A Marx 'crises' model: The reproduction schemes revisited

By Marco Veronese Passarella

PKES Working Paper 1610

May 2016

This paper builds upon the Marxian reproduction schemes. It aims to test the impact of some of the most apparent 'stylised facts' which characterise the current phase of capitalism on an artificial two-sector growing economy. It is shown that, simplified though they are, the Marxian reproduction schemes allow framing a variety of radical and other ‘dissenting’ renditions of the recent economic and financial crises of early-industrialised countries with a flexible and sound analytical model.

Keywords: Marx, Crisis, Reproduction Schemes, Post-Keynesian Economics

JEL classification: B50 E11 E12