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Michal Kalecki and Rosa Luxemburg on Marx’s schemes of reproduction: two incisive interpreters of capitalism

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  • Geoffrey Harcourt

    (The University of New South Wales)

  • Peter Kriesler

    (The University of New South Wales)

Abstract

Both Rosa Luxemburg and Michal Kalecki utilised Marx’s scheme’s or reproduction as the starting point of their analysis of economic dynamics. However, Luxemburg did not realise that they were not meant to serve as models of capitalist growth, but rather to show that the conditions for stable growth were unachievable. Luxemburg was an early proponent of the stagnationist thesis which was popularised by Kalecki, Steindl, Baran and Sweezy. She argued that capitalist economies were doomed to stagnate unless markets outside the capitalist arena could be utilised, although she also acknowledged the importance of government expenditure on armaments. Kalecki, while acknowledging some of the limitations of her analysis, was able to extend it to incorporate the main elements of modern capitalist growth.

Suggested Citation

  • Geoffrey Harcourt & Peter Kriesler, 2012. "Michal Kalecki and Rosa Luxemburg on Marx’s schemes of reproduction: two incisive interpreters of capitalism," Discussion Papers 2012-34, School of Economics, The University of New South Wales.
    • Handle: RePEc:swe:wpaper:2012-34
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    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2012-34.pdf
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    References listed on IDEAS

    as
    1. Desai, Meghnad & Veneziani, Roberto, 2005. "Rosa Luxemburg’s critique of Marx’s schemes of reproduction: a re-evaluation and a possible generalisation," MPRA Paper 30449, University Library of Munich, Germany.
    2. Harris, Donald J, 1975. "The Theory of Economic Growth: A Critique and Reformulation," American Economic Review, American Economic Association, vol. 65(2), pages 329-337, May.
    3. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7.
    4. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    5. Sardoni, Claudio, 1981. "Multi-Sectoral Models of Balanced Growth and the Marxian Schemes of Expanded Reproduction," Australian Economic Papers, Wiley Blackwell, vol. 20(37), pages 383-397, December.
    6. Philip Arestis (ed.), 2011. "Microeconomics, Macroeconomics and Economic Policy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-31375-0.
    7. G. C. Harcourt & Peter Kriesler, 2011. "The Influence of Michał Kalecki on Joan Robinson’s Approach to Economics," Palgrave Macmillan Books, in: Philip Arestis (ed.), Microeconomics, Macroeconomics and Economic Policy, chapter 9, pages 153-169, Palgrave Macmillan.
    8. Joseph Halevi & Peter Kriesler, 1998. "Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 13, pages 194-205, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Yashin, Pete, 2016. "Кризис И Рост Неравенства. Оптимальный Путь Экономического Роста [The crisis and increasing inequality. The best equilibrium growth path]," MPRA Paper 73544, University Library of Munich, Germany.

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    More about this item

    Keywords

    reproduction schema; Marxian economics; economic growth; economic cycles; effective demand; imperialism;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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