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Karl Marx's thoughts on functional income distribution: a critical analysis from a Keynesian and Kaleckian perspective

Author

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  • Hansjörg Herr

    (Berlin School of Economics and Law and Berlin Institute for International Political Economy (IPE), Germany, and FMM Fellow)

Abstract

In Marx's explanation of functional income distribution, wages are given as a basket of goods needed for the reproduction needs of the working class. Profits are then the remaining part of income creation. Marx's explanation of functional income distribution has several theoretical and practical shortcomings. The Keynesian paradigm in the traditional works of Keynes and Kalecki provides alternative explanations of functional income distribution. Here the profit rate is given by processes in the financial market and the degree of financialisation. Also the degree of monopoly influences functional income distribution. The Keynesian and Kaleckian approach allows a plausible interpretation of the changes in functional income distribution during recent decades.

Suggested Citation

  • Hansjörg Herr, 2019. "Karl Marx's thoughts on functional income distribution: a critical analysis from a Keynesian and Kaleckian perspective," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(2), pages 272-285, September.
    • Handle: RePEc:elg:ejeepi:v:16:y:2019:i:2:p272-285
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    Cited by:

    1. Adam Aboobaker, 2022. "Macroeconomic Determinants of South Africa's Post-Apartheid Income Distribution," World Inequality Lab Working Papers halshs-03693225, HAL.
    2. Adam Aboobaker, 2022. "Macroeconomic Determinants of South Africa's Post-Apartheid Income Distribution," Working Papers halshs-03693225, HAL.

    More about this item

    Keywords

    Marxism; functional income distribution; John Maynard Keynes; Michał Kalecki;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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