"One of the rare occasions in which Keynes praised Marx occurred in a 1933
draft of the General Theory. Here Keynes credits Marx with the '...
pregnant observation ... that the nature of production in the actual world
is not C—M—C`, i.e. of exchanging commodity (or effort) for money in order
to obtain another commodity (or effort). That may be the standpoint of the
private consumer. But it is not the attitude of business, which is a case
of M—C—M`, i.e. of parting with money for commodity (or effort) in order to
obtain more money." (Dillard 1984: 424, citing Keynes's Collected Works,
Vol. 29: 81).
Dudley Dillard, 1984. "Keynes and Marx: a centenary appraisal", Journal of
Post Keynesian Economics, Spring, 6: 421-432.
At 12:30 AM 23/03/2002 Saturday, you wrote:
>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
Home Page: http://www.debunking-economics.com
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Dr. Steve Keen
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