Marx’s economic theory: a post-Keynesian interpretation

Fernando J. Cardim de Carvalho ()

Brazilian Journal of Political Economy, 1986, vol. 6, issue 4, 517-534

Abstract: Marx’s thoughts about money and its role in capitalist economies are scatteredthroughout his works. In particular, they constitute a major part of the 3rd volumeof Capital and of the Grundrisse. In these two works, Marx presents the foundations for atheory of money that is very close to Keynes’s views. In the paper, this similarity is shownthrough the systematization of Marx’s monetary theory along (post) Keynesian lines. Thedemand for money is shown to be rooted not only in the transaction’s motive but also in theliquidity properties of money. These properties become important in capitalist economiescharacterized by market uncertainty. Both Marx and Keynes use the concept of money tobreak Say’s law. An essential difference between the two authors is shown to relate to themeasure-of-value function of money and ways to reconcile them on this issue are developed. JEL Classification: E11; E12; B24.

Keywords: Marx; post-Keynesianism; monetary theory; history of economic thought (search for similar items in EconPapers)
Date: 1986
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