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Full Employment: Gift Horse or Trojan Horse?

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  • Douglas Mair
  • Anthony Laramie

Abstract

Kalecki's 1943 essay Political Aspects of Full Employment (PAFE) is widely recognised as a seminal essay in the theory of the political business cycle. The paper argues that PAFE may also be interpreted as an early recognition by Kalecki of the phenomenon of rent seeking. Kalecki's discussion of the rent-seeking behavior of businessmen is shown to have anticipated Olson's subsequent theory of distributional coalitions. A Kalecki-Olson analysis provides an explanation for the movement in income shares in the UK since 1975.

Suggested Citation

  • Douglas Mair & Anthony Laramie, 2002. "Full Employment: Gift Horse or Trojan Horse?," Review of Social Economy, Taylor & Francis Journals, vol. 60(4), pages 567-593.
    • Handle: RePEc:taf:rsocec:v:60:y:2002:i:4:p:567-593
    DOI: 10.1080/0034676022000028073
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    References listed on IDEAS

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    1. Jerry Courvisanos, 1996. "Investment Cycles in Capitalist Economies," Books, Edward Elgar Publishing, number 1013.
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    Cited by:

    1. Courvisanos, Jerry, 2009. "Political aspects of innovation," Research Policy, Elsevier, vol. 38(7), pages 1117-1124, September.
    2. Anthony Laramie & Douglas Mair, 2005. "Regional tax differentials: A Kaleckian approach," Regional Studies, Taylor & Francis Journals, vol. 39(3), pages 345-355.
    3. Jerry Courvisanos, 2012. "Political Economy of Innovation and Sustainable Development," Chapters, in: Blandine Laperche & Nadine Levratto & Dimitri Uzunidis (ed.), Crisis, Innovation and Sustainable Development, chapter 8, Edward Elgar Publishing.

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