Pub Date : 2023-12-14DOI: 10.1177/04866134231204995
Alper Duman, E. Tonak
This article presents profit on alienation (POA) as one of the sources of profit in capitalist economies. In addition to identifying and situating POA among other profit flows, we have attempted to operationalize it in the real estate and finance sectors. In the empirical part of the article, we estimate POA in those sectors in Turkey for the period 2010–2019. The extent of estimated profits based on POA in those sectors is not insignificant. These findings confirm our position that utilizing POA in exploring capitalist dynamics would be a fruitful endeavor. JEL Classification: B3, B51, H27, G51
{"title":"Clarification and Application of the Category Profit on Alienation","authors":"Alper Duman, E. Tonak","doi":"10.1177/04866134231204995","DOIUrl":"https://doi.org/10.1177/04866134231204995","url":null,"abstract":"This article presents profit on alienation (POA) as one of the sources of profit in capitalist economies. In addition to identifying and situating POA among other profit flows, we have attempted to operationalize it in the real estate and finance sectors. In the empirical part of the article, we estimate POA in those sectors in Turkey for the period 2010–2019. The extent of estimated profits based on POA in those sectors is not insignificant. These findings confirm our position that utilizing POA in exploring capitalist dynamics would be a fruitful endeavor. JEL Classification: B3, B51, H27, G51","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"105 2","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139002145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-05DOI: 10.1177/04866134231213396
A. Jayadev, Suresh Naidu
Herb Gintis, who left us in 2023, was a giant of left economics. He believed passionately in ideas and their power, especially in helping deliver a more just and desirable world. In a career spanning six decades, he asked the most profound questions about economics and its aims and possibilities, and inspired a generation of economists in turn. We here recount his work and our interactions with him. JEL Classification: A11, P00
{"title":"“Be Serious!”: In Memoriam Herb Gintis","authors":"A. Jayadev, Suresh Naidu","doi":"10.1177/04866134231213396","DOIUrl":"https://doi.org/10.1177/04866134231213396","url":null,"abstract":"Herb Gintis, who left us in 2023, was a giant of left economics. He believed passionately in ideas and their power, especially in helping deliver a more just and desirable world. In a career spanning six decades, he asked the most profound questions about economics and its aims and possibilities, and inspired a generation of economists in turn. We here recount his work and our interactions with him. JEL Classification: A11, P00","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"129 32","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138598997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-22DOI: 10.1177/04866134231207912
Vedit İnal
Careful observers had already pointed out before the capital theory controversies that an investment demand schedule inversely responsive to the rate of interest is theoretically untenable. This implies that the weak empirical evidence showing the negative relation between aggregate investment spending and the rate of interest cannot be explained via the neoclassical investment theory. Assuming a short-run framework and concentrating on the “Sources and Uses of Funds Account,” it is shown here that the inverse relationship between the two variables derives, not from the investment demand function, but from the ability to finance investment spending. The explanation is valid only in the short run. In the long run, aggregate investment spending may rise, fall, or remain constant in response to a change in the rate of interest. JEL Classification: B51, E11, E22, G31
{"title":"On the Relationship between the Money Rate of Interest and Aggregate Investment Spending","authors":"Vedit İnal","doi":"10.1177/04866134231207912","DOIUrl":"https://doi.org/10.1177/04866134231207912","url":null,"abstract":"Careful observers had already pointed out before the capital theory controversies that an investment demand schedule inversely responsive to the rate of interest is theoretically untenable. This implies that the weak empirical evidence showing the negative relation between aggregate investment spending and the rate of interest cannot be explained via the neoclassical investment theory. Assuming a short-run framework and concentrating on the “Sources and Uses of Funds Account,” it is shown here that the inverse relationship between the two variables derives, not from the investment demand function, but from the ability to finance investment spending. The explanation is valid only in the short run. In the long run, aggregate investment spending may rise, fall, or remain constant in response to a change in the rate of interest. JEL Classification: B51, E11, E22, G31","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"3 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139246765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-17DOI: 10.1177/04866134231199127
Marlene Kim
Why do women leave economics so that there is a “leaky pipeline”? I synthesize the research on the gender disparities in the profession and examine this topic further by interviewing women who work in or who have left the profession. I find that structural theories of inequality explain these patterns: women are perceived and treated differently in economics. They are less likely to be respected, valued, and supported and to receive recognition for their work. Consequently, they are less likely to publish, receive tenure and promotion, and stay in the profession. JEL Classification: J7, J10
