Monetary Analysis in Marx’s Economics

Abstract

Marx’s theory of capital accumulation and growth has usually been characterized as ‘real analysis’ in Schumpeter’s (1954) categories. In Marxian theories of accumulation and crisis, focusing on ‘underconsumption’, ‘profit squeeze’ or ‘falling rate of profit’ arguments, money and a monetary interest rate only enter the stage, when general tendencies have already been derived from ‘real analysis’.14 Under these conditions, it comes as no surprise that in modern discussions of distribution and growth Marx’s theory is considered to be more similar to Classical ‘real analysis’ than to Keynes’s or to Post-Keynesian ‘monetary analysis’ (Amadeo 1986a; Marglin 1984a), which will be surveyed below.KeywordsCapital AccumulationCapacity UtilizationEffective DemandMonetary TheoryEconomic ParadigmThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.