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Joan Robinson in 1942, an encounter between Marxian Economics and Macroeconomics

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  • Alves, C.

Abstract

This paper revisits why Joan Robinson turned to Karl Marx in 1942 and which insights from Marxian economics she sought to incorporate into her later works, while commenting on the legacies of this encounter and how was received by some her of contemporaries. By the end of the 1930s, Robinson wanted to bring academic and Marxian economics together in a search for a more realist theory of the rate of profit and income distribution, and clarifications on Keynes’s concept of full employment, the nature of technical progress and a long-period theory within the Keynesian framework. The result, An Essay on Marxian Economics (1942), was her most important work in terms of laying the foundations of her enduring challenge to the orthodox economics. Here she relied on Marxian insights to escape Marshallian orthodoxy. It is the story of how the originator of imperfect competition pushed further into a theory of exploitation.

Suggested Citation

  • Alves, C., 2022. "Joan Robinson in 1942, an encounter between Marxian Economics and Macroeconomics," Cambridge Working Papers in Economics 2226, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:2226
    Note: cca30
    as

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    File URL: https://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe2226.pdf
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    References listed on IDEAS

    as
    1. Joan Robinson, 1966. "An Essay on Marxian Economics," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15228-5.
    2. Marc Lavoie, 2009. "Introduction to Post-Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-23548-9.
    3. Kurz,Heinz D. (ed.), 2000. "Critical Essays on Piero Sraffa's Legacy in Economics," Cambridge Books, Cambridge University Press, number 9780521580892.
    4. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    5. Maria Cristina Marcuzzo, 2018. "Joan Robinson's Challenges on How to Construct a Post-Keynesian Economic Theory," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 52(2), pages 119-134, December.
    6. Joan Robinson, 1969. "The Economics of Imperfect Competition," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15320-6.
    7. Claudio Sardoni, 2009. "The Marxian schemes of reproduction and the theory of effective demand," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(1), pages 161-173, January.
    8. Joan Robinson, 1933. "The Theory of Money and the Analysis of Output," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 1(1), pages 22-26.
    9. Edward W Fuller, 2019. "Was Keynes a socialist?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(6), pages 1653-1682.
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    More about this item

    Keywords

    Joan Robinson; Marxian Economics; Rate of Profit; Exploitation;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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