Marx’s Capital – ‘scientifically erroneous and

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Marxs Capital scientifically erroneous and without application to the modern world by Michael Roberts HM Conference, London November 2017 Keynes on Marx Marxs Capital scientifically erroneous and without application to the modern

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Marx’s Capital – ‘scientifically erroneous and without application to the modern world’ by Michael Roberts
HM Conference, London November 2017<br>
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Keynes on Marx Marx’s Capital – ‘scientifically erroneous and without application to the modern world’
“How can I accept the [Communist] doctrine,” Keynes wrote, “which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world?
“How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement?
“Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.”
(Keynes, Laissez-Faire and Communism, quoted in Hunt 1979: 377).<br>
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Marx versus Keynes: who is closer to reality? 1. Value and prices
Marx: labour theory of value; objective
Keynes: marginalism; subjective utility

2. Production
Marx: production for profit
Keynes: production of things

3. Crises
Marx: recurring lack of profitability; unfixable
Keynes: temporary lack of demand; technical problem of management

4. The future
Marx: growing contradictions of inequality; concentration of capital; destruction of nature and breakdown
Keynes: gradual movement to abundant leisure society<br>