Re Steve K's [6801]: > Keynes, by the way, was a great fan of Marx's M--C--M+ analysis, and > quoted it in an early draft of the General Theory. Unfortunately, it was > edited out. I think the GT would have been a lot less obscure if he had > quoted it. What is the source (or sources) for the above and what were the circumstances that led to that M-C-M' "analysis" being edited out? When you write that Keynes was a fan of Marx's M-C-M' "analysis", I'm not sure what you mean. _Taken by itself_, this was a question rather than an analysis in Marx: i.e. by expressing "the general formula for capital" in this way Marx was able then to proceed to an analysis of what was the source of the additional M. In other words M-C-M' was a prelude to his analysis of the origins of surplus value. Yet, as a life-long marginalist, Keynes did not share Marx's theory of value and surplus-value. So it is quite unclear to me why Keynes would be a "fan" of that formula other than the rather obvious sense that it indicates that Marx also had a macro- monetary perspective unlike the advocates of Say's Law. In solidarity, Jerry
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