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The missing C that threatens to flood us all

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  • Nick Potts

Abstract

Purpose - The purpose of this paper is to contrast conventional economists' belief that human needs are optimally satisfied by the market, with Marx's view that capitalism has a narrow focus on money making, where satisfying human needs is at most a by‐product of the system's restricted purpose. Design/methodology/approach - The paper explores conventional economics, then Marx's economics, focusing on the issue of saving the environment, as the most basic human need is having a viable environment. Findings - Economists' focus on use‐value and optimality is explored. Marx's alternative explanation of capitalism is then introduced. The author explains why Marx thinks capitalism has a tendency to boom and slump and to produce rising levels of inequality and considers how, under capitalism, the environment could be saved, and concludes that both human needs and the environment are best secured in a more advanced social system than capitalism. Research limitations/implications - To properly understand capitalism, one must look to Marx's unsurpassed analysis of capitalism, rather than conventional economists' attempts to justify, but not actually explain, capitalism. Practical implications - Saving the environment is likely to be far more difficult and disruptive to the economy than conventional economists imagine. Social implications - For society to actually focus on satisfying human needs, including, crucially, saving the environment, there needs to be a move to a more advanced social system than capitalism. Originality/value - The paper challenges orthodox views by applying Marx's deeper understanding of the economy to the question of human needs/the environment.

Suggested Citation

  • Nick Potts, 2011. "The missing C that threatens to flood us all," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 38(3), pages 273-290, February.
  • Handle: RePEc:eme:ijsepp:v:38:y:2011:i:3:p:273-290
    DOI: 10.1108/03068291111105200
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    References listed on IDEAS

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    1. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801, October.
    2. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
    3. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    4. Freeman, Alan, 2004. "The Inequality of Nations," MPRA Paper 5589, University Library of Munich, Germany.
    5. Meghnad Desai, 1995. "Macroeconomics And Monetary Theory," Books, Edward Elgar Publishing, number 133.
    6. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
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