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A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model

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  • Frank Beckenbach

    (University of Kassel)

Abstract

This part is devoted to simulation experiments based on the simulation model developed in part I from the value-theoretic reconstruction of the main parts of Marx’s critique of Political Economy. After introducing the main parameters and the range of their variation (Section 1), a singular run as well as a sensitivity analysis for the chosen standard configuration (‘moderation regime’) is presented in Section 2. This is accomplished by configurations depicting characteristics of the capitalist development emphasized by Marx, i.e. the social conflict regime (Section 3) and the crisis regime (Section 4). Finally, an assessment of the simulation results (Section 4) is given, and conclusions as well as research requirements are discussed (Section 5).

Suggested Citation

  • Frank Beckenbach, 2020. "A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 221-243, August.
    • Handle: RePEc:spr:revepe:v:1:y:2020:i:2:d:10.1007_s43253-020-00008-1
    DOI: 10.1007/s43253-020-00008-1
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    References listed on IDEAS

    as
    1. Foley, Duncan K., 1982. "Realization and accumulation in a Marxian model of the circuit of capital," Journal of Economic Theory, Elsevier, vol. 28(2), pages 300-319, December.
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    3. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    4. Shaikh, Anwar, 2016. "Capitalism: Competition, Conflict, Crises," OUP Catalogue, Oxford University Press, number 9780199390632.
    5. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2015. "Temporary Disequilibrium And Money In A Classical Approach," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 69, pages 159-184.
    6. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521865487, October.
    7. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2014. "Disequilibrium, Reproduction and Money: a Classical Approach," Post-Print hal-01385927, HAL.
    8. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2014. "Disequilibrium, Reproduction and Money: a Classical Approach," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 524-540, July.
    9. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    10. Sheila C. Dow, 1996. "The Methodology of Macroeconomic Thought," Books, Edward Elgar Publishing, number 933.
    11. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521684200, October.
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    More about this item

    Keywords

    Marx; Theory of value; Evolution; Social exploitation; Class antagonism; Accumulation; Reproduction; Profit rate; Crisis; Simulation;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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