The Contributions of Marx, Keynes and Kalecki
The present book is a largely revised version of my previous book Marx and Keynes on Economic Recession (Sardoni, 1987). When the book was published in the late 1980s, mainstream economics was not too worried about economic recessions. By and large, macroeconomics was still dominated by the New Classical approach, with its concern for equilibrium characterized as the outcome of maximizing behaviour in a competitive framework. In the midst of the current world economic crisis, several economists have claimed the necessity to return to the Marxian and Keynesian traditions to better understand the dynamics and the contradictions of market economies. This book is a step in that direction as it tries to single out and discuss the elements of Marx’s, Keynes’s and Kalecki’s theories that can contribute to the understanding of the world in which we live. This book, therefore, is not a mere exercise in the history of economic thought. But neither is it an attempt at analysing and modelling the current crisis. The main intent of the present work is to provide a critical examination of the foundations of macroeconomics as developed in the tradition of Marx, Keynes and Kalecki. A book concerned with these economists may be, hopefully, of interest to a larger portion of the profession, beyond historians of thought and Marxist, Keynesian and Post Keynesian economists. Marx was one of the ﬁrst economists who provided a thorough analysis of the recurrent crises to which market economies are prone; Keynes wrote The General Theory by drawing...