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Reply to Gehrke


  • Fred Moseley


This paper responds to Christian Gehrke's comment, and argues that the main conclusion of my earlier paper is sustained—that, contrary to Sraffa, Marx did not 'adopt' in any sense of the word the joint product method of treating fixed capital. It agrees with Gehrke that Torrens adopted a form of the joint product method, and that Malthus seems to have followed Torrens in this regard. However, it argues that Ricardo did not adopt the joint product method, not even in the one instance cited by Sraffa. Finally, it argues briefly that Marx's 'transformation of value' method of treating fixed capital and depreciation is superior to Sraffa's joint product method.

Suggested Citation

  • Fred Moseley, 2011. "Reply to Gehrke," Review of Political Economy, Taylor & Francis Journals, vol. 23(2), pages 307-315.
  • Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:307-315 DOI: 10.1080/09538259.2011.561566

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    References listed on IDEAS

    1. Carl Chiarella & Roberto Dieci & Xue-Zhong He, 2008. "Heterogeneity, Market Mechanisms, and Asset Price Dynamics," Research Paper Series 231, Quantitative Finance Research Centre, University of Technology, Sydney.
    2. Thomas I. Palley, 1994. "Debt, Aggregate Demand, and The Business Cycle: an Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 16(3), pages 371-390, March.
    3. Charles Whalen, 2008. "Understanding the Credit Crunch as a Minsky Moment," Challenge, Taylor & Francis Journals, vol. 51(1), pages 91-109.
    4. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
    5. Jan Kregel, 2008. "Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the U.S. Subprime Mortgage Market," Economics Public Policy Brief Archive ppb_93, Levy Economics Institute.
    6. Claude Gnos & Louis-Philippe Rochon, 2011. "Credit, Money and Macroeconomic Policy. A Post Keynesian Approach," Post-Print halshs-01231787, HAL.
    7. Vercelli,Allessandro, 1991. "Methodological Foundations of Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521392945, March.
    8. Jan Toporowski, 2008. "Minsky's 'induced investment and business cycles'," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 725-737, September.
    9. Sordi, Serena & Vercelli, Alessandro, 2006. "Financial fragility and economic fluctuations," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 543-561, December.
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