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Say's law in Marx and Keynes

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  • Duncan K. Foley

Abstract

[fre] Les critiques émises par Marx et Keynes à la loi de Say sont examinées de façon critique. Un modèle simple de circuit du capital est utilisé pour montrer que les deux théoriciens fondent la possibilité d'une demande globale inadéquate sur l'existence de la monnaie et de retards finis et variables de la dépense concernant les actifs monétaires. A la fois Marx et Keynes vont plus loin pour discuter le type d'agent qui présente de tels retards variables dans la dépense. Marx démontre que les producteurs capitalistes réagissent aux contraintes de liquidité et aux contraintes de ventes avec des retards variables dans la dépense. Keynes démontre que la spéculation est le premier facteur responsable de cette situation. [eng] Marx's and Keynes' criticisms of Say's Law are examined critically. A simple model of the circuit of capital is used to show that both theorists base the possibility of inadequate aggregate demand on the existence of money and of finite and variable spending lags for monetary assets. Both Marx and Keynes go further to discuss the type of agent that will exhibit such variable spending lags. Marx argues that capitalist producers will react to liquidity constraints and sales constraints with variable spending lags. Keynes argues that speculation is the primary factor responsible.

Suggested Citation

  • Duncan K. Foley, 1985. "Say's law in Marx and Keynes," Cahiers d'Économie Politique, Programme National Persée, vol. 10(1), pages 183-194.
  • Handle: RePEc:prs:caecpo:cep_0154-8344_1985_num_10_1_1006
    DOI: 10.3406/cep.1985.1006
    Note: DOI:10.3406/cep.1985.1006
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    Cited by:

    1. Rotta, Tomás N., 2021. "Effective Demand and Prices of Production: An Evolutionary Approach," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 90-105.

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