[OPE-L:6805] Re: Re: Keynes and Kalecki

From: Steve Keen (s.keen@uws.edu.au)
Date: Fri Mar 22 2002 - 15:39:35 EST


"One of the rare occasions in which Keynes praised Marx occurred in a 1933 
draft of the General Theory. Here Keynes credits Marx with the '... 
pregnant observation ... that the nature of production in the actual world 
is not CMC`, i.e. of exchanging commodity (or effort) for money in order 
to obtain another commodity (or effort). That may be the standpoint of the 
private consumer. But it is not the attitude of business, which is a case 
of MCM`, i.e. of parting with money for commodity (or effort) in order to 
obtain more money." (Dillard 1984: 424, citing Keynes's Collected Works, 
Vol. 29: 81).

Dudley Dillard, 1984. "Keynes and Marx: a centenary appraisal", Journal of 
Post Keynesian Economics, Spring, 6: 421-432.

At 12:30 AM 23/03/2002 Saturday, you wrote:
>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
>out?
>
>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

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