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What marx means today

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  • Sinn, Hans-Werner
Abstract
Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently received much attention among scholars studying the financial crises in Japan, the US and the Eurozone. This article argues that part of the new stagnation does not result from a natural exhaustion of investment possibilities, but from an overly loose central bank monetary policy that keeps zombie banks and their zombie clients alive and blocks the emergence of new start-up firms.

Suggested Citation

  • Sinn, Hans-Werner, 2017. "What marx means today," Munich Reprints in Economics 49923, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:49923
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    References listed on IDEAS

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    1. Thomas Piketty, 2013. "Le capital au XXIe siècle," Post-Print halshs-00979232, HAL.
    2. Homburg, Stefan, 1992. "Efficient Economic Growth: Chapter 1. Introduction," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92903.
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    4. Sinn, Hans-Werner, 1975. "Das Marxsche Gesetz des tendenziellen Falls der Profitrate," Munich Reprints in Economics 19915, University of Munich, Department of Economics.
    5. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
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    7. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    8. Samuelson, Paul, 2012. "Understanding the Marxian Notion of Exploitation: A Summary of the So-CalledTransformation Problem Between Marxian Values and Competitive Prices," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 182-202, August.
    9. Kenneth S. Rogoff, 2016. "The Curse of Cash," Economics Books, Princeton University Press, edition 1, number 10798.
    10. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
    11. Jürg Niehans, 1966. "Eine vernachlässigte Beziehung zwischen Bodenpreis, Wirtschaftswachstum und Kapitalzins," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 102(II), pages 195-200, June.
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    Cited by:

    1. Schock, Matthias Malte, 2019. "Steuerreformvorschläge des Mirrlees Committee und der Stiftung Marktwirtschaft [Tax Reform Proposals of the Mirrlees Committee and the Stiftung Marktwirtschaft]," MPRA Paper 96689, University Library of Munich, Germany.
    2. Siemers Lars-H. & Gebhardt Heinz, 2020. "Die strukturelle Besserung der Länderfinanzen in der Niedrigzinsphase: die trügerische Leichtigkeit des Scheins," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 21(1), pages 54-78, April.

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