By Geoffrey M. Hodgson

Fresh occasions in jap Europe have underlined the restrictions of Marxian fiscal and political thought. during this number of essays Hodgson topics Marxian monetary conception to severe exam and exhibits which parts maintain their glossy relevance. After analysing the contribution of Sraffa, and indicating its severe capability and theoretical barriers, Hodgson issues to a brand new synthesis embracing Marx, Keynes and Veblen.

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93). 11. See Jean-Claude Michéa, L’Empire du moindre mal, Paris: Climats, 2007, p. 54, and Impasse Adam Smith, Castelnau-le-Lez: Climats, 2002. 12. It would obviously be a futile exercise to quantify the scale of these transactions, giving in to the magic of numbers. Not only does economic calculation include flows that are often virtual in character (such as those in the financial economy), but the ‘value’ of the links forged outside the market is literally incalculable. 13. Jean-Jacques Rousseau, ‘Essay on the Origin of Languages’, in On the Origin of Language, New York: Ungar, 1966, pp.

7 To draw on economic history and anthropology does not entail disturbing the dust that has gathered on obsolete practices, nor introducing exotic forms of behaviour into the picture, but it does force us to see the world differently. It dispels the illusion in which exchange is considered only in a narrow market perspective; no society would survive in the real world if it was limited to that. To be sure, ‘real’ economists are often distrustful, sometimes contemptuous, of anthropologists in the academic fraternity.

It is exactly as if economic ‘science’ needed scarcity as its founding myth, only to rid itself of it through growth, whereas the contrary position holds that the actual economic process irreversibly degrades energy–matter and produces ever greater entropy that leads to scarcity, even absolute scarcity. The question then becomes whether scarcity lies behind us or in front of us. 32 Each science is free to choose its tools and modes of expression. The fundamental problem is not one of method but one of underlying assumptions.

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