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Right conclusion with weak evidence: A review of

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  • Jeong, Sangjun

Abstract

This paper reviews Andrew Kliman's The Failure of Capitalist Production (2011) with a focus on his critique of the underconsumptionist account of the current crisis. He innovatively refutes the underconsumptionist claims that the deterioration of income distribution and hence the decline of demand is the root causes of the crisis. However, his counterevidence based on the alleged rise in the share of workers' income is not strong enough to support his relevant criticism of the underconsumptionist theory and its political implications. Rather, we suggest an outline of alternative critique which would refute underconsumptionism more effectively.

Suggested Citation

  • Jeong, Sangjun, 2012. "Right conclusion with weak evidence: A review of," MPRA Paper 42619, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42619
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    References listed on IDEAS

    as
    1. Simon Mohun, 2006. "Distributive shares in the US economy, 1964--2001," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(3), pages 347-370, May.
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    More about this item

    Keywords

    Andrew Kliman; Underconsumptionist; Worker’s income share; Alternative critique;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • G01 - Financial Economics - - General - - - Financial Crises
    • Y30 - Miscellaneous Categories - - Book Reviews - - - Book Reviews

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