Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277449 
Authors: 
Year of Publication: 
2019
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 16 [Issue:] 2 [Year:] 2019 [Pages:] 260-271
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
Marx's and Keynes's analyses of capitalism complement each other well. In a largely general model including the public sector and international trade it is shown that the labour theory of value provides a sound foundation to reveal the factors influencing employment. Workers buy 'necessaries' out of their disposable wages from an integrated basic sector, whereas the 'luxury' division's revenues spring from other sources of income. In order to maximize profits, the wage–good industry controls the level of unit labour costs. Ultimately, effective demand governs the volume of work. On this basis, implications for economic policy are outlined.
Subjects: 
employment
Marx
Keynes
surplus value
JEL: 
E11
E12
E24
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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