Marxian Reproduction Schema

(Routledge Frontiers of Political Economy)

Product Description
Karl Marx is still comfortably the most famous economist ever and the schema of reproduction outlined in Volume II of Das Kapital remains of enduring interest and intellectual significance as a model of the capitalist economy. It has achieved attention from the likes of Meghnad Desai and Michio Morishima but can still be considered to be understudied.

Andrew Trigg redresses this by relating Marx's schema to Keynes's multiplier, Leontieff's input-output analysis, Domar's growth model and Kalecki's principle - in the process offering intriguing and innovative clarifications.

Publisher: Routledge; 1 edition (July 26, 2006)

Language: English

ISBN-10: 0415336694

ISBN-13: 978-0415336697

Contents

1 Introduction 1
2 The multiplier 6
Marx’s reproduction schema 7
The Keynesian multiplier 11
Leontief input–output analysis 16
3 The Kalecki principle 21
Kalecki and the reproduction schema 22
Surplus value 26
The Kalecki multiplier 28
The value-form 30
4 The monetary circuit 33
The theory of the monetary circuit 33
A Marxian alternative 39
The macro monetary model 46
5 Money, growth and crisis 50
Capital outlays and sales 50
Domar and balanced reproduction 53
Conditions for economic crisis 57

6 Beyond underconsumption 63
Disproportionality 64
Luxemburg and accumulation 68
Luxemburg’s two parallel questions 73
7 The falling rate of profit 76
Grossmann’s law of capitalist breakdown 77
Return of the Kalecki principle 81
Simulation without breakdown 83
The falling rate of profit 85
8 The transformation problem 89
Marx’s transformation solution 90
Marx after Sraffa: the new interpretation 94
Generalization of the macro monetary model 96
Appendices 102
Notes 112
Bibliography 119
Index 127