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Kalecki and Marx Reconnected

Peter Kriesler and Joseph Halevi

Review of Political Economy, 2020, vol. 32, issue 4, 604-614

Abstract: The paper considers the nature that Kalecki’s contributions represent a significant contribution to the Marxist tradition. While we argue that the underlying method of both Marx and Kalecki — their vision of society and its dynamics — and much of their analysis is fundamentally the same, differences arise because of the development of capitalism and the different stages of society each is analysing. For Kalecki, developed capitalist economies have reached a stage of capital accumulation where the existing capital stock is sufficient to employ all the economy's labour. Associated with this is the rise of imperfectly competitive firms. The economic dynamics of capitalism have evolved as a result, with growth and employment being determined by different factors.

Date: 2020
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DOI: 10.1080/09538259.2020.1842433

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Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:604-614