Keynes and Marx: Some Points of Contact
"The General Theory and Keynes for the 21st century" (eds) Sheila Dow, Jesper Jespersen, Geoff Tily. Cheltenham: Edward Elgar
10 Pages Posted: 24 Oct 2017
Date Written: July 11, 2016
Marx and Keynes approach the analysis of capitalist economies from distinct standpoints, by starting with the investigation of the production of value and surplus value, and of its realisation, respectively. This implies complementarity, evidenced in several points of contact. Both writers adopt a labour theory of value, with prices varying around prices of production, and both affirm a tendency for the rate of profit to fall, underpinned by a tendency for organic composition to rise. The conclusion reached is that the thesis that Marx and Keynes are utterly opposed, expounded for example by Pilling, Mattick, and Potts, is incorrect.
Keywords: Keynes, Marx, falling rate of profit, marginal efficiency of capital, labour theory of value, organic composition of capital
JEL Classification: B14, B22, B31
Suggested Citation: Suggested Citation