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Underconsumption, capitalist investment and crisis: a reply to Sardoni

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  • Deepankar Basu

    (Department of Economics, University of Massachusetts Amherst, MA, USA)

Abstract

Sardoni (2015) presents an underconsumptionist reading of Marx's crisis theory and argues for developing a theory of capitalist investment by building on the insights of Keynes and Kalecki. This paper engages with both these arguments. It offers a critique of the underconsumptionist reading of Marx's crisis theory and flags some critical differences between the Marxian and Keynesian–Kaleckian viewpoints of capitalist investment. It also presents some general remarks on Marxist crisis theory.

Suggested Citation

  • Deepankar Basu, 2016. "Underconsumption, capitalist investment and crisis: a reply to Sardoni," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(2), pages 208-218, April.
    • Handle: RePEc:elg:rokejn:v:4:y:2016:i:2:p208-218
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    More about this item

    Keywords

    underconsumption; capitalist crisis; capitalist investment;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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