Kalecki Versus Keynes on the Determinants of Investment
This paper explores the differences between the investment theories of Michal Kalecki and John Maynard Keynes. We argue that Kalecki's ideas (and empirical support for them) are necessary for Keynes's arguments regarding the determination of the level of effective demand. Kalecki's theory of the role of finance in investment also provides a fuller understanding of the importance of liquidity concerns for Keynesian theory and connects the theory of effective demand to the logic of capitalism.
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Volume (Year): 11 (1999)
Issue (Month): 3 ()
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- Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987.
"Financing Constraints and Corporate Investment,"
NBER Working Papers
2387, National Bureau of Economic Research, Inc.
- Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
- A. Asimakopulos, 1990. "Kalecki and Keynes: Their Correspondence," History of Political Economy, Duke University Press, vol. 22(1), pages 49-63, Spring.
- Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle," Macroeconomics 9401001, EconWPA.
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