Confidence, Increasing Risk and Crisis in a Post-Kaleckian Stock-Flow Consistent Model

Edwin Le Heron

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Abstract: Today, PK usually stands for the post-Keynesian school. But it can also stand for the post-Kaleckian or post-Kaldorian schools; Michal Kalecki certainly seems to be the more important reference, because he is said to have discovered Keynes's principle of effective demand on his own in 1933, and he strongly influenced Cambridge economists, Nicholas Kaldor in particular. With Rosa Luxemburg and Gunnar Myrdal, Kalecki was one of the first to show the importance of demand in growth theory. In this chapter, we have blended some ideas from Kalecki, Kaldor and Keynes — but in honour of Tadeusz Kowalik, we shall focus on the Kaleckian aspects. From Kalecki, we have taken the mark-up pricing theory, with fixed technical coefficient, capacity utilisation, and two classes of households: workers and capitalists.

Keywords: Interest Rate; Monetary Policy; Financial Crisis; Central Bank; Income Distribution (search for similar items in EconPapers)
Date: 2014
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Published in Riccardo Bellofiore; Ewa Karwowski; Jan Toporowski. Economic Crisis and Political Economy, Volume 2 of Essays in Honour of Tadeusz Kowalik, Palgrave Macmillan, pp.113-138, 2014, Palgrave Studies in the History of Economic Thought, 978-1-137-33575-3. ⟨10.1057/9781137335753_9⟩

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Working Paper: Confidence, increasing risks and crisis in a Post Kaleckian stock-flow consistent model (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00931516

DOI: 10.1057/9781137335753_9

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