Joan Robinson: Capitalism

“Their attitude to Marx, as the leading critic of capitalism, is therefore much less cocksure than it used to be. In my belief, they have much to learn from him.”

Joan Robinson book An Essay on Marxian Economics

Foreword, p. xxii
An Essay on Marxian Economics (Second Edition) (1966)
Context: Until recently, Marx used to be treated in academic circles with contemptuous silence, broken only by an occasional mocking footnote. But modern developments in academic theory, forced by modern developments in economic life — the analysis of monopoly and the analysis of unemployment — have shattered the structure of orthodox doctrine and destroyed the complacency with which economists were wont to view the working of laissez-faire capitalism. Their attitude to Marx, as the leading critic of capitalism, is therefore much less cocksure than it used to be. In my belief, they have much to learn from him.

Learning

“If knowledge develops as capital accumulates, there need be no tendency to diminishing returns, and with constant returns there can be no tendency for the rate of profit to fall (always assuming that the problem ofeffective demand as ruled out).”

Joan Robinson book An Essay on Marxian Economics

Source: An Essay on Marxian Economics (Second Edition) (1966), Chapter V, The Falling Rate Of Profit, p. 38

Knowledge , Problem

“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 book An Essay on Marxian Economics

Source: An Essay on Marxian Economics (Second Edition) (1966), Chapter XI, Dynamic Analysis, p. 95

Law , Hope , Problem

“Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations.”

Joan Robinson book An Essay on Marxian Economics

Source: An Essay on Marxian Economics (Second Edition) (1966), Chapter III, The Labour Theory Of Value, p. 22

Time

“Modern technique, as Marx pointed out, fosters the concentration of capital, and the levels of profits is supported by a scarcity of enterprise which is not due to the real cost of risk-bearing, but to the scarcity of individuals who have anything to risk.”

Joan Robinson book An Essay on Marxian Economics

Source: An Essay on Marxian Economics (Second Edition) (1966), Chapter VII, The Orthodox Theory of Profit, p. 57-58

Support

“I began to read Capital, just as one reads any book, to see what was in it; I found a great deal that neither its followers nor its opponents had prepared me to expect.”

Joan Robinson book An Essay on Marxian Economics

Preface To The Second Edition, p. vi
An Essay on Marxian Economics (Second Edition) (1966)

Books , Reading

“Capital' is not what capital is called, it is what its name is called.”

Joan Robinson

Source: Contributions to Modern Economics (1978), Chapter 8, Production Function and Theory of Capital, p. 79

“It seems that neither the Keynesian nor the Marxian prognosis of the future of capitalism is being fulfilled and we are left without any particular theory as to what will happen next.”

Joan Robinson

Source: Contributions to Modern Economics (1978), Chapter 20, Has Capitalism Changed?, p. 227

Future