[OPE-L:2832] Re: Re: Re: what a Marxist may learn from Keynes?

From: riccardo bellofiore (bellofio@cisi.unito.it)
Date: Thu Apr 13 2000 - 05:44:09 EDT


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May I say that I am 100 0n agreement with Allin?

riccardo

At 0:01 +0100 13-04-2000, Allin Cottrell wrote:
>I'm tempted to second some of Riccardo's points.
>
>On Wed, 12 Apr 2000, Gerald Levy wrote:
>
>> What specific concepts in Keynes related to the category of
>> finance have not been appreciated by Marxists (or
>> anticipated by Marx)?
>
>The idea that with a non-commodity money, the financing of
>investment need not "wait" for the amassing of funds via saving
>out of income, but can logically precede the saving that
>necessarily matches investment via the GDP accounting
>identities.
>
>> > (ii) the notion of 'liquidity preference';
>>
>> Perhaps. Explain further.
>
>The idea that the interest rate is not merely a reflection of
>the rate of profit, but can be driven independently by the
>actions of speculators (or by central bank policy), in which
>case the rate of profit may become the dog that is wagged by the
>interest-rate tail.
>
>> > (iv) the priority of investment over saving;
>>
>> Or do you mean consumption over saving since investment
>> demand is viewed as a derived demand in Keynesian theory,
>> isn't it?
>
>No fair. Ultimately, says Keynes (echoing Smith), investment
>demand is derived from expectation of future consumption demand,
>but in the current period investment is in the driving seat.
>
>> I find it curious that you didn't mention the multiplier or the
>> accelerator.
>
>The accelerator is Harrod et al., not Keynes.
>
>Allin Cottrell.

        Riccardo Bellofiore
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