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The Kaleckian Analysis and the New Mellinium

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  • 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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Bibliographic Info

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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Web page: http://128.118.178.162

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  1. 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.
  2. Henley, Andrew, 1994. "Industrial Deconcentration in U.K. Manufacturing since 1980," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(1), pages 40-59, March.
  3. Kalecki, Michal, 1971. "Class Struggle and the Distribution of National Income," Kyklos, Wiley Blackwell, vol. 24(1), pages 1-9.
  4. 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.
  5. 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.
  6. Glyn, Andrew, 1997. "Does Aggregate Profitability Really Matter?," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 593-619, September.
  7. 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.
  8. Robert J. Shiller, 1980. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," NBER Working Papers 0456, National Bureau of Economic Research, Inc.
  9. Shiller, Robert J, 1990. "Speculative Prices and Popular Models," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 55-65, Spring.
  10. Sawyer, Malcolm C, 1988. " Theories of Monopoly Capitalism," Journal of Economic Surveys, Wiley Blackwell, vol. 2(1), pages 47-76.
  11. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
  12. Arestis, Philip & Sawyer, Malcolm, 1997. "How Many Cheers for the Tobin Transactions Tax?," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 753-68, November.
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