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on Post Keynesian Economics |
| By: | L. Randall Wray |
| Abstract: | The idea of a universal job guarantee (JG) policy for the United States has become the subject of renewed public debate due to a number of high-profile political endorsements. L. Randall Wray recently coauthored a report that presented a JG proposal—the Public Service Employment program—along with estimates of the economic impact of the plan. However, several other variants have been proposed and/or endorsed. In this policy note, Wray seeks to establish common ground among the major JG plans and provides an initial response to critics. |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:lev:levypn:18-3&r=pke |
| By: | Marc Lavoie; Severin Reissl |
| Abstract: | We present a simple stock-ow consistent (SFC) model to discuss some recent claims made by Angel Asensio in the Journal of Post Keynesian Economics regarding the relationship between endogenous money theory and the liquidity preference theory of the rate of interest. We incorporate Asensio's assumptions as far as possible and use simulation experiments to investigate his arguments regarding the presence of a crowding-out effect, the relationship between interest rates and credit demand, and the ability of the central bank to steer interest rates through varying the stock of money. We show that in a fully-specified SFC model, some of Asensio's conclusions are not generally valid (most importantly, the presence of a crowding-out effect is ambiguous), and that in any case, his use of a non-SFC framework leads him to ignore important mechanisms which can contribute to a better understanding of the behaviour of interest rates. More generally, this paper hence once more demonstrates the utility of the SFC approach in research on monetary economics 1930s. |
| Keywords: | Horizontalism, structuralism, endogenous money, interest rates, stock-flow consistency |
| JEL: | E5 E12 E40 E43 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:17-2018&r=pke |
| By: | Thomas I. Palley |
| Abstract: | The conventional wisdom is there have been two globalizations in the modern era. The first began around 1870 and ended in 1914. The second began in 1945 and is still underway. This paper challenges that view and argues there have been three globalizations, not two. The first half of the paper provides empirical evidence for the three globalizations hypothesis. The second half discusses the analytical implications of the three globalization hypothesis. The Victorian first globalization and Keynesian era second globalization were driven by gains from trade, and those gains increased industrialized country real wages. The neoliberal third globalization has been driven by industrial reorganization motivated by distributional conflict. Trade theory does not explain the third globalization; capital's share has increased at the expense of labor's; and there can be no presumption of mutually beneficial gains from the third globalization. |
| Keywords: | Globalization, trade theory, barge economics. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:18-2018&r=pke |
| By: | Hudson, Michael; Goodhart, Charles A. E. |
| Abstract: | In this paper the authors recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. They note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But the authors argue that the underlying social purpose of such Jubilees - to keep debt within the reasonable ability to be paid without social and economic polarisation - could be recreated via alternative mechanisms, and they discuss the politico-economic arguments for, and against, doing so. |
| Keywords: | inequality,debt-canceling Jubilees,Babylonian and Byzantine empires,equity participation,student loans,land tax |
| JEL: | E60 E61 E62 E65 H10 H23 H80 N30 N35 P43 Q15 R52 Z13 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201833&r=pke |
| By: | Giovanni Dosi (Laboratory of Economics and Management); Marcelo C. Pereira (Universidade Estadual de Campinas); Andrea Roventini (Laboratory of Economics and Management (LEM)); Maria Enrica Virgillito (Scuola Superiore Sant'Anna) |
