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Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics

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  • Hein, Eckhard

Abstract

In this paper we have taken issue with those Marxian and post-Keynesian views which neglect the broad similarities between Marx’s economics and post-Keynesian approaches in the field of money, credit and the rate of interest. Starting from the older observations on the common ground of Marx’s and Keynes’s views in the fields mentioned above, we have shown that Marx’s economics cannot only be seen as one of the sources of post-Keynesian economics because his theory of capitalist reproduction has had a major impact on Kalecki’s theory of effective demand, but also because his monetary economics fit quite well into the post-Keynesian research programme of a monetary theory of production.

Suggested Citation

  • Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18608
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    References listed on IDEAS

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    Cited by:

    1. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    2. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post-Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.

    More about this item

    Keywords

    Money; credit; interest rate; Marx's economics; Post-Keynesian economics;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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