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Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment

Author

Listed:
  • Alberto Chilosi

    (The University of Pisa, Italy)

Abstract

The paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point of the specific strain of contemporary New-Keynesian macroeconomics that is also based, after a long historical gap, on imperfectly competitive microeconomic foundations. Important elements of Kalecki’s theoretical construction have been a lasting, even if usually unacknowledged, legacy to the toolkit of modern macroeconomics.

Suggested Citation

  • Alberto Chilosi, 2003. "Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment," Method and Hist of Econ Thought 0305001, EconWPA.
  • Handle: RePEc:wpa:wuwpmh:0305001
    Note: Type of Document - pdf; prepared on windows xp; to print on any; pages: 22 ; figures: none. A much reduced version will be published in a forthcoming Routledge book
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mhet/papers/0305/0305001.pdf
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    References listed on IDEAS

    as
    1. Malcolm Sawyer, 2007. "Kalecki on Money and Finance," Chapters,in: A Handbook of Alternative Monetary Economics, chapter 11 Edward Elgar Publishing.
    2. Oliver Hart, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, Oxford University Press, vol. 97(1), pages 109-138.
    3. Snower, Dennis J, 1983. "Imperfect Competition, Underemployment and Crowding-Out," Oxford Economic Papers, Oxford University Press, vol. 35(0), pages 245-270, Supplemen.
    4. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    5. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-666, September.
    6. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
    7. Weitzman, Martin L, 1985. "The Simple Macroeconomics of Profit Sharing," American Economic Review, American Economic Association, vol. 75(5), pages 937-953, December.
    8. Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-855, December.
    9. Dixon, Huw David & Rankin, Neil, 1994. "Imperfect Competition and Macroeconomics: A Survey," Oxford Economic Papers, Oxford University Press, vol. 46(2), pages 171-199, April.
    10. Stiglitz, Joseph E, 1984. "Price Rigidities and Market Structure," American Economic Review, American Economic Association, vol. 74(2), pages 350-355, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    kalecki; macroeconomics; imperfect competition; income determination; microeconomic foundations;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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    1. Міхал Калецький in Wikipedia Ukranian ne '')
    2. Michal Kalecki in Wikipedia Portuguese ne '')

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