Corpus ID: 67761678

Effective demand and Say’s law in Marxist theory: an evolutionary perspective

@inproceedings{Rotta2017EffectiveDA,
  title={Effective demand and Say’s law in Marxist theory: an evolutionary perspective},
  author={T. Rotta},
  year={2017}
}
In this paper I theorize the roles of effective demand and Say’s Law in the Marxist theory of exploitation and accumulation. I claim that an exogenous rate of exploitation implies deploying the strongest version of Say’s Law, which leads profit rates not to equalize across sectors. Marx’s own procedure in Capital III was therefore logically mistaken. Once Keynes’ principle of effective demand is introduced, the rate of exploitation, and hence the distribution of income between wages and profits… Expand

Figures and Tables from this paper

A Unified Marxist Approach to Accumulation and Crisis in Capitalist Economies
An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises emerge from within the logic of capitalism’s operation, and are manifestationsExpand

References

SHOWING 1-10 OF 53 REFERENCES
Effective Demand and the Rate of Profits: Some Thoughts on Marx, Kalecki and Sraffa
The Marxian twist given by Kalecki to his theory of effective demand by restating it with the help of the ‘schemes of reproduction’1 makes Marx a natural term of comparison for the Polish economist.Expand
The Point of Effective Demand
Abstract Keynes's principle of effective demand conceives competitive equilibrium in terms of the choices of entrepreneurs, investors and consumers, rather than of the optimal allocation of factorsExpand
The Marxian schemes of reproduction and the theory of effective demand
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 andExpand
The role of aggregate demand in classical-Marxian models of economic growth
This paper argues that classical-Marxian models of economic growth are similar to neoclassical models in neglecting the role of aggregate demand, either by omitting aggregate demand issues altogetherExpand
Some Aspects of Kalecki’s Theory of Profits: its Relationship to Marx’s Schemes of Reproduction
TLDR
It is pointed out that Kalecki's views on finance are closely related to Marx’s treatment of the monetary aspects of the reproduction process. Expand
On Marx's Scheme of Reproduction and Accumulation
The scheme of reproduction occupies a central place in Marx's economic analysis of capitalism. This paper examines the analytical structure of the scheme in order to clarify, after some restatement.Expand
Growth, distribution and prices
What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatiseExpand
Effective Demand and Short-term Adjustments in the General Theory
Keynes's principle of effective demand constitutes a pillar for Post Keynesian theories. But Keynes's presentation remains difficult to interpret, mainly because the aggregate demand function isExpand
An Essay on Marxian Economics
In this essay we propose to discuss some aspects of Marxian economics in the light of modern economic theory. In particular, we want to lay stress on the types of technical change implied in Marx'sExpand
Structural change and prices of production
Abstract The classical theory of prices of production and their formation within competition traditionally abstracts from structural change by assuming a given state of technology, distribution andExpand
...
1
2
3
4
5
...