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Text of the page (random words):
rd or slander may grow between the king and his people or the great men of the realm zombie marx and modern economics or how i learned to stop worrying and forget the transformation problem there are two versions of this piece one here a conference paper and the other in the new edition of jacobin the jacobin piece is shorter and stripped of its academic accessories and much of the section on the value of money but it s not entirely an abridged version i changed the tone a little and added a joan robinson quote someone reminded me of i ve had a lot of responses to this so a follow up will hopefully follow in 2009 uc berkeley economics professor and former clinton adviser brad delong took a pot shot at our david harvey on his blog headlined department of huh and beginning why neoclassical economics is an absolutely wonderful thing the post quotes 11 straight paragraphs from a harvey essay which delong proceeds to ridicule for delong the essay is contentless waffle it strings together economic concepts without making an economic argument he would call it intellectual masturbation he writes except that it does not feel good at all only in the eleventh paragraph does he find the suggestion of a shadow of an argument here harvey argues that the us stimulus package is bound to fail because the deficit needs to be financed by foreign powers and the amount of treasury bonds it will be able to sell to the likes of the chinese central bank will not fund a big enough stimulus delong responds that this is a question that requires a theory of the bond market and interest rates which harvey does not provide the question is thus not can government deficit spending be financed the question is at what interest rate will financial markets finance that deficit spending delong 2009 more zombie marx and modern economics pdf published in books half baked rant keynes marxism money political economy politics on 17 july 2011 at 3 29 pm comments 1 inflation and the making of macroeconomic policy in australia 1945 85 everything you always wanted to know but were afraid to ask my phd thesis is now available here abstract this thesis traces the impact of inflation on the making of macroeconomic policy in australia between the end of world war ii and the mid 1980s i take issue with accounts of policy change that focus primarily on ideological change on the part of policymakers instead i present policy as strategic activity within a complex evolving economic system which is not centred on policy and in which therefore policy does not have a monopoly on initiative i draw on marxian state theory and tinbergian theory of economic policy to explore why counter inflationary policy emerged as an imperative for the capitalist state and how it came to play a dominant role in organising macroeconomic policy in general i also focus in detail on the development of central banking in australia drawing on post keynesian structuralist monetary theory the body of the thesis is divided into two parts one dealing with the long 1950s and the other the long 1970s both are treated as periods of transition rather than of stable policy regimes in the long 1950s macroeconomic policy was brand new and the authorities had to build an effective system of macroeconomic management sometimes against the active opposition of other groups a contradiction developed between full employment and price stability and the latter was prioritised because of limits set by the balance of payments under the bretton woods international monetary system the long 1970s was a period of crisis and distributional class conflict the break up of bretton woods and the movement towards flexible exchange rates changed the form of constraint but continued to impose a counter inflationary imperative monetarism provided an organising and legitimating principle for extremely restrictive macroeconomic policy and the abandonment of full employment as a policy goal even though policymakers were sceptical of its propositions finally i discuss the movement towards deregulation as something which strengthened rather than undermined the central bank s power to pursue monetary policy published in academia australian history australian politics history keynes marxism money political economy politics sydney university thesis on 8 july 2011 at 12 15 pm leave a comment pessimism of the will i ve reviewed eric hobsbawm s how to change the world in the new issue of jacobin it is a little bright spot at the end of the penultimate gloomiest chapter of hobsbawm s history of marxism at least the albatross of really existing socialism might not hang around the neck of the latest generation to turn to marx e ven today only those in their thirties and above have any memory of the actual years of cold war the idea that marx was the inspirer of terror and gulag and communists essentially defenders of if not participants in terror and the kgb was no more valid than the thesis that all christianity must logically and necessarily lead to papal absolutism or all darwinism to the glorification of free capitalist competition most really existing communists in the west had been critics of stalinism since 1956 yes says hobsbawm who stayed in the british communist party into the 1980s even by implication within moscow line parties but the line that socialism meant stalin and mao was always an effective rhetorical strategy for anti communists always a way to change the subject whenever socialists were in the conversation as the soviet union and the great leap forward recede into history surely the shadows they cast over the very idea of a post capitalist society will lighten published in books eschatology futurisms past marxism politics on 16 march 2011 at 8 07 am leave a comment what is going on here so maps was kind enough to link here in an interesting post about what has happened to left wing intellectual space in new zealand and he s certainly right that as elsewhere much of it these days blooms on blogs but those who have clicked through must have been disappointed with this particular moribund site i ve had a lot going on since finishing the thesis some tourism some house moving getting a proper job lecturing at sydney uni and best of all getting ready for the arrival of my daughter but i m not planning on giving up on blogging i now think though that political blogging is done better as part of a collective project rather than on an individual blog especially one as low intensity as this i ve promised to contribute to the excellent new left flank and while i have yet to deliver that s where i d like to put any australian political economic commentary here i plan to keep pottering along posting more of the demi academic semi scholarly and quasi theoretical stuff from time to time like the poulantzas material of the last few posts sometime soon anyway ps i should say that despite maps description i m not really into crisis theory i don t think traditional marxian crisis theory has been all that enlightening regarding the gfc and that i agree with panitch and gindin that there are better things for socialists to do than predict the next crisis or the indefinite extension of this one published in about on 25 january 2011 at 9 13 am comments 2 back into the community the average payout ratio is 70 per cent 70 per cent of the 21 billion profit the big four banks make goes back into the community there is a good story there national