| Abstract: | In this work we develop a set of labour market and fiscal policy experiments upon the labour and credit augmented “Schumpeter meeting Keynes” agent-based model. The labour market is declined under two institutional variants, the “Fordist” and the “Competitive” set-ups meant to capture the historical transition from the Fordist toward the post “Thatcher- Reagan” period. Inside these two regimes, we study the different effects of supply-side active labour market policies (ALMPs) vs. demand-management passive labour market ones (PLMPs). In particular, we analyse the effects of ALMPs aimed at promoting job search, and at providing training to unemployed people. Next, we compare the effects of these policies with unemployment benefits simply meant to sustain income and therefore aggregate demand. Considering the burden of unemployment benefits in terms of public budget, we link such provision with the objectives of the European Stability and Growth Pact. Our results show that (i) an appropriate level of skills is not enough to sustain growth when workers face adverse labour demand; (ii) supply-side policies are not able to reverse the perverse interaction between flexibility and austerity; (iii) PLMPs outperform ALMPs in reducing unemployment and workers’ skills deterioration; and (iv) demand-management policies are better suited to mitigate inequality and to improve and sustain long-run growth. |
| Keywords: | Industrial -relation Regimes; Flexibility; Active Labour Market Policies; Austerity; Agent-based models |
| JEL: | C63 E24 H53 J88 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/3ii0pf6a4b8o4ovgol0f0kd8f3&r=pke |
| By: | Ritzen, Jo (UNU-MERIT, and Maastricht University); Zimmermann, Klaus (UNU-MERIT, and Bonn University) |
| Abstract: | Full employment in the European Union member states is a challenge but feasible, also in downswings of the business cycle and during stages of increased robotisation. It requires labour legislation that ensures flexibility and retraining, responsive labour sharing during the business cycle and to individual life cycle needs, government interventions to supply supplemental employment and revamping dual education. The future of work is better ensured with coordinated European full employment labour policies establishing fair work conditions based on long-run business strategies as well as a fair distribution of national income between labour and capital. |
| Keywords: | Employment, full employment, future of work, robotisation, fair work, work-sharing, employment regulations, basic income, income distribution, vocational training |
| JEL: | J08 J58 J88 O15 |
| Date: | 2018–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2018018&r=pke |
| By: | FERNANDO RUGITSKY |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:anp:en2016:85&r=pke |
| By: | PARYS, Wilfried |
| Abstract: | In the history of economic thought various thinkers have been attracted by the problematic idea of a single cause of economic value. Today such ideas appear mostly in studies on the labour theory of value of Karl Marx. In 1867 his “Das Kapital” tried to explain the values of all commodities by a special common substance, the quantity of abstract labour embodied in them, i.e., the direct and indirect labour time necessary to produce them. Several well-known mainstream economists (for example, Wicksteed, Böhm-Bawerk, Wicksell and Pareto) quickly pointed out that labour was not the only common substance in commodities. Another problem was Marx’s deficient mathematics. In Marx’s system the same commodities can appear on the side of the inputs and on the side of the outputs. Today it is well-known that many analytical problems in such circular systems can be solved by means of simultaneous equations of the input-output type. Here the most original contributions were not made by leading economists mentioned above, but by rather unknown outsiders (Mühlpfordt, Dmitriev, Charasoff, Potron), whose pioneering works were neglected for decades. In December 1927, both Sraffa and Leontief, independently of each other, argued that the reduction of all commodities to labour values was not a unique process; from a formal point of view, it was possible to compute not only labour values, but also wheat values, coal values, etc. For various reasons, their insights of 1927 remained rather unnoticed for several decades. A few decades ago the high impact journal Science published some papers advocating the use of energy values, corresponding to the direct and indirect quantity of energy necessary to produce a commodity. The most conspicuous text of this type is the often cited paper “Embodied Energy and Economic Valuation” by Robert Costanza (published in Science in 1980), claiming that both theory and empiry suggest a close connection between prices and energy values. The energy theory of value is usually discussed outside the networks of orthodox or marxian economics, but the empirical and theoretical studies on energy values and labour values show several remarkable cases of analogous arguments and imperfections, both trying to support the use of a single substance of economic value. My paper considers both theoretical and empirical