Surplus Value and the Keynesian Multiplier

Andrew Trigg ()
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Andrew Trigg: Department of Economics, Faculty of Social Sciences, The Open University

No 24, Open Discussion Papers in Economics from The Open University, Faculty of Social Sciences, Department of Economics

Abstract: De Angelis (2000) identifies a monetary expression for the value of labour power as a constituent component of the employment multiplier. By conjoining this multiplier with Marx's falling rate of profit thesis, a critique is formulated of alternative strategies of employment generation. This paper takes the dissection of the multiplier one step further by demonstrating the role of the value of labour power itself in both income and employment multipliers. Nesting this approach in Marx's reproduction schema and using the Domar growth model, it is argued that De Angelis underestimates the importance of aggregate demand as a determinant of employment.

Pages: 19 pages
Date: 2000-10
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Persistent link: https://EconPapers.repec.org/RePEc:opn:wpaper:24

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