[OPE-L:2827] Re: what a Marxist may learn from Keynes?

From: Gerald Levy (glevy@pratt.edu)
Date: Wed Apr 12 2000 - 15:30:26 EDT

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In [OPE-L:2824] Riccardo wrote:

> P.S.: I guess there is something worthwhile in, at least: (i) the category
> of 'finance';

What specific concepts in Keynes related to the category of finance have
not been appreciated by Marxists (or anticipated by Marx)?

(Here I think the Post-Keynesians have gone a lot further than Keynes).
> (ii) the notion of 'liquidity preference';

Perhaps. Explain further.

> (iii) autonomous investment;

That gets us back to a rejection of Say's Law (which I noted in my last
post) , doesn't it?
> (iv) the priority of investment over saving;

Or do you mean consumption over saving since investment demand is viewed as
a derived demand in Keynesian theory, isn't it?

> (v) the consequent notion of effective demand.

If that's not in Marx, then how did Kalecki develop that concept? I
thought that Kalecki and Robinson (and perhaps Sraffa) were rather
explicit in acknowledging their inspiration from Marx. Of course, one
wouldn't have expected the same acknowledgment from Keynes.

I find it curious that you didn't mention the multiplier or the

I do agree that Marxists have not, in general, paid enough attention to
the role of *expectations* (perhaps for fear that they would be accused of
being "subjectivist").

I attribute the rest of your comments in this post to the effects of
indigestion (Parmesian cheese gone bad, perhaps?).

In solidarity, Jerry

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