Alongside alternative conceptions of the circuit of money, different interpretations exist about the role of the multiplier, which can be nested in Marx’s reproduction schema. The problem, from a Marxian point of view, is that in the existing literature investment is usually confined to the capital goods sector. It can be argued that Marx, for the most part, viewed investment as involving accumulation in both departments of production. Using a multiplier framework, derived from input-output technology, this wider treatment of investment is considered as an alternative way of modelling the circulation of money. In addition to contributing to Marxian analysis of the money circuit, this approach could also be more accessible to a wider Post Keynesian audience, since a scalar Keynesian multiplier is employed.
Trigg, A.B. (2004), "MARX AND THE THEORY OF THE MONETARY CIRCUIT", Zarembka, P. (Ed.) Neoliberalism in Crisis, Accumulation, and Rosa Luxemburg's Legacy (Research in Political Economy, Vol. 21), Emerald Group Publishing Limited, Bingley, pp. 143-160. https://doi.org/10.1016/S0161-7230(04)21006-9Download as .RIS
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