ZUR VERTEILUNGSTHEORETISCHEN KRITIK AN KEYNES

Erich HÖdl

Kyklos, 1974, vol. 27, issue 3, 461-481

Abstract: Keynes paid no attention to the problem of distribution. Neo‐Keynesians investigated the dependency of alternative distributions on investment, but did not explain total profits. Growing accumulation of capital and constant distribution cause a decline of profitability. To preserve private investments an increase of total profits would be necessary. However wages are politically given and an increase of government expenditure is limited in its effects because of growing public supply. Distribution is in any case only a precondition for the propensity to invest. According to Keynes investments determine the economic process. A theoretical explanation of distribution is only possible by an explanation of the investment process, which depends on individual profitability and total profits. The theory of distribution has to be a profit theory. By this Keynesian Theory includes a reversal of the classical distribution theory, which starts from the wages.

Date: 1974
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