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The comparability of the aggregates revisited

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  • Erik K. Olsen

Abstract

This article addresses a longstanding controversy over the comparability of the economic accounting aggregates used by Marx in Capital with those used by Keynes in the General Theory . It demonstrates that Tsuru's highly-regarded works on this issue, which are the standard references on the topic, contain significant errors. These errors led several influential readers to conclude either that there are significant differences between the two sets of aggregates that do not actually exist, or that Marx's aggregates are fundamentally flawed and, by implication, that his entire theoretical schema is also. The effect of these problems has been to obscure the relation between Marxian and Keynesian theories rather than clarify it, as well as to foster confusion over some very basic issues in Marxian theory. This paper identifies the mistakes in Tsuru's work, and provides the correct mapping between the two sets of aggregates.

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  • Erik K. Olsen, 2013. "The comparability of the aggregates revisited," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(3), pages 489-512, June.
    • Handle: RePEc:taf:eujhet:v:20:y:2013:i:3:p:489-512
    DOI: 10.1080/09672567.2011.592845
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    1. Shigeto Tsuru, 1994. "Economic Theory And Capitalist Society," Books, Edward Elgar Publishing, number 434.
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