Marx's Reproduction Schemes and the Keynesian Multiplier: A Reply to Sardoni

Posted: 3 May 2010

See all articles by Andrew B. Trigg

Andrew B. Trigg

The Open University

Jochen Hartwig

ETH Zurich - Swiss Economic Institute

Date Written: 2010

Abstract

In a recent contribution to this journal, C. Sardoni takes issue with the identification by Trigg, in a 2006 publication, of a role for the Keynesian investment multiplier in Marx's schemes of reproduction. Indirectly, Sardoni also expresses his disagreement with Hartwig (by attributing one of his statements to Trigg). We appreciate the opportunity to defend our view against Sardoni's critique. This reply shows that a bridging point between Marx and Keynes can be established without recourse to microfoundations. As suggested by both Trigg, in 2006, and Hartwig, in 2004, the well known Harrod-Domar model of economic growth provides an interpretation of Marx's reproduction schemes that has the Keynesian multiplier as a constituent element. This note will further explore the assumptions underlying the interface between Marx and Keynes, in response to the challenging questions raised in Sardoni's contribution.

Keywords: Marxian reproduction schemes, Keynesian multiplier, Harrod-Domar model

JEL Classification: E11, E12

Suggested Citation

Trigg, Andrew B. and Hartwig, Jochen, Marx's Reproduction Schemes and the Keynesian Multiplier: A Reply to Sardoni (2010). Cambridge Journal of Economics, Vol. 34, Issue 3, pp. 591-595, 2010, Available at SSRN: https://ssrn.com/abstract=1599052 or http://dx.doi.org/10.1093/cje/beq003

Andrew B. Trigg (Contact Author)

The Open University ( email )

Walton Hall
Milton Keynes, MK6 7AA
United Kingdom

Jochen Hartwig

ETH Zurich - Swiss Economic Institute ( email )

CH-8092 Zurich
Switzerland

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