Economic Crisis, the Depression of New Classical Economics and the Renaissance of Marxist Economics
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| Title | Economic Crisis, the Depression of New Classical Economics and the Renaissance of Marxist Economics
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| Author | Liu Changyong |
| Organization | Research Center of the Economy of the Upper Reaches of the Yangtze River, Chongqing Technology and Business University; Centre of Chinese Studies, School of Oriental and African Studies, University of London |
| Email | liu.changyong@gmail.com |
| Key Words | Marxist Economics; Neoclassical Economics; Global Economic crisis; Methodology; The Labor Theory of Value |
| Abstract | The global Economic Crisis is leading to the depression of neoclassical economics, but it does not bring out a renaissance of Marxist economics. The root of the depression of Marxist economics is the lack of internal impetus. Based on the lessons from the history of Marxist Economics and the rising and falling process of neoclassical economics, this paper argues that the renaissance of Marxist economics has two necessary prerequisites. One is to overtake the classical logical positivism by shifting attention from verification to falsifiability, enhancing the significance of practice over that of theories, and emphasizing more on the operability and instrumentality of theories. The other is to get out of the frustrating cycle of research activities, in which Marxist economists resort to Marx’s original principles again and again. In order to achieve that, we should reconsider the labor theory of value and the theory of surplus value. |
| Serial Number | WP404 |
| Time | 2012-12-07 |
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