Financing in Kalecki's Theory

Marcello Messori

Cambridge Journal of Economics, 1991, vol. 15, issue 3, 301-13

Abstract: Michal Kalecki's theory does not offer a straight distinction between investment financing and production financing. In particular, it does not stress enough that firms need financing to carry out their production. This fault is shared by a number of post-Keynesian authors; hence, it also hampers the current debate in monetary theory. This paper points out the limits which prevent an adequate analysis of production in Kalecki's framework. Even when Kalecki refers to the "technical" side of the money market, he does not clearly state that inputs come before outputs. This becomes apparent in a single-period model in which production takes time. Copyright 1991 by Oxford University Press.

Date: 1991
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