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- W1968336344 abstract "Trigg and Hartwig criticize a recent article of mine (Sardoni, 2009), which was critical of Trigg's book on Marx's schemes of reproduction (2006). There are several points of disagreement between my position and those of Trigg and Hartwig. Here, I examine the following that I regard as most relevant. In my article, I hold that there are two possible different interpretations of the ‘Keynesian multiplier’. In a simple economy, the multiplier 1/(1 – c)(where c is the marginal propensity to consume) can be interpreted as an aggregate equilibrium relation between investment and output, which holds good in any model where aggregate consumption is a certain portion c of total income. This relation holds in Marx's schemes and also in Keynes’ model. But the importance of the multiplier in Keynes’ analysis lies in a different interpretation of the relation between investment and output. Keynes used the notion of multiplier to analyse the way in which an increase in exogenous aggregate demand gives rise to a more than proportional increase in output, and employment. It is important to recall that Keynes derived his multiplier from Kahn (1931), who was concerned with the problem of how an increase in public spending can bring about an increase in employment and production in an economy experiencing a prolonged state of underemployment of labour as well as capital. In Keynes’ and Kahn's analytical context, the multiplier is not a simple equilibrium relation, because it is related to expectations, investment and production decisions." @default.
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- W1968336344 date "2010-03-04" @default.
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- W1968336344 title "A rejoinder to Trigg and Hartwig" @default.
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- W1968336344 doi "https://doi.org/10.1093/cje/beq004" @default.
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