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Kalecki's determination of profit: an empirical analysis of the United States, 1947-1985

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  • Ednaldo Araquém da Silva

Abstract

In contrast with usual exegesis found in the literature, Kalecki’s profit model hasbeen estimated using U.S. annual data between 1947-1985. Assuming one-year investmentlag, Kalecki ‘s model explains 96% of the variation in real gross U.S. profits in the periodanalyzed. According to the estimated profit multiplier, one billion 1982 dollars increase inreal gross investment (augmented by the government and external deficits) would increasereal gross profits by 1.1 billion dollars and capitalist consumption by 63.3 million dollars.However, the estimated profit multiplier is fairly low when compared with Kalecki’s ownestimate for the U.S, during the Great Depression. JEL Classification: E25; B51.

Suggested Citation

  • Ednaldo Araquém da Silva, 1987. "Kalecki's determination of profit: an empirical analysis of the United States, 1947-1985," Brazilian Journal of Political Economy, Center of Political Economy, vol. 7(4), pages 481-487.
    • Handle: RePEc:ekm:repojs:v:7:y:1987:i:4:p:481-487:id:1664
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    Keywords

    Kalecki; profit;

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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