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Genesis and foundations of the multiplier: Marx, Kalecki and Keynes

Serena Sordi () and Alessandro Vercelli ()
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Alessandro Vercelli: Università di Siena - Dipartimento di Politica Economica, Finanza e Sviluppo

History of Economic Ideas, 2012, vol. 20, issue 2, 137-156

Abstract: This article explores the Marxian roots of the multiplier in order to clarify its foundations and validity conditions. The authors argue that from Marx’s analysis of the evolution of institutions and technology of exchange crucial insights may be derived. In the light of this analysis Kalecki reformulated Marx’s reproduction schemes as an instrument to understand and control the dynamics of a capitalist economy. Though the focus is restricted to the first two volumes of Capital and Kalecki’s early contributions, we can draw from these works valuable understanding into the theoretical and empirical scope of the Kahn-Keynes multiplier and its implications for contemporary macroeconomic problems.

Date: 2012
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