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Surplus value and the Keynesian multiplier

Author

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  • Andrew B. Trigg

    (Faculty of Social Sciences, The Open University, Walton Hall, Milton Keynes MK7 6AA, UK; Tel.: +44-1908-654421. a.b.trigg@open.ac.uk)

Abstract

De Angelis [Review of Radical Political Economics 32 (1), 80] identifies a monetary expression for the value of labor power as a constituent component of the employment multiplier. By conjoining this multiplier with Marx's falling rate of profit thesis, a critique is formulated of alternative strategies of employment generation. This paper takes the dissection of the multiplier one step further by demonstrating the role of the value of labor power itself in both income and employment multipliers. Nesting this approach in Marx's reproduction schema, and using the Domar growth model, it is argued that De Angelis underestimates the importance of aggregate demand as a determinant of employment.

Suggested Citation

  • Andrew B. Trigg, 2002. "Surplus value and the Keynesian multiplier," Review of Radical Political Economics, Union for Radical Political Economics, vol. 34(1), pages 57-67, March.
    • Handle: RePEc:sae:reorpe:v:34:y:2002:i:1:p:57-67
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    Keywords

    Surplus value; Keynesian multiplier;

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