Jim said..."While most Keynesianism is static, the Marxian view is inherently dynamic, specifically stressing the way that capitalist accumulation drives ahead into economic crises, which create barriers to further accumulation and economic growth."
I don't think this is accurate if you're indeed talking about different forms of Post Keynesianism as you said earlier. See for example a recent article in the Journal of Post Keynesian Economics titled "post keynesian modelling: where are we, and where are we going?" Otherwise I think your overview was pretty good. I will say that although Keynes didn't develop a macroeconomic theory of User Cost, His writings on User Cost do help integrate a part of Marx's mechanism for the tendency of the rate of profit to fall. I say a part because It's very complex to untangle what exactly is driving the larger amount of constant capital relative to variable capital in production (Recall that, as I understand it, Constant and Variable capital are the money sums that purchase raw materials, fixed capital, labor time etc, not these physical variables themselves) . Is it just increased depreciation costs? is is a price spike in raw materials (as our list moderator suggests it is, in part, in his 1989 crises theory book)? Is firm debt creating more effective demand for machinery and thus driving up it's exchange value? It's been somewhat perplexing trying to disentangle it all. -- -Nathan Tankus -----------------------------------------------------------------------------------------------------------------------------------------------
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