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What is wrong with heterodox economics? Kalecki’s profit theory as an example

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  • Kakarot-Handtke, Egmont

Abstract

Kalecki’s profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula ‘The workers spend what they get, the capitalists get what they spend’ is scrutinized for its logical and factual implications. The analysis shows that Kalecki’s alternative approach points in the right direction but unfortunately shares a crucial conceptual error with standard economics.

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File URL: http://mpra.ub.uni-muenchen.de/31177/
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File URL: http://mpra.ub.uni-muenchen.de/32549/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31177.

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Date of creation: 18 May 2011
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Handle: RePEc:pra:mprapa:31177

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Keywords: National income accounting; Zero profit economy; Distributed profit; Income definition; Master equation;

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  1. Tony Lawson, 2006. "The nature of heterodox economics," Cambridge Journal of Economics, Oxford University Press, vol. 30(4), pages 483-505, July.
  2. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 31179, University Library of Munich, Germany.
  3. Keen, Steve, 2010. "Solving the paradox of monetary profits," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(31), pages 1-32.
  4. Bruun, Charlotte & Heyn-Johnsen, Carsten, 2009. "The paradox of monetary profits: an obstacle to understanding financial and economic Crisis?," Economics Discussion Papers 2009-52, Kiel Institute for the World Economy.
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