Monetary Analysis in Marx’s Economics

Eckhard Hein

Chapter 5 in Money, Distribution Conflict and Capital Accumulation, 2008, pp 16-29 from Palgrave Macmillan

Abstract: Abstract Marx’s theory of capital accumulation and growth has usually been characterized as ‘real analysis’ in Schumpeter’s (1954) categories. In Marxian theories of accumulation and crisis, focusing on ‘underconsumption’, ‘profit squeeze’ or ‘falling rate of profit’ arguments, money and a monetary interest rate only enter the stage, when general tendencies have already been derived from ‘real analysis’.14 Under these conditions, it comes as no surprise that in modern discussions of distribution and growth Marx’s theory is considered to be more similar to Classical ‘real analysis’ than to Keynes’s or to Post-Keynesian ‘monetary analysis’ (Amadeo 1986a; Marglin 1984a), which will be surveyed below.

Keywords: Capital Accumulation; Capacity Utilization; Effective Demand; Monetary Theory; Economic Paradigm (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59560-6_5

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DOI: 10.1057/9780230595606_5

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