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The Theory of Prices and Income Distribution

In: Michal Kalecki

Author

Listed:
  • Julio G. López
  • Michaël Assous

Abstract

In chapter 2 we argued that in Kalecki’s theory output and employment depend on capitalist expenditure, and on the distribution of income; and more precisely on the share of profits in the national income. We will now present Kalecki’s theory of income distribution, which is closely related to his theory of price determination. The latter, in turn, is related to his view that modern capitalism is characterized by market imperfections, both on the labour market and product market. By focusing on these imperfections, Kalecki took into account two important differences between perfect and imperfect competition.

Suggested Citation

  • Julio G. López & Michaël Assous, 2010. "The Theory of Prices and Income Distribution," Great Thinkers in Economics, in: Michal Kalecki, chapter 4, pages 67-90, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-29395-3_4
    DOI: 10.1057/9780230293953_4
    as

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