Marxian Reproduction Schema

Money and Aggregate Demand in a Capitalist Economy

By Andrew Trigg

© 2008 – Routledge

132 pages | 2 B/W Illus.

Purchasing Options:
Paperback: 9780415493680
pub: 2009-12-17
US Dollars$54.95
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Hardback: 9780415336697
pub: 2006-02-09
US Dollars$155.00
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About the Book

In 1878 Karl Marx developed the reproduction schema: his model of how total capital is produced and reproduced. This is thought to be the first two-sector economic model ever constructed. Two key aspects of Marx’s writings are widely agreed to be undeveloped: The role of aggregate demand and the role of money. This book synthesizes various strands of economic thought to enable the reader to understand and clarify the structure of the reproduction schema. This synthesis will challenge prevailing orthodoxies.

This book constructs a macro monetary model which draws on a wide range of economic theories, within both the Marxian economic tradition, and the tradition of Keynes, Kalecki, Domar, Sraffa and Leontief. Marxian economics has been dominated by supply-side thinking, including general equilibrium theory and pronouncements about the shortage of surplus value, whilst Post Keynesians have failed to take seriously the importance of reproduction and the multisectoral structure of capitalism. By locating aggregate demand and the circuit of money in the reproduction schema, this key book provides an analytical contribution to both Marxian and Post Keynesian economics.

Table of Contents

1. Introduction 2. The Multiplier 3. The Kalecki Principle 4. The Monetary Circuit 5. Money, Growth and Crisis 6. Beyond Underconsumption 7. The Falling Rate of Profit 8. The Transformation Problem

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

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Subject Categories

BISAC Subject Codes/Headings:
BUS023000
BUSINESS & ECONOMICS / Economic History
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory