The Marxian schemes of reproduction and the theory of effective demand

The paper deals with some theoretical and analytical issuesraised by a recent book by Trigg on Marx's schemes of reproduction.The paper presents a generalized model of expanded reproductionand concentrates on the attempt to develop Marx's schemes alongKeynesian lines. Trigg tries to develop a Keynesian interpretationof the schemes without significant changes to Marx's originalapproach; the paper argues that the abandonment of some of Marx'shypotheses, in particular that of free competition, is necessaryto allows us to provide a Marxian determination of underemploymentequilibria and to use a Marxian version of the Keynesian conceptof multiplier. In considering Marx's and Keynes's analyses ofcapitalist economies, the paper also emphasizes their similaritieswith respect to the importance of money and the capitalists'liquidity preference in the process of reproduction and growth.