What marx means today

Hans-Werner Sinn

Munich Reprints in Economics from University of Munich, Department of Economics

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
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Published in Economic Affairs 2 37(2017): pp. 229-239

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: What Marx Means Today (2017)
Working Paper: What Marx Means Today (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lmu:muenar:49923

Access Statistics for this paper

More papers in Munich Reprints in Economics from University of Munich, Department of Economics Ludwigstr. 28, 80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Tamilla Benkelberg ().