Louis Proyect wrote: > Now that's rich. James Galbraith defending Marxist orthodoxy to Thomas Piketty. <
Actually, Galbraith the son runs away from the labor theory of value. True, he begins by demolishing Piketty's notion of capital: Piketty will not measure it by value, so he adds up market prices of all sorts of assets real and paper. Galbraith makes mince meat of that. However, Galbraith himself stays away from taking a measure of capital. He has no need to, because he does not investigate the development of accumulation, which is the scientific alternative to Piketty's shaky r > g ruminations. Instead, Galbraith mostly gets into the trenches with Piketty over which policies to recommend for capitalism to work more equitably. If I may repeat a previously posted link, a Marxist critique of Piketty is at http://mltoday.com/professor-piketty-fights-orthodoxy-and-attacks-inequality _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
