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But every agent that could perform Dobb’s two requirements would fulfill the entrepreneur function, including a state planning board. 43 Having outlined the duties of the entrepreneur, Dobb was left with a few obvious puzzles. Why did the entrepreneur’s work merit such high profits under capitalism? And why, since profits were so high, were there so few entrepreneurs? ” Dobb had some immediate precedents for this emphasis. Keynes had cited Marshall’s treatment of monopoly as one of the latter’s major contributions to economics, Lenin had recently declared it “the highest stage of capitalism,” and it had long been a favorite topic of debate among British Marxists.
A Fellow at Cambridge’s Trinity College, Cunningham led a campaign against the sundering of economics from history. He viewed Marshall as a practitioner of the crudest breed of economism. ” Cunningham’s methodological ruminations took concrete form with his opposition to the establishment of the Economics Tripos. 11 Marshall attempted to make something coherent out of this confusion by braiding Smith and company with the marginalists. The American economist Thorstein Veblen called Marshall’s project “neoclassical economics,” and the label has stuck.
Only political parties could solve political problems. Following Lenin, Dobb repudiated economic determinism in the name of voluntarism. History still moved toward socialism, but “an organisation, under efficient central control and direction” could speed up the journey. Dobb welcomed the objection that his argument betrayed existing socialist principles. 33 Dobb saw one area where he felt Marxism could especially benefit from the injecting of new thought: economics. Dobb believed he could yoke Marx to Marshall, not by fusing them together but by giving them distinct territories over which they could preside.