aspects of such discussions on labour values and energy values. I also use a simple numerical example, to illustrate the computation of both labour values and energy values via two methods: via a system of simultaneous input-output equations and via subsystems (vertically integrated systems that produce only one net output). The two computation methods are well-known from the rich literature on labour values, but comparing energy values and labour values forces me to a generalisation of the notion of a subsystem: in order to define this notion unambiguously, I need to specify not only the net output of the subsystem, but also its net input. If the only net input of the subsystem is energy, I use the expression “energy subsystem”. This concept is needed to establish a percentage formula for the deviation of prices from energy values, analogous to my formula for the deviation of prices from labour values. By generalising Sraffa’s notion of subsystems it is possible to explain why supporters of labour values and energy values both present misleadingly “good” empirical results for their favourite theory. Both groups should be more aware of the non-uniqueness of their exaggerated claims for their one sided theories of value. |
| Keywords: | Marx, Sraffa, Leontief, Costanza, Energy values, Labour values, Input-output analysis |
| JEL: | B51 C67 D57 Q40 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:ant:wpaper:2018006&r=pke |
| By: | Esteban Pérez Caldentey, Nicole Favreau-Negront, and Luis Méndez Lobos |
| Abstract: | This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets of their respective countries, comprising 34 sectors of economic activity for the period 2009–16. On the basis of liquidity, leverage, and profitability indicators, it shows that bond-issuing firms are in a worse financial position relative to non-bond-issuing firms. Using Minsky’s hedge/speculative/Ponzi taxonomy for financial fragility, we argue that there is a larger share of firms that are in a speculative or Ponzi position relative to the hedge category. Also, the share of hedge bond-issuing firms declines over time. Finally, the paper presents the results of estimating a nonlinear threshold econometric model, which demonstrates that beyond a leverage threshold, firms’ investment contracts while they increase their liquidity positions. This has important macroeconomic implications, since the listed and, in particular, bond-issuing firms (which tend to operate under high leverage levels) represent a significant share of assets and investment. This finding could account, in part, for the retrenchment in investment that the sample of countries included in the paper have experienced in the period under study and highlights the need to incorporate the international bond market in analyses of monetary transmission mechanisms. |
| Keywords: | International Bond Market; Bond-Issuing Firms; Non-Bond-Issuing Firms; Solvency; Hyman P. Minsky; Nonlinear Threshold Model |
| JEL: | E32 G15 O11 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_904&r=pke |
| By: | IAN COELHO DE SOUZA ALMEIDA |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:anp:en2016:16&r=pke |
| By: | Michaël Lainé (OCRE - EDC Paris) |
| Abstract: | Investment expectations are highly subjective, and subjectivity is, inherently, diverse. We propose an analytical taxonomy of entrepreneurs with regard to investment expectations—of how diverse animal spirits are. We draw on past research so as to outline the relevant independent classification variables. Motivations, skills, management styles and affective traits comprise our four groups of classification variables. Based on a field study using a sample of 289 entrepreneurs and performing two different cluster analyses, we find 11 stable groups of entrepreneurs. We portray them as ideal types à la Weber. There may be major and minor memberships. Our 11 groups are the neoclassical manager, the builder, the administrator, the paternalistic manager, the hero, the mogul, the prophet, the craftsman, the inventor, the gambler, and the explorer. |
| Date: | 2016–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01744745&r=pke |
| By: | Ibrahim, Taofik |
