A MARX FOR POST KEYNESIANS

Steve Keen

Papers deposited by Authors from Post-Keynesian Archive

Abstract: This paper proposes that an axiomatic foundation for Post Keynesian economics exists in Marx. It has been shown elsewhere (Keen, S., 1993a, "Use-value, exchange-value and the demise of Marx's labor theory of value", Journal of the History of Economic Thought [JHET], Vol. 15, No. 1, pp. 107-121; 1993b, "The Misinterpretation of Marx's theory of value", JHET, Vol. 15, No. 2, pp. 282-300) that there is an interpretation of Marx which contradicts the labor theory of value; this interpretation is also the source of these axioms. The paper considers major aspects of Post Keynesian thought--the importance of effective demand, wage determination and income distribution, the role of money and Minsky's Financial Instability Hypothesis-- and shows how these can be derived from Marx's axioms of classical economics. It argues that the organic conception of Keynes is consonant with a dialectical interpretation of Marx.

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