Marx study.

Suggested Citation

  • Phillip W. Magness & Michael Makovi, 2024. "In Defense of Synthetic Karl Marx: A Reply to Joseph Francis," Econ Journal Watch, Econ Journal Watch, vol. 21(2), pages 385–414-3, September.
    • Handle: RePEc:ejw:journl:v:21:y:2024:i:2:p:385-414
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    More about this item

    Keywords

    Karl Marx; Russian Revolution; synthetic control method; quantitative methods; intellectual history;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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