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Marx and Kalecki on aggregate instability and class struggle

Author

Listed:
  • Michaël Assous

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Antonin Pottier

    (CIRED - centre international de recherche sur l'environnement et le développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

Michal Kalecki developed his original model of the business cycle in the early 1930s. Several versions referred as versions I, II and III have been developed until the late 1960s from which Kalecki draw three central propositions on instability and class struggle: (1) the capitalist system "cannot break the impasse of fluctuations around a static position" unless it is shocked by "semi-exogenous factors", (2) the dynamics of the profit rate and investment – as in version I and II – may be disconnected from "class struggle" and (3) when class struggle impacts the dynamics of the economy – as in version III – this is happening in a context in which expected profitability of new investment projects is negatively related to the profit share. In this article, we want to show that each of these three proposals represents key differences with Marx.

Suggested Citation

  • Michaël Assous & Antonin Pottier, 2018. "Marx and Kalecki on aggregate instability and class struggle," Post-Print halshs-02097558, HAL.
    • Handle: RePEc:hal:journl:halshs-02097558
    DOI: 10.1080/09672567.2018.1527858
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    Cited by:

    1. Vincent Carret, 2021. "Rupture and continuity in the original divide between micro-dynamics and macro-dynamics," Working Papers halshs-03242180, HAL.

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