I shall argue that Keynesian economics shares the same lack of scientific rigour as the mainstream economics it attempts to criticise. The difference in approaches is political, with both equally failing to explain the behaviour of the capitalist economy. In contrast, Marx's analysis of capitalism predicts tendential behaviour that does fit empirical evidence, noticeably concentration, growing inequality and continued cyclical behaviour/inherent instability (ultimately resulting from the tendency for profitability to fall in boom). Finally I consider how application of Keynesian economics may have contributed, and continue to contribute, to the relative stagnation of the economy since the end of the Golden Age.
|Number of pages||15|
|Publication status||Published - 2013|