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Marx and Keynes: From exploitation to employment

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  • Helmedag, Fritz

Abstract

Marx's and Keynes's analyses of capitalism complement each other well. In a rather general model including the public sector and international trade it is shown that the labour theory of value provides a sound foundation to reveal the factors influencing employment. Workers buy "necessaries" out of their disposable wages from an integrated basic sector, whereas the "luxury" department's revenues spring from other sources of income. In order to maximize profits, the wage good industry controls the level of unit labour costs. After all, effective demand governs the volume of work. On this basis, implications for economic policy are outlined.

Suggested Citation

  • Helmedag, Fritz, 2019. "Marx and Keynes: From exploitation to employment," IPE Working Papers 113/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:1132019
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    File URL: https://www.econstor.eu/bitstream/10419/191440/1/1046394606.pdf
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    Cited by:

    1. Fritz Helmedag, 2022. "Steuern und Budgetdefizite als Determinanten des Sozialprodukts [How Taxes and Budget Deficits Determine Domestic Product]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 102(3), pages 229-235, March.

    More about this item

    Keywords

    Employment; Marx; Keynes; Surplus value;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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