Surplus value and the Keynesian multiplier

Trigg, Andrew B. (2002). Surplus value and the Keynesian multiplier. Review of Radical Political Economics, 34(1) pp. 57–67.




De Angelis [Review of Radical Political Economics 32 (1), 80] identifies a monetary expression for the value of labor power as a constituent component of the employment multiplier. By conjoining this multiplier with Marx's falling rate of profit thesis, a critique is formulated of alternative strategies of employment generation. This paper takes the dissection of the multiplier one step further by demonstrating the role of the value of labor power itself in both income and employment multipliers. Nesting this approach in Marx's reproduction schema, and using the Domar growth model, it is argued that De Angelis underestimates the importance of aggregate demand as a determinant of employment.

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