The Economics of Michal Kalecki by Malcolm C. Sawyer

By Malcolm C. Sawyer

This significant quantity number of formerly released articles assesses the highbrow legacy of Michal Kalecki (1899-1970), combining a variety of Kalecki's personal writings with papers which overview and expand his paintings. quantity I specializes in Kalecki's paintings on capitalist economies, significantly the potent call for, pricing and distribution of source of revenue in accordance with the measure of monopoly, cycles and progress and the political economic climate of complete employment. dialogue of capitalist economies, with an emphasis on funds, finance and taxation keeps in quantity II, which additionally considers Kalecki's paintings on socialist economies and constructing economies. within the centenary yr of Kalecki's delivery, those volumes supply a becoming tribute to his very important contributions within the fields of economics and politics.

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G. Hacche, 1979,Chapter7). However,the separationof cycle and trendrelieson the equation for cycles-with-growthbeing linear and the coefficientsof that equation not changingover time. Suppose, for example, that the variableof interest in period t + I (labelledy,+ ) is related to its previous value in time t(y,) and to variable X, which gradually changesover time by the formulay,+I=f(y,, X,). Denote the trend value of y by y' and that also satisfiesthe equationy',+I=f(y',, X,). e. y-y'. This equation in general is Y1+I-Y',+, =f(y1, X,)-f(y',, X,).

Bronfrenbrenner [t]helabor shareis not equal to unity underfreecompetition... Nor is it sufficientanswer to doubt in purist fashion for the existenceof perfectcompetitionon the modelof a perfectvacuum or absolutezero: the labor share shows no sign of approaching unity in sectorswith smalldegreesof monopoly. Monopolisticcompetition,or in Kalecki'sterminology'pureimperfectcompetition',can be seen as the limitingcase. In thatcase, the mark-upof priceovermarginal cost does not tend to unity but to (ek - lI ek, whereekis kth firm's own price elasticityof demand.

The Degree of Monopoly Theory The startingpoint for Kalecki'sanalysisof pricedeterminationand therebyof the sharesof profitsin nationalincome,is the view that firms (outside primaryproduct sector) typically operate in conditions of imperfectcompetition and at levels of output below practicalcapacitywith averageprimecosts (materialsand manual labour),approximatelyconstant. Firms are primarilyinterestedin profits,though 'in view of the uncertaintiesfaced in the processof pricefixingit will not be assumedthat the firmattemptsto maximise its profitsin any precisesort of manner'(Kalecki, 1971a, p.

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