The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system … - Joan Robinson

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The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.

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About Joan Robinson

Joan Robinson FBA (30 October 1903 – 5 August 1983) was a British post-Keynesian economist who made many contributions to economic theory.

Also Known As

Birth Name: Joan Violet Maurice
Native Name: Joan Violet Robinson
Alternative Names: Joan V. Robinson

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It is a popular error that bureaucracy is less flexible than private enterprise. It may be so in detail, but when large scale adaptations have to be made, central control is far more flexible. It may take two months to get an answer to a letter from a government department, but it takes twenty years for an industry under private enterprise to readjust itself to a fall in demand.

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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.

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