Marx’s Reproduction Schemes and Smith’s Dogma

Fred Moseley

Chapter 7 in The Circulation of Capital, 1998, pp 159-185 from Palgrave Macmillan

Abstract: Abstract The best-known part of Volume Two of Capital is the reproduction schemes in Part Three. Marx’s reproduction schemes have been widely interpreted to be essentially the same as Leontief input-output tables, or the technology matrices in Sraffian theory or in neo-classical growth theory (for example, Lange, 1969; Morishima, 1973; Howard and King, 1985; Gehrke and Kurz, 1995). These technology matrices consist of physical quantities of inputs and outputs for the various sectors in the economy. According to this interpretation, Marx’s reproduction tables also consist fundamentally of physical quantities of inputs and outputs, which are aggregated into departments by means of labor values. The main purpose of Marx’s reproduction tables, according to this interpretation, is to analyze the conditions for balanced growth, or the proportions between the physical inputs and outputs of the different sectors of the economy which are necessary for balanced growth to occur.

Keywords: Physical Quantity; Fixed Capital; Balance Growth; Capitalist Production; Labor Power (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-14319-1_7

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