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

  • Alberto Chilosi

    (The University of Pisa, Italy)

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.

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Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0305001.

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Length: 22 pages
Date of creation: 29 May 2003
Date of revision:
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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  1. Dixon, Huw David & Rankin, Neil, 1992. "Imperfect Competition and Macroeconomics: A Survey," CEPR Discussion Papers 636, C.E.P.R. Discussion Papers.
  2. Weitzman, Martin L, 1985. "The Simple Macroeconomics of Profit Sharing," American Economic Review, American Economic Association, vol. 75(5), pages 937-53, December.
  3. Snower, Dennis J, 1983. "Imperfect Competition, Underemployment and Crowding-Out," Oxford Economic Papers, Oxford University Press, vol. 35(0), pages 245-70, Supplemen.
  4. Malcolm Sawyer, 2007. "Kalecki on Money and Finance," Chapters, in: A Handbook of Alternative Monetary Economics, chapter 11 Edward Elgar.
  5. Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-55, December.
  6. Stiglitz, Joseph E, 1984. "Price Rigidities and Market Structure," American Economic Review, American Economic Association, vol. 74(2), pages 350-55, May.
  7. 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.
  8. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February.
  9. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
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This item is featured on the following reading lists or Wikipedia pages:

  1. Michał Kalecki in Wikipedia English ne '')
  2. Michal Kalecki in Wikipedia Portuguese ne '')
  3. Міхал Калецкі in Wikipedia Ukranian ne '')

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