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The Kaleckian Analysis and the New Mellinium

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Author Info
Malcolm Sawyer (The Jerome Levy Economics Institute)
Abstract

This paper commemorates the centenary of Kalecki's birth through a consideration of how Kalecki's macroeconomic analysis of capitalist economies should be adapted in light of changes in such economies over the fifty years since the major elements of Kalecki's analysis of capitalism were put into place. The main elements of Kalecki's analysis, in terms of the key assumptions which he made, are outlined, and how well these assumptions have survived is discussed. The next three sections consider globalisation, the growth in the importance of financial markets and the relationship between the real and the financial sectors, and the changing relationship between workers and business (and the associated changes in industrial relations practice and law) as areas where there have been major changes in the past three decades and where Kalecki's analysis may need to be modified to encapsulate those changes.

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Paper provided by EconWPA in its series Macroeconomics with number 9805001.

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Length: 27 pages
Date of creation: 08 May 1998
Date of revision: 01 Sep 1998
Handle: RePEc:wpa:wuwpma:9805001

Note: Type of Document - Acrobat PDF; prepared on IBM PC ; to print on PostScript; pages: 27; figures: included
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E - Macroeconomics and Monetary Economics

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  1. Glyn, Andrew, 1997. "Does Aggregate Profitability Really Matter?," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 593-619, September.
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  2. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  3. Kalecki, Michal, 1971. "Class Struggle and the Distribution of National Income," Kyklos, Blackwell Publishing, vol. 24(1), pages 1-9.
  4. Arestis, Philip & Howells, Peter, 1996. "Theoretical Reflections on Endogenous Money: The Problem with 'Convenience Lending.'," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 539-51, September.
  5. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  6. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, vol. 71(3), pages 421-36, June. [Downloadable!] (restricted)
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  7. S. W. Davies & Paul A. Geroski, 2000. "Changes In Concentration, Turbulence, And The Dynamics Of Market Shares," The Review of Economics and Statistics, MIT Press, vol. 79(3), pages 383-391, August. [Downloadable!] (restricted)
  8. Henley, Andrew, 1994. "Industrial Deconcentration in U.K. Manufacturing since 1980," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 62(1), pages 40-59, March.
  9. Shiller, Robert J, 1990. "Speculative Prices and Popular Models," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 55-65, Spring. [Downloadable!] (restricted)
  10. Sawyer, Malcolm C, 1988. " Theories of Monopoly Capitalism," Journal of Economic Surveys, Blackwell Publishing, vol. 2(1), pages 47-76.
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