By Andrew Trigg
In 1878 Karl Marx constructed the replica schema: his version of the way overall capital is produced and reproduced. this can be considered the 1st two-sector monetary version ever built. key points of Marx’s writings are greatly agreed to be undeveloped: The position of mixture call for and the position of cash. This publication synthesizes a variety of strands of monetary suggestion to let the reader to appreciate and make clear the constitution of the copy schema. This synthesis will problem triumphing orthodoxies. This booklet constructs a macro financial version which pulls on quite a lot of financial theories, inside of either the Marxian fiscal culture, and the culture of Keynes, Kalecki, Domar, Sraffa and Leontief. Marxian economics has been ruled via supply-side considering, together with basic equilibrium concept and pronouncements concerning the scarcity of surplus worth, while publish Keynesians have did not take heavily the significance of copy and the multisectoral constitution of capitalism. by means of finding mixture call for and the circuit of cash within the copy schema, this key ebook offers an analytical contribution to either Marxian and submit Keynesian economics.
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Extra info for Marxian Reproduction Schema (Routledge Frontiers of Political Economy)
In contrast, Brus (1977: 59) reported that Kalecki felt ‘a strong distaste for the Marxian theory of value, which he considered metaphysical and (if I am not mistaken) never wanted to discuss’. Whichever interpretation is correct, Kalecki’s silence on the labour theory of value leaves open the theoretical possibility that its relevance can be fruitfully explored. To relate Kalecki’s model of reproduction to Marx’s theory, a reconfiguration is required of the definition of profits. The problem, as we have seen, is that Kalecki’s model requires a gross definition of profits that is different from Marx’s category of surplus value.
In contrast, an alternative perspective can be developed in which we discount the role played by all initial advances contained in M. This embraces the Kalecki principle, with the amount of money spent by capitalists returning to them as profits; but the money income of the rest of the economy is also generated out of the initial spending of capitalists. This alternative approach can be developed by again interpreting Marx’s reproduction schema as an input–output table. 3(b). All that is required, in addition to switching rows into columns, is a re-introduction of capitalist consumption as an explicit category.
The same assumption is applied to households, with consumption goods carried forward from the previous period. At the start of the production period, therefore, inventories of capital and consumption goods are inherited from the previous period of production. As a consequence, production in the current period is geared up for the replacement of items used up by firms and consumers in the current period. 4 This approach is very different from the Graziani model in which time starts with the advance of credit by banks to initiate production, with all items of production generated subsequent to this process (see Fontana 2002: 156–60).