| Abstract: | Budget deficit has an implication for monetary policy formulation and thus aggregate macroeconomic performance. An important question often asked is whether an increase in budget deficit is able to change the money market equilibrium. In order to answer this question, this paper investigates empirically the sensitivity and validity of the Keynesian and Neoclassical propositions and the Ricardian equivalence hypothesis. The study utilized cointegration analysis and ECM methodology to ascertain the short and long-run effect of budget deficit on money demand. The results of the cointegration test confirmed the existence of a strong and stable long-term relationship among the variables in the money demand model. Also, the estimates of the ECM model indicate the existence of a short- and long-term, positive and significant relationship between money demand and budget deficit suggesting that the Keynesian and Neoclassical views hold for Nigeria. Therefore the study suggests that there should be increased emphasis on productivity and efficiency of government expenditure since it impacts positively on aggregate money demand via increase in aggregate demand. |
| Keywords: | Budget Deficit, Money Demand, Error Correction Model (ECM), Nigeria |
| JEL: | E41 H62 |
| Date: | 2017–07–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:86265&r=pke |
| By: | Mukand, Sharun; Rodrik, Dani |
| Abstract: | We develop a conceptual framework to highlight the role of ideas as a catalyst for policy and institutional change. We make an explicit distinction between ideas and vested interests and show how they feed into each other. In doing so the paper integrates the Keynes-Hayek perspective on the importance of ideas with the currently more fashionable Stigler-Becker (in-terests only) approach to political economy. We distinguish between two kinds of ideational politics – the battle among different worldviews on the efficacy of policy (worldview politics) versus the politics of victimhood, pride and identity (identity politics). Political entrepreneurs discover identity and policy 'memes' (narratives, cues, framing) that shifts beliefs about how the world works or a person's belief of who he is (i.e. identity). Our framework identifies a complementarity between worldview politics and identity politics and illustrates how they may reinforce each other. In particular, an increase in identity polarization may be associated with a shift in views about how the world works. Furthermore, an increase in income inequality is likely to result in a greater incidence of ideational politics. Finally, we show how ideas may not just constrain, but also 'bite' the interests that helped propagate them in the first instance. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:12820&r=pke |
| By: | Daniele Tavani; Luke Petach |
| Abstract: | A longstanding criticism to Keynesian and Kaleckian growth theories is the question: why would firms operating with underutilized capacity still accumulate capital stock? This paper offers an answer by analyzing the choice of capacity utilization and accumulation in a strategic setting. The argument hinges on the Keynesian notion of user cost of capital. We argue that firms have incentives to wait to see what other firms are doing before adjusting their own utilization, which we capture through a marginal user cost of own utilization decreasing in average utilization. Accordingly, interactions among firms involve strategic complementarities: it is profit-maximizing to increase own utilization with average utilization. Since the latter is a reasonable proxy for demand, (i) the analysis provides a rationale for treating desired utilization as endogenous to demand at the firm level. In general equilibrium: (ii) capital accumulation coexists with underutilization; (iii) if firms were able to coordinate on a common utilization rate, utilization would be strictly higher than in equilibrium. The implications for growth and distribution depend on how the model is closed: (iv) with a distributive closure, equilibrium growth and profitability are both strictly below their socially-coordinated counterpart; (v) with an exogenous labor supply closure, the equilibrium labor share is strictly smaller than under coordination. Hence, (vi) there are mutually beneficial bargaining opportunities for both capital and labor. Moreover, (vii) demand policies have multiplier effects. The slow recovery from the Great Recession in the US provides a prime example of the relevance of equilibrium underutilization. Finally, we use stateby-sector data from the BEA to validate our hypothesis: (viii) our estimation results provide strong and robust support for the relevance of strategic complementarities in the US. |
| Keywords: | Capacity Utilization, Factor Shares, Growth, Strategic Complementarities |
| JEL: | B50 E12 E22 E25 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:19-2018&r=pke |
| By: | Jackson, Emerson Abraham |
