[OPE-L:5794] Re: Marx's and Kalecki's monetary insights

From: glevy@pratt.edu
Date: Tue Jun 05 2001 - 12:04:11 EDT

---------- Forwarded message ----------
> From: Riccardo Bellofiore <bellofio@cisi-aule.cisi.unito.it>
Subject: Re: [OPE-L:5788] Marx's and Kalecki's monetary insights

I would start from the '33-'35 papers of Kalecki which anticipated in
Polish the Keynesian revolution (if I remember well, they were printed
together in English as Theory of Economic Fluctuactions. But before it
would be good to read the short artcle on The Problem of Effective Demand
and the Schemes of Reproduction (Tugan Baranovski & Rosa Luxemburg), 1968,
may be: the title is not exactly this - I am not at home now, so I've not
the references here. The fact is that Kalecki developed his insights
starting from Rosa Luxemburg, not (I would guess, directly from Marx; and
this of course gives a different foundation than Keynes's Marshall). The
problem for me is that in Kaslecki the labour theory of value is not
explicitly taken into account, but I agree that he must be an important
antecedant for contemporary Marxism. I would argue that in Kalecki what's
more important is the link between finance & production, the consequences
on the distribution of income, and the notion of effective demand (plus the
unfinished business on investment and the cycle). On all the three points
he made decisive advances in Marx: no theory of commodity-money, hence
different analysis about the relation between wages and profits, and a
clearer definition of autonomous demand without the implication that all
surplus value is automatically invested.


At 4:46 -0400 5-06-2001, Gerald_A_Levy wrote:
>Andrew T suggested, in part, in [5773] that
>Marxists should re-learn Marx's "monetary
>insights, which provide the antecedants to  Post
>Keynesian Economics".
>To which Paul C added in [5775]:
>> Even better to re-read Kalecki.
>Paul:	Reading which books and/or articles by
>Kalecki do you believe are best from the
>standpoint of stimulating Marxists to develop
>monetary insights'?   (that's a quick and simple
>question that others are encouraged to answer as
>Is there anything in Kalecki's 'monetary insights'
>that was not anticipated by Marx? If so, what?
>In solidarity, Jerry

	Riccardo Bellofiore
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