Article: Marx and Keynes: alternative views on capitalism? (John Maynard Keynes, Karl Marx)

I. Introduction

Throughout their careers, John Maynard Keynes and Karl Marx were absorbed in studies of capitalism; studies that resulted in their formulation of firm views on the system. Although it has been said that "Keynes and Marx, indeed, have much in common" [Hale, 1976, p. 37], it seems that the two economists would have disputed this assertion. Keynes, for instance, characterized Marx's Capital as a "scientifically erroneous" and "obsolete economic textbook" that contains "nothing but out-of-date controversialising" [Keynes, 1963, p. 300; 1982(a), p. 42].

Marx must be excused, of course, for not having voiced any opinion on Keynes' economic ...

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