Marx’s economic theory: a post-Keynesian interpretation

Vol. 6 No. 4 (1986)

Oct-Dec / 1986
Published October 1, 1986
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Carvalho, Fernando J. Cardim de. 1986. “Marx’s Economic Theory: A Post-Keynesian Interpretation”. Brazilian Journal of Political Economy 6 (4):517-34.

Marx’s economic theory: a post-Keynesian interpretation

Fernando J. Cardim de Carvalho
Departamento de Economia da Universidade Federal Fluminense. Rio da Janeiro/RJ, Brasil.
Brazilian Journal of Political Economy, Vol. 6 No. 4 (1986), Oct-Dec / 1986, Pages 517-534


Marx’s thoughts about money and its role in capitalist economies are scattered
throughout his works. In particular, they constitute a major part of the 3rd volume
of Capital and of the Grundrisse. In these two works, Marx presents the foundations for a
theory of money that is very close to Keynes’s views. In the paper, this similarity is shown
through the systematization of Marx’s monetary theory along (post) Keynesian lines. The
demand for money is shown to be rooted not only in the transaction’s motive but also in the
liquidity properties of money. These properties become important in capitalist economies
characterized by market uncertainty. Both Marx and Keynes use the concept of money to
break Say’s law. An essential difference between the two authors is shown to relate to the
measure-of-value function of money and ways to reconcile them on this issue are developed.

JEL Classification: E11; E12; B24.

Keywords: Marx post-Keynesianism monetary theory history of economic thought