{"title":"The Problem of Gender in Economics","authors":"Marlene Kim","doi":"10.1177/04866134231199127","DOIUrl":"https://doi.org/10.1177/04866134231199127","url":null,"abstract":"Why do women leave economics so that there is a “leaky pipeline”? I synthesize the research on the gender disparities in the profession and examine this topic further by interviewing women who work in or who have left the profession. I find that structural theories of inequality explain these patterns: women are perceived and treated differently in economics. They are less likely to be respected, valued, and supported and to receive recognition for their work. Consequently, they are less likely to publish, receive tenure and promotion, and stay in the profession. JEL Classification: J7, J10","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135995072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-06DOI: 10.1177/04866134231199135
Gerald Epstein, Robert Pollin
Jim Crotty was a beloved teacher and mentor and a treasured colleague at the University of Massachusetts-Amherst. In this short essay, we try to convey Jim’s enormous contributions to his students, colleagues, and friends, and to the development and reproduction of heterodox macroeconomic theory and practice. JEL Classification: B4, B5, E
吉姆·克罗蒂是马萨诸塞大学阿姆赫斯特分校一位深受爱戴的老师和导师，也是一位宝贵的同事。在这篇短文中，我们试图传达吉姆对他的学生、同事和朋友，以及对非正统宏观经济理论和实践的发展和再生产的巨大贡献。JEL分类:B4, B5, E
{"title":"<i>RRPE</i>’s Memorial Symposium on Professor Jim Crotty* Some Reflections on Jim Crotty: His Life and Contributions to Economics","authors":"Gerald Epstein, Robert Pollin","doi":"10.1177/04866134231199135","DOIUrl":"https://doi.org/10.1177/04866134231199135","url":null,"abstract":"Jim Crotty was a beloved teacher and mentor and a treasured colleague at the University of Massachusetts-Amherst. In this short essay, we try to convey Jim’s enormous contributions to his students, colleagues, and friends, and to the development and reproduction of heterodox macroeconomic theory and practice. JEL Classification: B4, B5, E","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135351159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-03DOI: 10.1177/04866134231200032
Thomas E. Weisskopf
This is a tribute to Professor Herbert Gintis, a highly original social scientist who passed away in January 2023. Professor Gintis—often together with his lifelong friend and colleague Professor Samuel Bowles—authored numerous pathbreaking articles and books that have contributed greatly to our understanding of human behavior under various social, political, and economic conditions. JEL Classification: B3, B5
{"title":"My Tribute to Herb Gintis","authors":"Thomas E. Weisskopf","doi":"10.1177/04866134231200032","DOIUrl":"https://doi.org/10.1177/04866134231200032","url":null,"abstract":"This is a tribute to Professor Herbert Gintis, a highly original social scientist who passed away in January 2023. Professor Gintis—often together with his lifelong friend and colleague Professor Samuel Bowles—authored numerous pathbreaking articles and books that have contributed greatly to our understanding of human behavior under various social, political, and economic conditions. JEL Classification: B3, B5","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135695719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-03DOI: 10.1177/04866134231200216
Kang-Kook Lee
The Korean economy achieved rapid economic growth with equal income distribution for over three decades until the late 1990s when, in 1997, a financial crisis occurred. Mainstream economists and the International Monetary Fund (IMF) attributed this crisis to the problem of East Asian crony capitalism. The Korean government accepted this perspective and implemented neoliberal economic restructuring and financial opening after the crisis. However, James Crotty argued that the crisis in Korea was a result of haphazard financial opening and the withdrawal of state intervention. Most importantly, he extensively criticized the post-crisis economic reform in Korea imposed by the IMF. He believed that it would lead to lower economic growth and higher inequality, and he advised Koreans to oppose it. This article examines Crotty’s argument about the Korean economy and how the latter changed in the 21st century. JEL classification: F34, H12, O19, O53
{"title":"James Crotty’s Advice to Koreans","authors":"Kang-Kook Lee","doi":"10.1177/04866134231200216","DOIUrl":"https://doi.org/10.1177/04866134231200216","url":null,"abstract":"The Korean economy achieved rapid economic growth with equal income distribution for over three decades until the late 1990s when, in 1997, a financial crisis occurred. Mainstream economists and the International Monetary Fund (IMF) attributed this crisis to the problem of East Asian crony capitalism. The Korean government accepted this perspective and implemented neoliberal economic restructuring and financial opening after the crisis. However, James Crotty argued that the crisis in Korea was a result of haphazard financial opening and the withdrawal of state intervention. Most importantly, he extensively criticized the post-crisis economic reform in Korea imposed by the IMF. He believed that it would lead to lower economic growth and higher inequality, and he advised Koreans to oppose it. This article examines Crotty’s argument about the Korean economy and how the latter changed in the 21st century. JEL classification: F34, H12, O19, O53","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135695496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-30DOI: 10.1177/04866134231197451
