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Keynes and Marx: some points of contact

Denis, A. (2016). Keynes and Marx: some points of contact. Paper presented at the Victoria Chick and the General Theory at 80, 11 Jul 2016, London, UK.


Marx analyses capitalism as a contradictory entity in which the effect of alienated human activity is to establish production as an end in itself instead of a means to the end of consumption. Evidence is offered that Keynes adopts a similar stance. Both adopt a labour theory of value, and both Marx and Keynes have a vision of capitalism as historically limited and as pointing beyond itself. Focusing on the production side of the capitalist system, Marx deduces a tendency of the rate of profit to fall
from capital's continual expulsion of productive labour. Keynes, focusing on the realisation side of the system side of the system, deduces the diminishing marginal efficiency of capital from the accumulation of capital, leading to an ever-declining ability of capitalists to exploit the scarcity value of capital. The paper argues that these are two sides of the same coin.

Publication Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HB Economic Theory
Departments: School of Policy & Global Affairs > International Politics
Text - Accepted Version
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