Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics

Hein, Eckhard (2004): Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics. Published in: International Papers in Political Economy , Vol. 11, No. 2 (2004): pp. 1-43.

Abstract

In this paper we have taken issue with those Marxian and post-Keynesian views which neglect the broad similarities between Marx’s economics and post-Keynesian approaches in the field of money, credit and the rate of interest. Starting from the older observations on the common ground of Marx’s and Keynes’s views in the fields mentioned above, we have shown that Marx’s economics cannot only be seen as one of the sources of post-Keynesian economics because his theory of capitalist reproduction has had a major impact on Kalecki’s theory of effective demand, but also because his monetary economics fit quite well into the post-Keynesian research programme of a monetary theory of production.

• Item Type: MPRA Paper
• Language: English
• Keywords: Money, credit, interest rate, Marx's economics, Post-Keynesian economics
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes ; Keynesian ; Post-Keynesian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E40 - General; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E11 - Marxian ; Sraffian ; Kaleckian

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