In 5773, Andrew Trigg wrote: "...In view of other comments on Grossmann and Mattick, it could equally be charged that 'Marxists have no theory of monetary production'. Such Grossmanite models treat capitalism like a corn economy in which this scarce stock of surplus value constraints the system. It is as if banks had a 100 per cent reserve ratio. It would arguably better for Marxists to unlearn this strange bastardization of Marx's reproduction schema and re-learn his monetary insights, which provide the antecedants to Post Keynesian Economics." My comment: I agree that it would be good for one and all to re-learn Marx's "monetary insights." However, it is difficult to accept the idea that Grossmann's use of Bauer's schemes can be viewed simply as a corn economy. Recall that neither Grossmann nor Mattick accepted the usual perspective of Marx's concept of value. Hence, that it does not follow that in terms of corn the rate of profit in the Bauer schemes is even falling. John
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