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Keynes and Marx: some points of contact

Denis, A. (2018). Keynes and Marx: some points of contact. In: Dow, S., Jespersen, J. & Tily, G. (Eds.), The General Theory and Keynes for the 21st century. (pp. 171-182). Cheltenham: Edward Elgar. doi: 10.4337/9781786439888.00020


Marx and Keynes approach the analysis of capitalist economies from distinct standpoints, by starting with the investigation of the production of value and surplus value, and of its realisation, respectively. This implies complementarity, evidenced in several points of contact. Both writers adopt a labour theory of value, with prices varying around prices of production, and both affirm a tendency for the rate of profit to fall, underpinned by a tendency for organic composition to rise. The conclusion reached is that the thesis that Marx and Keynes are utterly opposed, expounded for example by Pilling, Mattick, and Potts, is incorrect.

Publication Type: Book Section
Additional Information: This is a draft chapter / article. The final version is available in 'Keynes and Marx: some points of contact' edited by S. Dow, J. Jespersen & G. Tily, forthcoming 2018, Edward Elgar Publishing Ltd, The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.
Subjects: H Social Sciences > HB Economic Theory
Departments: School of Policy & Global Affairs > Economics
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