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Marx's reproduction schemes and the Keynesian multiplier: a reply to Sardoni

Trigg, Andrew B. and Hartwig, Jochen (2010). Marx's reproduction schemes and the Keynesian multiplier: a reply to Sardoni. Cambridge Journal of Economics, 34(3) pp. 591–595.

DOI (Digital Object Identifier) Link: http://dx.doi.org/10.1093/cje/beq003
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Abstract

In a recent contribution to this journal, C. Sardoni takes issue with the identification by Trigg, in a 2006 publication, of a role for the Keynesian investment multiplier in Marx's schemes of reproduction. Indirectly, Sardoni also expresses his disagreement with Hartwig (by attributing one of his statements to Trigg). We appreciate the opportunity to defend our view against Sardoni's critique. This reply shows that a bridging point between Marx and Keynes can be established without recourse to microfoundations. As suggested by both Trigg, in 2006, and Hartwig, in 2004, the well known Harrod–Domar model of economic growth provides an interpretation of Marx's reproduction schemes that has the Keynesian multiplier as a constituent element. This note will further explore the assumptions underlying the interface between Marx and Keynes, in response to the challenging questions raised in Sardoni's contribution.

Item Type: Journal Article
Copyright Holders: 2010 Oxford University Press
ISSN: 1464-3545
Academic Unit/Department: Social Sciences > Economics
Interdisciplinary Research Centre: Innovation, Knowledge & Development research centre (IKD)
Item ID: 25914
Depositing User: Andrew Trigg
Date Deposited: 08 Jan 2011 12:15
Last Modified: 23 Oct 2012 14:33
URI: http://oro.open.ac.uk/id/eprint/25914
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