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Review of Radical Political Economics
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Social Relations and the Keynesian Multiplier

Massimo De Angelis

Department of Economics, University of East London, Longbridge Rd., Dagenham, Essex RM8 2AS, U.K.; Tel: 0208-2232254; Fax: 0208-2232849; M.DeAngelis{at}uel.ac.uk

This paper offers a reading of the simple Keynesian multiplier through Marx's lenses. The objective is to make explicit, for the Keynesian multiplier, what from a Marxian perspective should be made explicit in any discourse about the capitalist economy, namely the role of the social relations of production. Since within given historical periods social relations are expressed in institutional forms, my analysis also gives some general insights about the basic institutional requirements assumed within the general Keynesian framework, requirements without which the Keynesian multiplier could not be operational. Finally, the paper also briefly outlines some important policy implications by comparing the main tenets of a Keynesian, neoliberal, and radical agenda for employment creation.

Key Words: Keynes • Marx • Social relations of production • Capitalist economy • Employment

Review of Radical Political Economics, Vol. 32, No. 1, 80-103 (2000)
DOI: 10.1177/048661340003200103
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