Karl Marx got a lot right, but he was wrong about the need to a revolution. In this podcast Prof Steve Keen explains how, if Marx had followed his own theories, he would have realised that there wasn’t a need for a shift to socialism. In this free 36 minute podcast Phil Dobbie talks with Steve about the basis of Marx’s theory, from the Labour Theory of Value through to Use Value and Exchange Value. The conclusion, says Steve, is that “the increasing organic composition of capital (as Marx called it) has no implications for the rate of surplus, has no implications for the rate of profit”. So, no need for a revolution after all.
This podcast is free for everyone to enjoy, but if you want to hear more, and support the work of Steve Keen, pick a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen