Kalecki Versus Keynes on the Determinants of Investment
AbstractThis paper explores the differences between the investment theories of Michal Kalecki and John Maynard Keynes. We argue that Kalecki's ideas (and empirical support for them) are necessary for Keynes's arguments regarding the determination of the level of effective demand. Kalecki's theory of the role of finance in investment also provides a fuller understanding of the importance of liquidity concerns for Keynesian theory and connects the theory of effective demand to the logic of capitalism.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Review of Political Economy.
Volume (Year): 11 (1999)
Issue (Month): 3 ()
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- Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
- Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle," Macroeconomics 9401001, EconWPA.
- A. Asimakopulos, 1990. "Kalecki and Keynes: Their Correspondence," History of Political Economy, Duke University Press, vol. 22(1), pages 49-63, Spring.
- Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988.
"Financing Constraints and Corporate Investment,"
Brookings Papers on Economic Activity,
Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
- Julio Lòpez Gallardo, 2012. "Una riconsiderazione degli studi da Kalecki sull'economia statunitense," Moneta e Credito, Economia civile, vol. 65(257), pages 59-81.
- Tamotsu Nakamura, 2002. "'The Principle of Increasing Risk': Kalecki's investment theory revisited," Review of Political Economy, Taylor & Francis Journals, vol. 14(1), pages 115-123.
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