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Circular Flow of Capital and Social Reproduction

In: Classical Political Economics and Modern Capitalism

Author

Listed:
  • Lefteris Tsoulfidis

    (University of Macedonia)

  • Persefoni Tsaliki

    (Aristotle University of Thessaloniki)

Abstract

Starting with Quesnay’s Tableau Économique and Marx’s schemes of simple reproduction, CPE analysis shows that the system is not only capable of reproducing itself on the same scale but also is endowed with a relentless drive for expansion and steady growth, according to Marx’s schemes of expanded reproduction. Both simple and (steady) expanded reproduction are only hypothetical because, in reality, economic growth is periodically punctuated by long-lasting slowdowns in economic activity. Therefore, economic growth and crises are inherent salient features of the modus operandi of the capitalist system. In this chapter, the schemes of reproduction are cast in terms of input-output tables, and estimates of labour values and their monetary expression (direct prices), alongside prices of production, are obtained. These estimates are preparatory before we proceed to those derived using input-output data from a number of actual economies.

Suggested Citation

  • Lefteris Tsoulfidis & Persefoni Tsaliki, 2019. "Circular Flow of Capital and Social Reproduction," Springer Books, in: Classical Political Economics and Modern Capitalism, chapter 0, pages 41-82, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17967-0_2
    DOI: 10.1007/978-3-030-17967-0_2
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