Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment
AbstractThe paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point of the specific strain of contemporary New-Keynesian macroeconomics that is also based, after a long historical gap, on imperfectly competitive microeconomic foundations. Important elements of Kalecki’s theoretical construction have been a lasting, even if usually unacknowledged, legacy to the toolkit of modern macroeconomics.
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Bibliographic InfoPaper provided by EconWPA in its series Method and Hist of Econ Thought with number 0305001.
Length: 22 pages
Date of creation: 29 May 2003
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Note: Type of Document - pdf; prepared on windows xp; to print on any; pages: 22 ; figures: none. A much reduced version will be published in a forthcoming Routledge book
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kalecki; macroeconomics; imperfect competition; income determination; microeconomic foundations;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
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