What Marx Means Today

Hans-Werner Sinn

No 6463, CESifo Working Paper Series from CESifo

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.

Date: 2017
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (3)

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