| Abstract: | This article has adopted an open discourse in addressing pertinent concerns about the scientific existence of economics as a discipline. In doing so, some (critical) Filosofia arguments have been provided in ensuring that a well balanced approach is taken on the subject. Obviously, the approach of Popperian falsification used by economic science to address scientific justification through its varied scientific platform of technology applications like EVIEWS, STATA, MatLab and many more, have been applauded. Albeit such advances, the views of modern and postmodern critics have also come out saliently in a bid to ensuring open discourses are brought to the fore as a way of adding scientific value to the subject matter. In concluding, it was acknowledged that more is needed in ensuring that economic science as practiced by economists takes an open approach to critical discourse(s), reflecting reality about its pursed scientific ventures, given the persistence of economic volatility manifested across the global community. |
| Keywords: | Economic Science,Scientific Methodology,Filosofia,Postmodern Critique |
| JEL: | B5 B41 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:177393&r=pke |
| By: | Giovanni Dosi (Laboratory of Economics and Management); Andrea Roventini (Laboratory of Economics and Management (LEM)); Emmanuele Russo (Scuola Superiore Sant'Anna) |
| Abstract: | In this paper we present a multi-country, multi-industry agent-based model investigating the different growth patterns of interdependent economies. Each country features a Schumpeterian engine of endogenous technical change which interacts with Keyneasian/Kaldorian demand generation mechanisms. National growth trajectories are driven by firms’ accumulation of technological knowledge, which in turn also leads to emergent specialization patterns in different industries. Interactions among economies occur via trade flows, stemming from the competition of firms in international markets. Simulation results show the emergence of persistent income divergence among countries leading to polarization and club formation. Moreover, each country experiences a structural transformation of its productive structure during the development process. Such dynamics results from firm-level virtuous (or vicious) cycles between knowledge accumulation, trade performances, and growth dynamics. The model accounts for a rich ensemble of empirical regularities at macro, meso and micro levels of aggregation. |
| Keywords: | Endogenous growth; Structural change ; Technology gaps; Global divergence; Absolute advantages; Agent based models |
| JEL: | F41 F43 O4 O3 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/46k9rkvut99i7qnn4vqm25t53b&r=pke |
| By: | Olivier Godechot (Observatoire sociologique du changement) |
| Abstract: | The book Le négationnisme économique. Et comment s’en débarrasser by Pierre Cahuc and André Zylberberg has sparked a heated debate in the French press and academy. Its aim is to uncover the inadequacies, knowledge gaps, errors, and denials on the part of researchers and public actors who criticize economic science, and especially those who criticize the latter’s dominant current, the so-called mainstream economics. Its main targets are critical economists, particularly “heterodox” or “appalled economists,” but also intellectual figures from other scientific disciplines (Pierre Bourdieu, Michel Onfray, Dominique Méda, Axel Kahn), CEOs (Jean-Louis Beffa, Louis Gallois), politicians (Michel Rocard, Daniel Cohn-Bendit, Barbara Romagnan), and newspapers (Alternatives économiques). [First paragraph] |
| Keywords: | Mainstream economics; Scientific debate |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/73vc0qjuac9g78uvbvb3bn9l50&r=pke |
| By: | Giovanni Andrea Cornia |
| Abstract: | The paper examines whether the planned eradication of poverty to the year 2030 part of the SDG strategy is compatible with the expected trends in key economic variables such as GDP growth, population growth, income inequality and food prices. To do so, the paper develops a comparativestatic, poverty-accounting model that allows to simulate to 2030 the impact on SDG1 of the fastest improvements recorded for the above four variables during the last 30 years. Numerous model simulations show that – even under the most favorable assumptions – between 16 and 28 countries (mainly from Africa) out of the 78 analyzed will not reach the SDG1 target. Policy suggestions on how to improve on such results are presented at the end. |
| Keywords: | SDG1, poverty eradication, inequality, GDP growth, population growth, food prices, public policies |
| JEL: | D31 I32 J11 Q18 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:une:cpaper:040&r=pke |
