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A Critique of Mainstream Growth Theory: Ways Out of the Neoclassical Science (-Fiction) and Toward Marxism

In: Revitalizing Marxist Theory for Today's Capitalism

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  • Rémy Herrera

Abstract

This chapter is a radical critique of the neoclassical growth theory, justifying ways out of mainstream economics. It has three parts. The first one analyzes growth theories from the Classical representation to the endogenous growth models. The second part demonstrates that the “new growth theory” is not a break with Solow's formalization. To prove it, we build an original Solowian endogenous growth model. Then, this neoclassical macrodynamic framework is technically, deeply critized in a third part. We show that both exogenous and endogenous neoclassical models prove to be incapable to explain growth in the long period. We concentrate on the ambiguities surrounding the hypothesis of single agent, as well as on the role of the state, in particular when it is considered as a “planner” by the neoclassicals. Endogenous growth models do not correspond to macrodynamization of the Walrasian general equilibrium, nor have solid microeconomic bases. We advocate in favor of rehabilitating state's intervention in social areas and of reactivating Marxist theoretical reflections regarding social planning and class analysis in the current time of structural crisis of the capitalist world system.

Suggested Citation

  • Rémy Herrera, 2011. "A Critique of Mainstream Growth Theory: Ways Out of the Neoclassical Science (-Fiction) and Toward Marxism," Research in Political Economy, in: Revitalizing Marxist Theory for Today's Capitalism, pages 3-63, Emerald Group Publishing Limited.
  • Handle: RePEc:eme:rpeczz:s0161-7230(2011)0000027003
    DOI: 10.1108/S0161-7230(2011)0000027003
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    Cited by:

    1. Rémy Herrera, 2013. "The U.S. economy today: between systemic crisis and permanent war," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00801117, HAL.
    2. Alejandro Mungaray-Lagarda & José G. Aguilar-Barceló & Germán Osorio-Novela, 2016. "Rethinking The Purpose Of Micro Enterprises In Developing Countries: Evidence For Mexico," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 21(03), pages 1-16, September.
    3. Mungaray Lagarda, Alejandro & Aguilar Barceló, José G. & Osorio Novela, Germán, 2017. "Los objetivos económicos de la micro y pequeña empresa en México. Un análisis desde las elasticidades de factores productivos || The Economic Objectives of the Micro and Small Businesses in Mexico. An," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 24(1), pages 129-146, Diciembre.
    4. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.

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