[OPE-L:6803] Re: Keynes and Kalecki

From: gerald_a_levy (gerald_a_levy@msn.com)
Date: Fri Mar 22 2002 - 08:30:06 EST

Re Steve K's [6801]:

> Keynes, by the way, was a great fan of Marx's M--C--M+ analysis, and
> quoted  it in an early draft of the General Theory. Unfortunately, it was
> edited  out. I think the GT would have been a lot less obscure if he had
> quoted it.

What is the source (or sources) for the above and what were
the circumstances that led to that  M-C-M' "analysis" being edited

When you write that Keynes was a fan of Marx's M-C-M' "analysis", I'm
not sure what you mean.  _Taken by itself_,  this was a question rather than
an analysis in Marx: i.e. by expressing "the general formula for capital" in
this way Marx was able then to proceed to an analysis of what was the
source of the additional M.  In other words M-C-M' was a prelude to his
analysis of the origins of surplus value.  Yet, as a life-long marginalist,
Keynes did not share Marx's theory of value and surplus-value.  So it is
quite unclear to me why Keynes would be a "fan" of that formula  other than
the rather obvious sense that it indicates that Marx also had a macro-
monetary perspective unlike the advocates of Say's Law.

In solidarity, Jerry

This archive was generated by hypermail 2b30 : Tue Apr 02 2002 - 00:00:06 EST