Money, Distribution Conflict and Capital Accumulation: by Eckhard Hein

By Eckhard Hein

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So far, this seems to be compatible with the Neoclassical real interest rate theory which can be taken to determine the long-run equilibrium. The ‘liquidity trap’, in which changes in the (real) money supply do not affect the market rate of interest, can then be considered as a rigidity in the market system, in the same way as interest rate inelastic investment in the ‘investment trap’ and rigid nominal wages are seen as rigidities, which prevent the real balance effect from being effective and hence the achievement of full employment equilibrium.

338–57). C − M − M , with the difference M − M = as profits and the difference M − M = Z as interest (Z). Total profits split into profits of enterprise ( n ) and interest: = n + Z (Marx 1894, pp. 358–90). According to the different functions in the extended circuit of capital, the capitalist class can be distinguished into money capitalists and functioning capitalists. Functioning capitalists are ready to borrow from money capitalists and to pay interest because money has the potential to generate money profits, if it is used to initiate a process of production in which the expenditure of labour power generates surplus value.

48). In the prevailing orthodox tradition, Keynes’s theory has therefore been considered to be only a short-run theory explaining deviations from the Neoclassical longrun equilibrium, but not as an alternative to Neoclassical ‘real analysis’. 39 There he has no fundamental problems with Neoclassical microeconomic foundations, but only disputes their aggregate relevance. As soon as the aggregate level of output and employment is given, however, Keynes (1936, pp. 378–9) accepts the validity of Neoclassical value and distribution theory.

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