Right conclusion with weak evidence: A review of

Sangjun Jeong

MPRA Paper from University Library of Munich, Germany

Abstract: This paper reviews Andrew Kliman's The Failure of Capitalist Production (2011) with a focus on his critique of the underconsumptionist account of the current crisis. He innovatively refutes the underconsumptionist claims that the deterioration of income distribution and hence the decline of demand is the root causes of the crisis. However, his counterevidence based on the alleged rise in the share of workers' income is not strong enough to support his relevant criticism of the underconsumptionist theory and its political implications. Rather, we suggest an outline of alternative critique which would refute underconsumptionism more effectively.

Keywords: Andrew Kliman; Underconsumptionist; Worker’s income share; Alternative critique (search for similar items in EconPapers)
JEL-codes: B14 G01 Y30 (search for similar items in EconPapers)
Date: 2012-09
New Economics Papers: this item is included in nep-hpe
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https://mpra.ub.uni-muenchen.de/44480/1/MPRA_paper_44480.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:42619

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