Inflation and the Marxist Theory of Reproduction
Abstrak
The main point of this article is that inflation is a “real phenomenon” whose essence lies in the sphere of production. The article uses the Marxian Reproduction Schemes as its point of reference, assuming an economy based solely on commodity money, where one unit of commodity money is equivalent to one unit of commodities. The structure of the article is as follows. First, a definition of inflation is given, and the assumptions of the model are formulated. After the exact determination of the demand for consumption and investment and the aggregate production (the supply side), the article proceeds to the algebraic foundation of the model to show how the interaction of these two forces produces inflation. Finally, the link between inflation with the theory of the economic cycle, as well as its main transmission mechanism, along with the origins of stagflation, is presented.
Topik & Kata Kunci
Penulis (2)
Stavros Mavroudeas
Athanasios Chatzirafailidis
Akses Cepat
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Cek di sumber asli →- Tahun Terbit
- 2025
- Sumber Database
- DOAJ
- DOI
- 10.13169/worlrevipoliecon.16.3.0005
- Akses
- Open Access ✓