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Cambridge Journal of Economics Advance Access originally published online on August 6, 2008
Cambridge Journal of Economics 2009 33(1):161-173; doi:10.1093/cje/ben031
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© The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The Marxian schemes of reproduction and the theory of effective demand

Claudio Sardoni*

* University of Rome ‘La Sapienza’, Italy

Address for correspondence: University of Rome ‘La Sapienza’, Claudio Sardoni c/o Dipartimento di Scienze Economiche – Via Cesalpino 12 – 00161 Roma – Italy, Italy; email: claudio.sardoni{at}fastwebnet.it

The paper deals with some theoretical and analytical issues raised by a recent book by Trigg on Marx's schemes of reproduction. The paper presents a generalized model of expanded reproduction and concentrates on the attempt to develop Marx's schemes along Keynesian lines. Trigg tries to develop a Keynesian interpretation of the schemes without significant changes to Marx's original approach; the paper argues that the abandonment of some of Marx's hypotheses, in particular that of free competition, is necessary to allows us to provide a Marxian determination of underemployment equilibria and to use a Marxian version of the Keynesian concept of multiplier. In considering Marx's and Keynes's analyses of capitalist economies, the paper also emphasizes their similarities with respect to the importance of money and the capitalists' liquidity preference in the process of reproduction and growth.

Key Words: Marxian reproduction schemes • Effective demand • Money • Keynesian multiplier • Multisectoral growth models

JEL classifications: Q41, E11, E12

Manuscript received June 10, 2007; final version received June 10, 2008.


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