The Marxian Schemes of Reproduction and the Theory of Effective Demand

Posted: 17 Jan 2009

See all articles by Claudio Sardoni

Claudio Sardoni

University of Rome "La Sapienza"

Date Written: January 2009

Abstract

The paper deals with some theoretical and analytical issues raised by a recent book by Trigg on Marx's schemes of reproduction. The paper presents a generalized model of expanded reproduction and concentrates on the attempt to develop Marx's schemes along Keynesian lines. Trigg tries to develop a Keynesian interpretation of the schemes without significant changes to Marx's original approach; the paper argues that the abandonment of some of Marx's hypotheses, in particular that of free competition, is necessary to allows us to provide a Marxian determination of underemployment equilibria and to use a Marxian version of the Keynesian concept of multiplier. In considering Marx's and Keynes's analyses of capitalist economies, the paper also emphasizes their similarities with respect to the importance of money and the capitalists' liquidity preference in the process of reproduction and growth.

Keywords: Marxian reproduction schemes, Effective demand, Money, Keynesian multiplier, Multisectoral growth models

JEL Classification: Q41, E11, E12

Suggested Citation

Sardoni, Claudio, The Marxian Schemes of Reproduction and the Theory of Effective Demand (January 2009). Cambridge Journal of Economics, Vol. 33, Issue 1, pp. 161-173, 2009, Available at SSRN: https://ssrn.com/abstract=1327630 or http://dx.doi.org/10.1093/cje/ben031

Claudio Sardoni (Contact Author)

University of Rome "La Sapienza" ( email )

Piazzale Aldo Moro 5
Roma, Rome 00185
Italy

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