KALECKI'S THEORY OF INCOME DETERMINATION: A RECONSTRUCTION AND AN ASSESSMENT

Alberto Chilosi

Method and Hist of Econ Thought from University Library of Munich, Germany

Abstract: The paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point of the specific strain of contemporary New-Keynesian macroeconomics that is also based, after a long historical gap, on imperfectly competitive microeconomic foundations. Important elements of Kalecki’s theoretical construction have been a lasting, even if usually unacknowledged, legacy to the toolkit of modern macroeconomics.

Keywords: kalecki; macroeconomics; imperfect competition; income determination; microeconomic foundations (search for similar items in EconPapers)
JEL-codes: B22 E12 E13 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2003-05-29
New Economics Papers: this item is included in nep-hpe
Note: Type of Document - pdf; prepared on windows xp; to print on any; pages: 22 ; figures: none. A much reduced version will be published in a forthcoming Routledge book
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpmh:0305001

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