Re: Marx and Keynes on Unemployment

[Jim Devine <JNDF%LMUACAD.BITNET@xxxxxxxxxxxxxxxxx>]

referring to Marx's famous wage squeeze/capital strike cycle,
Steve Keen writes that:
This "is part of a trend to Marx's thinking which makes
him far more a Post Keynesian than a Marxian."

How could this be? You mean that Post Keynesianism should
be seen as having a large Marxian component!

Of course, Marx wasn't a Marxist in the sense of being a
dogmatic applyer of his own formulas (this was what he meant
when he said he wasn't a Marxist).  But it's ridiculous to
say that he belonged to a different school than the one he
founded. That's like saying that Smith was more of a
Post Keynesian than a Smithian.

sincerely,

Jim Devine
jndf@xxxxxxxxxxxxxx or jdevine@xxxxxxxxxxxxxxx
Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA
310/338-2948 (daytime, during workweek); FAX: 310/338-1950