SCEPA and INET are proud to present an online, semester-long economics class - advanced microeconomics - taught by Duncan Foley, the Leo Model Professor of Economics at The New School. The series includes videos of 14 class lectures, including Professor Foley's presentations and discussions with students.
Class 11: Social Coordination Problems in Marxist Political Economy (Part A)
The lecture briefly presents Marx’s insight onto alienation, surplus value creation and appropriation, and his view on technical progress and the falling rate of profit. Then, the idea of the profit rate equalization along with the demonstration of empirical evidences is elaborated on. Upon scrutinizing this issue Ellis Scharfenaker and Gregor Semieniuk found a statistical equilibrium on the equalization of the profit rate which seems to remain stable throughout decades. Further on, the lecture explicates the algebraical social coordination model which could raise general thoughts of this perspective.
Advanced Microeconomics: Information and Behavior in Political Economy | Lecture 11 Social Coordination Problems in Marxist Political Economy (Part A) | Duncan Foley | Leo Model Professor of Economics at the New School for Social Research | Spring 2016