The Long-Period Theory of Employment

Joan Robinson

Chapter Chapter IV in An Essay on Marxian Economics, 1966, pp 29-34 from Palgrave Macmillan

Abstract: Abstract For the most part, Marx conducts his argument upon the assumption that there is no problem of the inducement to capitalists to invest in real capital: “Accumulate, accumulate ! That is Moses and the prophets.” 1 The capitalists are not particularly interested in enjoying luxurious expenditure; 2 they are interested in acquiring more capital, and each is forced by the competitive struggle to enlarge his capital so as to take advantage of new techniques. So long as they have some profits to invest, they can be relied upon to invest them, irrespective of the prospect of profit or the rate of interest.3 Thus, in the main argument, the problem of effective demand does not arise. This problem is treated separately by Marx, as the problem of “realising surplus value”, and his treatment of it is discussed below.4

Keywords: Real Wage; Subsistence Level; Real Earning; Effective Demand; Real Capital (search for similar items in EconPapers)
Date: 1966
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15228-5_4

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DOI: 10.1007/978-1-349-15228-5_4

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