Realization Problem

  • P. Kenway
Part of the The New Palgrave book series (NPA)


The realization problem was first considered by classical economists such as Ricardo and Sismondi. Keynes’s theory of effective demand has a bearing on it too. But it was Marx who gave it its most rounded — and controversial — treatment. At its simplest, the realization problem amounts to this: is there sufficient monetary demand for the commodities which have been produced to be sold, and sold at their value?


Realization Problem Reproduction Scheme Capitalist Production Simple Reproduction Actual Employment 
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  1. Kenway, P. 1980. Marx, Keynes and the possibility of crisis. Cambridge Journal of Economics 4(1), March, 23–36.Google Scholar
  2. Keynes, J.M. 1936. The General Theory of Employment, Interest and Money, London: Macmillan, 1973; New York: St. Martin’s Press.Google Scholar
  3. Marx, K. 1885. Capital, Vol. II. Harmondsworth: Penguin, 1978.Google Scholar
  4. Rosdolsky, R. 1968. The Making of Marx’s ‘Capital’. London: Pluto, 1977. Distributed in U.S.A. by Humanities Press.Google Scholar

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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1990

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  • P. Kenway

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