Are Kalecki's ‘Marxian Reproduction Schemes’ Really Marxian?

Gabriele Pastrello

A chapter in Polish Marxism after Luxemburg, 2022, vol. 37, pp 129-155 from Emerald Group Publishing Limited

Abstract: Kalecki's 1968 paper on Marx's Reproduction Schemes aimed, starting from Marxian Schemes, to build an analytical bridge to the modern theories of Effective Demand and Growth. Kalecki accomplished his task modifying the structure of Marxian Schemes, reinterpreting them in terms of vertically integrated sectors, and this sidesteps Marx's analysis of the monetary intersectoral transaction. This chapter tries to show that the impossibility of implementing the intersectoral monetary transaction is not simply due to monetary technicalities, as held by Kalecki, but has crucial implications regarding Say's Law. Putting aside Marx's problem, Kalecki puts aside the true meaning of Marx's unsuccessful analysis: that an economy obeying Say's Law cannot function; as it were, Marx's Impossibility Theorem on Say's Law.

Keywords: Marx; Kalecki; Luxemburg; multiplier; effective demand; Say's Law (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rpeczz:s0161-723020220000037009

DOI: 10.1108/S0161-723020220000037009

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