Macro N Cheese

Steve Keen can be counted on to bring a unique and controversial perspective. This time he turns his critical gaze toward what some feel is sacred in Marx’s legacy. The interview takes a dive into complex theory, which we won’t even attempt to summarize here. Keen says Marx’s philosophical thinking ultimately transcended his own labor theory of value which asserts that all surplus value derives solely from labor. In the Grundrisse, he acknowledges the role of machinery in the production process showing that, with its input into production, machinery can be a source of surplus value. Keen believes this disproves the tendency of the rate of profit to fall. Therefore, socialist revolution is not inevitable. According to Keen, however, after contradicting his own basis for scientific socialism, Marx refused to give it up. Let's get one thing clear... I regard Marx as one of the greatest intellects in economics, probably the greatest. So I put him above Keynes, comparable to Schumpeter. I regard Schumpeter as a