Chris Dillow | Marx was right
Here’s a new paper:
We use a vector autoregression (VAR) methodology to assess the empirical relevance of an augmented CPS [cyclical profit squeeze] model for the U.S. economy…Our results are consistent with the operation of the CPS mechanism, both under regulated and neoliberal capitalism. This suggests that Marx’s analysis of the fluctuations of the reserve army of labour…remains a powerful analytical framework for understanding macroeconomic fluctuations in capitalism.
[...]
But the fact is that, viewed from a narrowly empirical basis, Marxism scores rather well – and (arguably) quite possibly better than a lot of mainstream or neoliberal economics.
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