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I must mention my special intellectual debt to Joan Robinson, with whom I had the opportunity to discuss over a period of nearly twenty years some of the problems analysed here. She, more than anybody else, convinced me of the radical content of Keynesian economics which we could decipher more easily with the help of Marx and Kalecki.
--
Amit Bhaduri, Macro-Economics - The Dynamics of Commodity Production, Preface, p. xii

 

Joan Robinson

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The decisive weakness in neoclassical and neo-Keynesian economics is not the error in the assumptions by which it elides the problem of power. The capacity for erroneous belief is very great, especially where it coincides with convenience. Rather, in eliding power — in making economics a nonpolitical subject — neoclassical theory destroys its relation to the real world. In that world, power is decisive in what happens. And the problems of that world are increasing both in number and in the depth of their social affliction. In consequence, neoclassical and neo-Keynesian economics is relegating its players to the social sidelines where they either call no plays or use the wrong ones. To change the metaphor, they manipulate levers to which no machinery is attached.

 

John Kenneth Galbraith

 

In the realm of ideas in general, the Marxian vision -- including his theory of history -- has not only dominated various fields at various times, it has survived both the continuing prosperity of capitalism and the economic debacles of socialism. It has become axiomatic among sections of the intelligentsia, impervious to the corrosive effects of evidence or logic. ¶ But what did Marx contribute to economics? Contributions depend not only on what was offered but also on what was accepted, and there is no major premise, doctrine, or tool of analysis in economics today that derived from the writings of Karl Marx. There is no need to deny that Marx was in many ways a major historic figure of the nineteenth century, whose long shadow still falls across the world of the twenty-first century. Yet, jarring as the phrase may be, from the standpoint of the economics profession Marx was, as Professor Paul Samuelson called him, "a minor post-Ricardian."

 

Karl Marx

 

Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.

 

Joan Robinson

 

Economists can take a good deal of credit for the stabilization policies which have been followed in most Western countries since 1945 with considerable success. It is easy to generate a euphoric and self-congratulatory mood when one compares the twenty years after the first World War, 1919-39, with the twenty years after the second, 1945-65. The first twenty years were a total failure; the second twenty years, at least as far as economic policy is concerned, have been a modest success. We have not had any great depression; we have not had any serious financial collapse; and on the whole we have had much higher rates of development in most parts of the world than we had in the 1920’s and 1930’s, even though there are some conspicuous failures. Whether the unprecedented rates of economic growth of the last twenty years, for instance in Japan and Western Europe, can be attributed to economics, or whether they represent a combination of good luck in political decision making with the expanding impact of the natural and biological sciences on the economy, is something we might argue. I am inclined to attribute a good deal to good luck and non-economic forces, but not all of it, and even if economics only contributed 10 percent, this would amount to a very handsome rate of return indeed, considering the very small amount of resources we have really put into economics.

 

Kenneth Boulding

 

During the renaissances in thinking led by Shakespeare and Goethe, the first new development in memory techniques for 1,700 years appeared: the Major System. This was the first system that enabled the user to transfer easily and instantaneously from numbers to letters, thus creating the opportunity for a system that could stretch from zero to an infinite number, and which allowed the user to translate any word into its own special number, and any number into its own special letter. This multiplied the opportunity for developing memory techniques 100-fold.

 

Tony Buzan