Friday, May 31, 2013

Marx's monetary analysis and post-Keynesian economics

This paper by Eckhard Hein is, in my opinion, an invaluable guide for assessing the degree to which a synthesis can be constructed between the insights of Marxian political economy, Keynes' (long period) theory of effective demand, and Sraffa's price model, in which the conventional rate of interest is exogenous. Hein provides an articulate framework for how to conceive the foundations for a Classical-Keynesian political economy research program.

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