The influence of Kalecki's theory of the firm on my heterodoxy

Nobantu Mbeki

Chapter 29 in The Elgar Companion to Women and Heterodox Economics, 2025, pp 440-453 from Edward Elgar Publishing

Abstract: I argue in this chapter that the Kaleckian theory of the firm is comprehensive and capable of answering the same questions as are often posed by conventional (standard) economic analysis. It is a coherent account of the existence, motivation, and boundaries of the firm. However, this approach also addresses quite different questions and thus provides new insights into the behaviour of firms. In particular, it is a financial theory of the firm that explains the existence and size of firms through wealth and distributional effects. The contribution I make in this chapter is to demonstrate that a logical consequence is to reason about firms in terms of their responses to systemic instability. In this way, I show that Kalecki's theory gives new answers to standard questions.

Keywords: Current Heterodox Approaches; Firm Objectives; Internal Organisation; Markets Versus Hierarchies (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035329304
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