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Marx and the Development of Critical Political Economy
Abstract
Although relevant analytical developments were provided over time by the critique of economic theory, they did not succeed in inhibiting the occurrence of a full-fledged revival of the neoclassical interpretation of capitalism. The development of critical economics and its capability of checking the influence of the dominant economic culture have been especially prejudiced by the failed integration between the analyses of Marx and Keynes. Following Keynes, once the ‘inducement to invest’ had been singled out as the central question for the explanation of output levels, one should have promptly acknowledged that on this very question Marx's analysis was significantly richer and more relevant than Keynes's—the richness and relevance of the former ultimately resting on the great attention Marx dedicated to the complex question of the influence of income distribution on the capitalists’ incentive to invest. It is argued in the article that through the study of this influence Marx succeeded in putting together the essential elements of a critical theory of effective demand, based on the principles and mechanisms that govern the distribution of income between profits and wages.
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“As Marxists, regulation theorists and other political economists have continued to argue, the financial crisis has not just been a financial crisis but a systemic crisis created by the internal dynamics of the structure of contemporary capitalism (see e.g. Boyer 2013; but note Pivetti 2015).”
From Species Being in the Twenty-First Century (2018) · cites this paper as Pivetti 2015
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References 25 · Cited by 11
Research works printed but not linked: 32
- 10.2307/2967475 · DOI
- Dillard D., 1991, Marx and Modern Economic Analysis
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- Pivetti M., 1999, Rivista Italiana degli Economisti, 2, 279
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Metadata
- Authors
- Pivetti, M.
- Affiliations
- Sapienza University of Rome (IT)
- Corresponding author
- Pivetti, Massimo
- Venue
- Review of Political Economy
- Publisher
- Informa UK Limited
- Published
- 2015-04-03
- Volume
- 27
- Issue
- 2
- Pages
- 134-153
- ISSN
- 0953-8259 (ISSN-L)
- 1465-3982
- OpenAlex
- W2171637082
- Cited by
- 11
- References
- 25
- Citations by year
- 2026: 1 · 2025: 1 · 2023: 1 · 2022: 2 · 2021: 1 · 2020: 1 · 2018: 1 · 2017: 2 · 2015: 1
- FWCI
- 4.42
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Review of Political Economy (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Sociology and Political Science › Political Economy and Marxism
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Social Sciences › Arts and Humanities › Philosophy › Marxism and Critical Theory
- Keywords
- Karl Marx, John Maynard Keynes, critical political economy, critical economics, neoclassical economics, effective demand, investment, income distribution, critique of economic theory
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- Pivetti, M. (2015). Marx and the Development of Critical Political Economy. Review of Political Economy. https://doi.org/10.1080/09538259.2015.1010706
