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The Kaleckian Analysis and the New Millennium


  • Malcolm Sawyer


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 50 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.

Suggested Citation

  • Malcolm Sawyer, 1999. "The Kaleckian Analysis and the New Millennium," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 303-319.
  • Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:303-319 DOI: 10.1080/095382599107039

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    References listed on IDEAS

    1. Murray Glickman, 1994. "The Concept of Information, Intractable Uncertainty, and the Current State of the "Efficient Markets" Theory: A Post Keynesian View," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(3), pages 325-349, April.
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    5. 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 539-551, September.
    6. Glyn, Andrew, 1997. "Does Aggregate Profitability Really Matter?," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 593-619, September.
    7. 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.
    8. 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.
    9. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    10. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-444, June.
    11. Arestis, Philip & Sawyer, Malcolm, 1997. "How Many Cheers for the Tobin Transactions Tax?," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 753-768, November.
    12. Kalecki, Michal, 1971. "Class Struggle and the Distribution of National Income," Kyklos, Wiley Blackwell, vol. 24(1), pages 1-9.
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