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What marx means today

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  • Sinn, Hans-Werner

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.

Suggested Citation

  • Sinn, Hans-Werner, 2017. "What marx means today," Munich Reprints in Economics 49923, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:49923
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    References listed on IDEAS

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    1. Stefan Homburg, 2014. "Overaccumulation, Public Debt and the Importance of Land," German Economic Review, Verein für Socialpolitik, vol. 15(4), pages 411-435, November.
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    3. Kenneth S. Rogoff, 2016. "The Curse of Cash," Economics Books, Princeton University Press, edition 1, number 10798.
    4. Thomas Piketty, 2013. "Le capital au XXIe siècle," PSE-Ecole d'économie de Paris (Postprint) halshs-00979232, HAL.
    5. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    6. Kenneth Rogoff, 2015. "Costs and Benefits to Phasing out Paper Currency," NBER Macroeconomics Annual, University of Chicago Press, vol. 29(1), pages 445-456.
    7. Samuelson, Paul A, 1971. "Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices," Journal of Economic Literature, American Economic Association, vol. 9(2), pages 399-431, June.
    8. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
    9. Homburg, Stefan, 1992. "Efficient Economic Growth: Chapter 1. Introduction," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92903, April.
    10. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    11. Jürg Niehans, 1966. "Eine vernachlässigte Beziehung zwischen Bodenpreis, Wirtschaftswachstum und Kapitalzins," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 102(II), pages 195-200, June.
    12. Sinn, Hans-Werner, 1975. "Das Marxsche Gesetz des tendenziellen Falls der Profitrate," Munich Reprints in Economics 19915, University of Munich, Department of Economics.
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    2. Siemers Lars-H. & Gebhardt Heinz, 2020. "Die strukturelle Besserung der Länderfinanzen in der Niedrigzinsphase: die trügerische Leichtigkeit des Scheins," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 21(1), pages 54-78, April.

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