The General Theory and Keynes for the 21st Century
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The General Theory and Keynes for the 21st Century

Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

This book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes's presentation during the 1930's of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes's ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy.
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Chapter 13: Keynes and Marx: some points of contact

Andy Denis

Abstract

Marx and Keynes approach the analysis of capitalist economies from distinct standpoints, by starting with the investigation of the production of value and surplus value, and of its realisation, respectively. This implies complementarity, evidenced in several points of contact. Both writers adopt a labour theory of value, with goods prices varying around prices of production, and both affirm a tendency for the rate of profit to fall, underpinned by a tendency for organic composition to rise. The conclusion reached is that the thesis that Marx and Keynes are utterly opposed, expounded for example by Pilling, Mattick and Potts, is incorrect.

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