Rethinking Marxism: Radhika Desai 1 of 3 "The Demand Problem in the Current Crisis"

[kolomgorov]

Is Marx's theory of accumulation crisis that profits have a tendency to fall (because increasingly capital intensive production decreases surplus value) or underconsumption because supply will exceed demand (because workers aren't being paid their full product). I thought it was the first? Or does one imply the other?

[brendanmcooney]

@kolomgorov. There is a debate amongst marxists over whether or not underconsumptionism can be considered a Marxist theory of crisis. I tend to take the more orthodox position that it can't- that Marx was a theorist of the falling rate of profit.