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date: 12 July 2020

Abstract and Keywords

John Maynard Keynes never showed much sympathy toward Karl Marx, largely due to their very different political and ideological stances. Despite these differences, however, there are important points of contact between their analyses of the working of market economies. This chapter looks at the relationship between Marxian and post-Keynesian economics from the perspective that was suggested by Joan Robinson beginning in the 1950s. Such a perspective concentrates on Marxian schemes of reproduction. The basic condition for a balanced process of reproduction is that the whole produced surplus is sold in the market, so that there are no imbalances between supply and demand. This raises an analytical issue that requires an analysis of the role of money in the process. The chapter also considers a generalized version of Marx’s schemes, presented in a way that makes it easier to relate them to the Kaleckian and Keynesian approaches. Finally, it looks at Michal Kalecki’s approach as well as E. D. Domar’s and R. F. Harrod’s theories of growth.

Keywords: John Maynard Keynes, Karl Marx, market economies, post-Keynesian economics, reproduction, Joan Robinson, Michal Kalecki, theories of growth, money, supply and demand

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