australia bank chief executive cameron clyne to the australian financial review november 22 2010 matthew drummond clyne turns on peers over banks row it s surely a sign of the regression of political discourse when a bank chief making a play for the nice guy of banking title thinks the size of dividend payouts makes a good case for profits published in australian politics funny ha ha funny strange money on 22 november 2010 at 8 11 am leave a comment law as unifier of the state the poulantzas project 2 bob jessop s book on poulantzas nicos poulantzas marxist theory and political strategy 1985 macmillan helpfully summarises some of the early papers i can t read as i don t know french there s some useful background on his view of the law which is highly condensed in the translated papers this in particular is useful in clarifying his view of the nature of the internal logic of law discussed in the last post one of the most pervasive and fascinating influences within modern legal theory has been the neo kantian positivism of hans kelsen and the so called vienna school with its concept of a purely internal normlogik this argues that an effective legal order must be hierarchically unified under a fundamental legal norm grundnorm and backed up by effective coercive sanctions it also declares the state and law to be identical and insists that in any one society only one sovereign coercive legal order is possible indeed kelsen argued that in any real sociological state there will be many authorities multitudinous relations of domination numerous acts of commanding and obeying only the unity of the legal order justifies us in considering the state as a single system of domination for the same reason kelsen denied that the state is a subject which exercises power its power is simply that of a valid and effective legal order at best he was prepared to concede that the machinery of state the bureaucratic apparatus is the material personification of the broader formal legal order within a nation state he also suggested that the division between public and private law is ideological and simply serves to dissimulate private law as located beyond politics more published in marxism political economy politics poulantzas on 11 october 2010 at 8 19 pm comments 1 not in fact where we might choose to begin the poulantzas project 1 nicos poulantzas in his final book 1978 the constructivist image of base and superstructure which is supposed to allow the determining role of the economic sphere to be visualised after a fashion cannot in fact provide a correct representation of the articulation of social reality nor therefore of that determining role itself it has proved to be disastrous in more ways than one and there is everything to be gained from not relying on it for my own part i have long ceased to use it in analysis of the state poulantzas 1978 state power socialism verso p 16 more published in marxism political economy politics poulantzas on 10 october 2010 at 9 57 pm leave a comment sectoral evolution in australia the reserve bank s bulletin this month includes an interesting little paper drawing an outline of the evolution of the structure of production and employment in australia over the last few decades pdf staff economists ellis connolly and christine lewis provide no surprises just the clarity of a long view with basic stats all graphs below are from the paper just about everybody works in services these days more than 85 per cent of the employed workforce that share has risen fairly steadily since the end of world war ii from just over 55 per cent in the post war period the growth of the service sector picked up the slack from the declining rate of growth in agriculture since the late 1960s it has taken over from manufacturing too in absolute terms this is a story of service sector expansion rather than decline elsewhere net employment growth since the war has been almost all about services mining has remained steady at around 1 per cent of employment when it comes to output shares rather than employment the picture looks different manufacturing and agriculture shares in nominal value added are about the same as their shares of employment but mining s share is much bigger at 7 per cent over the past decade while services share is lower at 78 per cent mining is extremely capital intensive and hence accounts for a much bigger share of value added and investment than its share in employment would suggest while services tend to be more labour intensive when a sectoral category makes up around four fifths of the economy it loses much of its usefulness as a category connolly and lewis break services down into five sub sectors and the data begin to get more interesting the distribution and utilities sector i e services related to moving and selling goods energy and communications has declined in its employment share since the 1960s it would be interesting to see a further breakdown of a category that includes everything from wastewater to supermarkets and internet service providers the employment share of social services enjoyed a great leap in the 1970s and especially the whitlam years from around 13 per cent to 20 per cent and climbed more slowly over the next three decades to reach 25 per cent to become the largest service sector today this includes education and health care public and private as well as public administration police and so on business services including finance insurance and real estate have grown more steadily but especially rapidly in the 1980s and 1990s before stabilising at around 17 per cent of employment over the 2000s personal services restaurants hotels cinemas etc had a modest burst of expansion in employment share in the 1980s and early 1990s taking them from a steady 10 per cent to a steady 12 13 per cent since construction s share has remained between 6 and 9 per cent since the 1970s though responsible for much of the growth in the share of services as a whole over the 2000s although these shifts are long run trends they have run faster at some times than others the most interesting thing connolly and lewis do with this data is to generate structural change indices to show the waves of change these indices measure the average movement in industry and state shares of nominal and real output employment and investment to give a simple indicator of structural change over the previous five years such a measure is only as meaningful of the categories into which the industry structure is divided it clearly doesn t capture movements within the categories the figure shows two major waves of structural change since the 1960s one during the 1970s and one in the late 1980s and early 1990s note that the indices are backward looking in that each year s figures compare the average shares of the previous five years with the average shares of the five years before that in terms of real output and employment the last decade has apparently been more structurally stable than the previous three decades though not as stable as the 1960s things look different in nominal terms largely because of the effect of booming commodity prices on the value of mining output connolly and lewis expect the commodities price boom to have a delayed impact on the structure real output through the great increase in mining investment over the last half of the 2000s the structural change index for employment shows only one wave of accelerated change rather than the two apparent with output peaking at the turn of the 1980s though ne...