Peter Cooper — Productive As Well As Unproductive Project Inward A Macro Context

As is good known, Marx as well as the classical political economists before him made a distinction betwixt productive as well as unproductive labor. Marx’s distinction is somewhat differed from Smith’s. For Marx, undertaking is productive when it is: (i) ask productive of surplus value; as well as (ii) exchanged ask against capital. I rest unsure how applicable the distinction is to a country coin system. Some of my misgivings are explained inwards an before post. The doubtfulness has held dorsum an endeavor to explore connections betwixt Marx as well as Modern Monetary Theory (MMT). To become approximately this, hither I top on on an every bit if basis, yesteryear assuming for the sake of declaration that the distinction is meaningful....

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Productive as well as Unproductive Labor inwards a Macro Context
Peter Cooper