[OPE-L:8086] Post-Keynesian and Marxist Economics

From: gerald_a_levy (gerald_a_levy@msn.com)
Date: Sun Dec 01 2002 - 21:40:22 EST

"Post-Keynesian and Marxist Economics: 
             twins or distant cousins?"  

Paper from May 2001 by Marc Lavoie and Mario Seccareccia  
presented at the Progressive Economic Forum meeting of the 
Canadian Economics Association (in pdf format):


"Abstract:  There has been a substantial amount of convergence 
between post-Keynesian and Marxist economics, the writings of 
Kalecki being common ground for both traditions. Still, some 
differences remain.  While authors in both traditions seem to agree 
to a large extent on short-period issues, *long-period issues 
related the role of savings, the rate of profit, inflation, 
crowding out,  excess money supply, are still contentious. 
All this seems to depend on the investment  function and 
the role of capacity utilization. Post-Keynesians claim that 
the rate of accumulation is tied to the rate of capacity
utilization, whereas Marxists link the latter to the change 
in the rate of accumulation* ." (emphasis added, JL)

* Does the "abstract"  accurately express the main differences 
in perspective between these two traditions?  

* Can these perspectives be reconciled without doing an
injustice to either one?  If so, how?

In solidarity, Jerry

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