[OPE] Great article from Jan Toporowski

I haven't called Monthly Review a "a left-Keynesian underconsumptionist
publication". I don't think you can really say that - it is a broadly
leftwing, pluralist publication. It is true that Bellamy-Foster is a
middleclass intellectual, but I am not sure that he qualifies as
underconsumptionist.

Toporowski is really more a Kaleckian economist, I would say. He is not a
true Left-Keynesian, because his theory of money and capital is not really
Keynesian and he ditches essential components of the Keynesian framework.
Why I appreciate his story is, because it is based on a much more realistic
portrayal of modern capitalism than the right and the left provides. It is
just that I would attach or conclude more implications, which are largely
beyond the normal field of inquiry of economics.

To the extent that Left-Keynesians actually do real economic research (not
merely mathematical masturbation) I think they are certainly worth listening
to.

Jurriaan

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Received on Sun Oct 3 08:53:47 2010