Oct '23 • General discussion
Anwar Shaikh on Real Economic Analysis as alternative to economics
In this presentation Prof Shaikh (one of my teachers at The New School) talks about his Magnus opus “Capitalism” by presenting an example from microeconomics and another from macroeconomics.
On micro, he derives a downward sloping demand curve without any reference to utility max consumer, rational choice, perfect knowledge and the rest of absurd neoclassical behavioural assumptions.
On macro, Shaikh’s real economic analysis shows that it’s profit that drives employment and economic growth rather than neoclassical supply or Keynesian demand driven. It’s the profit driven capitalist economy that destroys capitalism itself and the climate as well.
Large scale fiscal government interventions in boosting production and suppressing consumption and prices delivered high growth and employment during WWII and kept inflation at bay. However, similar fiscal deficit policies during the COVID years while saved economies from collapsing didn’t prevent prices from rising in the aftermath of the restrictions lifting, because the market wasn’t tamed as during the war years.
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Anwar Shaikh on Real Economic Analysis as alternative to economics
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