Kiyoshi Nagatani
Based on Uno’s new insight that in the first chapter on the commodity, the value of a commodity is not yet defined as objectified abstract labor, this article first examines the problems in Marx’s value form theory and presents a new understanding of the simple, the expanded, and the general value form, and reformulates the theory of the commodity into a dialectical whole composed of the world of commodities. Second, the article responds to Elena Lange’s critique of Uno’s value theory. Third, the article argues that fetishism of the commodity never originates from alienated abstract labor but from a specific relationship between commodity owners; therefore, the theories of value form and fetishism of the commodity address the common theme. A reformulated theory of the value form should integrate, not omit, the fetishism of the commodity within it. JEL Classification: B14, B41, D46
{"title":"The Value Form and the Fetishism of the Commodity","authors":"Kiyoshi Nagatani","doi":"10.1177/04866134231197451","DOIUrl":"https://doi.org/10.1177/04866134231197451","url":null,"abstract":"Based on Uno’s new insight that in the first chapter on the commodity, the value of a commodity is not yet defined as objectified abstract labor, this article first examines the problems in Marx’s value form theory and presents a new understanding of the simple, the expanded, and the general value form, and reformulates the theory of the commodity into a dialectical whole composed of the world of commodities. Second, the article responds to Elena Lange’s critique of Uno’s value theory. Third, the article argues that fetishism of the commodity never originates from alienated abstract labor but from a specific relationship between commodity owners; therefore, the theories of value form and fetishism of the commodity address the common theme. A reformulated theory of the value form should integrate, not omit, the fetishism of the commodity within it. JEL Classification: B14, B41, D46","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136279856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1177/04866134231200222
Arjun Jayadev, J. W. Mason
James Crotty, who passed away earlier this year, was one of the most important but unheralded heterodox macroeconomists of his generation. In this article, we summarize what we think were some of his signal achievements—a deep synthesis of the insights of Marx and Keynes, an appreciation of the more radical implications of the Keynesian approach, and a passion for teaching relevant ideas. JEL Classification: E12, B14
{"title":"“If Keynes Were Alive Today. . .”: Reflections on Jim Crotty","authors":"Arjun Jayadev, J. W. Mason","doi":"10.1177/04866134231200222","DOIUrl":"https://doi.org/10.1177/04866134231200222","url":null,"abstract":"James Crotty, who passed away earlier this year, was one of the most important but unheralded heterodox macroeconomists of his generation. In this article, we summarize what we think were some of his signal achievements—a deep synthesis of the insights of Marx and Keynes, an appreciation of the more radical implications of the Keynesian approach, and a passion for teaching relevant ideas. JEL Classification: E12, B14","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1177/04866134231198217
Ilene Grabel
I offer this article as a small way of honoring my friend, mentor, and role model Jim Crotty, whose intellectual legacy, commitment to engaged scholarship, lived experience, and warmth and generosity continue to influence me profoundly. Here, I offer several observations and speculations on the state of play in the global and US financial systems in a Crottyian vein. These include several 1980s throwbacks—bank failures in the United States; rentier-driven tight monetary policies across the world with attendant negative effects; and, debt distress and the likelihood of a (new) “lost decade” in the Global South. These familiar experiences are unfolding against the backdrop of an interregnum in which a “post-American global financial order” is emerging in an environment marked by “productive and destructive incoherence.” JEL Classification: F02, F33, O23, E44, E58
{"title":"A World on Fire: Observations and Speculations in a Crottyian Vein","authors":"Ilene Grabel","doi":"10.1177/04866134231198217","DOIUrl":"https://doi.org/10.1177/04866134231198217","url":null,"abstract":"I offer this article as a small way of honoring my friend, mentor, and role model Jim Crotty, whose intellectual legacy, commitment to engaged scholarship, lived experience, and warmth and generosity continue to influence me profoundly. Here, I offer several observations and speculations on the state of play in the global and US financial systems in a Crottyian vein. These include several 1980s throwbacks—bank failures in the United States; rentier-driven tight monetary policies across the world with attendant negative effects; and, debt distress and the likelihood of a (new) “lost decade” in the Global South. These familiar experiences are unfolding against the backdrop of an interregnum in which a “post-American global financial order” is emerging in an environment marked by “productive and destructive incoherence.” JEL Classification: F02, F33, O23, E44, E58","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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