By Andrew Trigg
In 1878 Karl Marx built the copy schema: his version of the way overall capital is produced and reproduced. this can be regarded as the 1st two-sector fiscal version ever built. key facets of Marx’s writings are broadly agreed to be undeveloped: The position of combination call for and the function of cash. This e-book synthesizes a number of strands of monetary proposal to permit the reader to appreciate and make clear the constitution of the copy schema. This synthesis will problem triumphing orthodoxies. This booklet constructs a macro financial version which attracts on quite a lot of financial theories, inside of either the Marxian financial culture, and the culture of Keynes, Kalecki, Domar, Sraffa and Leontief. Marxian economics has been ruled through supply-side pondering, together with common equilibrium conception and pronouncements concerning the scarcity of surplus price, while publish Keynesians have did not take heavily the significance of copy and the multisectoral constitution of capitalism. through finding combination call for and the circuit of cash within the replica schema, this key booklet presents an analytical contribution to either Marxian and publish Keynesian economics.
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Additional resources for Marxian Reproduction Schema (Routledge Frontiers of Political Economy)
Example text
1), Nell narrowly associates accumulation with the production of means of production (capital goods). There is no mention of the accumulation of consumption goods, which are placed at the centre of Marx’s reproduction schema. Second, the role of Marx’s category of surplus value is obscured in the Kalecki table. As demonstrated in Chapter 3, for the 40 The monetary circuit three-sector schema, a translation can be made between the Kalecki categories and Marx’s original categories specified in the third part of Capital, volume 2.
It is assumed that any sales of inventories to meet the outlays of the two departments are immediately matched by production levels that allow them to be replaced. In the second circuit (A†F†) these increases have secondary impacts upon the outputs of both departments. 17), a†12 ϭ –12, the increase of 1,250 in Department 2’s output results in a further increase, by –12, in the output of Department 1: Department 1 sells 625 units of capital goods in order to meet (replace) the capital goods requirements of Department 2.
It is the money expenditures by capitalists upon consumption and investment that generate the resultant volume of profits. Cartelier (1996: 217) has linked this so-called Kalecki principle, that capitalists earn what they spend, to the circulation of money. ’ Key passages in Marx’s writings that demonstrate the role of the Kalecki principle in relation to the circulation of money are in chapter 17 of Capital, volume 2 (see Sardoni 1989: 211). Starting with the case of simple reproduction, Marx considers the circulation of money using the example of an individual capitalist.