The Theory of Prices and Income Distribution

Julio G. López and Michaël Assous

Chapter 4 in Michal Kalecki, 2010, pp 67-90 from Palgrave Macmillan

Abstract: Abstract In chapter 2 we argued that in Kalecki’s theory output and employment depend on capitalist expenditure, and on the distribution of income; and more precisely on the share of profits in the national income. We will now present Kalecki’s theory of income distribution, which is closely related to his theory of price determination. The latter, in turn, is related to his view that modern capitalism is characterized by market imperfections, both on the labour market and product market. By focusing on these imperfections, Kalecki took into account two important differences between perfect and imperfect competition.

Keywords: Income Distribution; Real Wage; Capitalist Expenditure; Demand Curve; Aggregate Demand (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:gtechp:978-0-230-29395-3_4

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DOI: 10.1057/9780230293953_4

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