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- W2400373104 abstract "Both Keynesian and Marxian theory view periodic crises as inevitable in a pure capitalist system. According to both traditions, endogenous forces generate cyclical fluctuations in employment and economic activity. The two approaches, however, differ in their diagnosis of the causes of these endogenous fluctuations. Keynesians emphasise the importance of autonomous investment decisions as a source of fluctuating demand whereas Marxists focus on the effects of class struggle and conflict over the distribution of income. The two explanations need not, however, be mutually exclusive and it is the purpose of this paper to present a small and analytically manageable model which embodies Keynesian effective demand problems as well as a Marxian emphasis on class struggle and on the importance of the reserve army of labour. The model is greatly influenced by the work of Kaldor and Goodwin. Elements from Kaldor's theory of the trade cycle and from Goodwin's formalisation of Marx's theory of accumulation are combined so as to overcome some of the shortcomings of the original papers. The paper is in five sections. Section 2 gives a brief discussion of the existing literature. Section 3 presents the model and describes its main features. The model is analysed in Section 4 and the final section contains a few concluding remarks." @default.
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- W2400373104 date "2016-01-01" @default.
- W2400373104 modified "2023-09-26" @default.
- W2400373104 title "AND CYCLICAL GROWTH" @default.
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