| By: | Akvile Bertasiute (Budget Policy Monitoring Department, National Audit Office of Lithuania); Domenico Massaro (Universita Cattolica del Sacro Cuore & Complexity Lab in Economics); Matthias Weber (CEFER, Bank of Lithuania & Faculty of Economics, Vilnius University) |
| Abstract: | Currency unions are often modeled as homogeneous economies, although they are fundamentally different. The expectations that impact macroeconomic behavior in any given country are not the expectations of variables at the currency-union level but at the country level. We model these expectations with a behavioral reinforcement learning model. In our model, economic integration is of particular importance in determining whether economic behavior in a currency union is stable. Monetary policy alone is insufficient to guarantee stable economic behavior, as the central bank cannot conduct different monetary policies in different countries. These results are easily overlooked when modeling expectations as rational. |
| Keywords: | Behavioral Macroeconomics, Monetary Unions, Reinforcement Learning, Expectation Formation |
| JEL: | E52 D84 |
| Date: | 2018–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:49&r=pke |
| By: | Mensah, Emmanuel Buadi (UNU-MERIT); Szirmai, Adam (UNU-MERIT) |
| Abstract: | Since the construction of the Africa Sector Database (ASD) at the Groningen Growth and Development Centre, there has been a wave of statistical reforms in some of the countries in the ASD leading to significant revaluations of GDP. These reforms have provided a clearer picture of the size and structure of production of the countries involved (Sy, 2015). We update the ASD to reflect these statistical changes. Most importantly, following the methodology of ASD, we expand the ASD by constructing sectoral data for seven new African countries: Burkina Faso, Cameroon, Lesotho, Mozambique, Namibia, Rwanda and Uganda. This has resulted in an expanded database (from the 1960s to 2015) covering about 80% of GDP in sub-Saharan Africa. |
| Keywords: | Africa, Data, Employment, Sector, Value Added |
| JEL: | E01 O11 O47 |
| Date: | 2018–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2018020&r=pke |
| By: | Rieder, Maria; Theine, Hendrik |
| Abstract: | The continuous rise of socio-economic inequality over the past decades with its connected political outcomes such as the Brexit vote in the UK, and the election of Donald Trump are currently a matter of intense debate both in academia and in journalism. A significant sign of the heightened interest was the surprise popularity of Thomas Piketty's Capital in the 21st Century. The book reached the top of the bestseller lists and was described as a "media Sensation" and Piketty himself as a "rock star Economist". This paper, drawing from a major international and cross-disciplinary study, investigates the print media treatment in four European countries of economic policy proposals presented in Capital. Applying social semiotic and critical discourse analysis, we specifically focus on articles which are in disagreement with these proposals and identify five categories of counterarguments used against Piketty: authorisation, moralisation, rationalisation, portrayal of victimhood and inevitability. Providing textual and linguistic examples we demonstrate how the use of linguistic resources normalises and conventionalises ideology-laden discourses of economic means (taxation) and effects, reinforcing particular views of social relations and class as common sense and therewith upholding and perpetuating power relations and inequalities. |
| Keywords: | Thomas Piketty, Economic Inequality, economic ideology, Policy, Social Semiotics, Critical Discourse Analysis, economic discourse, media discourse, legitimation strategies |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus005:6248&r=pke |
| By: | ROGÉRIO ARTHMAR |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:anp:en2016:4&r=pke |
| By: | ALEX WILHANS ANTONIO PALLUDETO |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:anp:en2016:15&r=pke |
| By: | Homann, Karl; Pies, Ingo |
| Abstract: | Dieser Kurzaufsatz versucht, Karl Marx als Klassiker ernst zu nehmen. Wir vertreten folgende Thesen: (1) Marx war ein Kämpfer für individuelle Freiheit. (2) Marx war ein Systemdenker, von dem sich die moderne Wirtschaftsethik auch heute noch fruchtbar inspirieren lassen könnte. (3) Marx war ein ökonomischer Autodidakt. Als solchem ist ihm ein kapitaler Fehler unterlaufen. (4) Marx war ein sprachlich begnadeter Demagoge. Das macht seine Ideologie auch heute noch gefährlich. |
| Keywords: | Marx,Kapitalismus,Wettbewerb,Moral,Systemtheorie,Demagogie,Solidarität,Capitalism,Competition,Morality,System Theory,Demagogism,Solidarity |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mlucee:201716&r=pke |