What Marx Means Today
Hans-Werner Sinn ()
No 6463, CESifo Working Paper Series from CESifo
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.
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mac and nep-pke
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Journal Article: What Marx Means Today (2017)
Working Paper: What marx means today (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_6463
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