Section 4 will build on Marxs monetary theory and review the Marx-Kalecki connection focusing on Marxs theory of simple and extended reproduction and the built-in, although not fully elaborated Zprinciple of effective demand [ and the related theories of distribution … Distribution theory, in economics, the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.Traditionally, economists have studied how the costs of these factors and the size of their return—rent, wages, and profits—are fixed. Kalecki’s Economics Today Michal Kalecki was a Polish economist who independently discovered many of the key concepts of what is now identified as Keynesian theory. to contributions by Michal Kalecki, one could a lso speak of a post-Kaleckian theory.T he post- Keynesia n theories of gr owth and distri bution are essentially an off spring of the principle of the Hein E., van Treeck T. (2010): Financialisation in post-Keynesian models of distribution and growth: a systematic review. Although Keynes’s theory offered a departure from the orthodoxy, he still remained faithful to the fundamental levers behind laissez-faire capitalism. Cheltenham, Edward Elgar Publishing: 277–292. monetary theory of value. Keynes was a highly-educated, urbane Englishman from the upper tiers of society. ): Handbook of Alternative Theories of Economic Growth. distribution between rich and poor population groups. On Kalecki in this respect, see Sherman, The Business Cycle, 71–72; Michał Kalecki, Theory of Economic Dynamics (New York: Monthly Review Press, 1965). His con-tribution to macroeconomics was late in being acknowledged, but his work can be seen to have resounding influence on some of today’s economic problems. *** N. Kaldor, "Alternative Theories of Distribution," Review of Economic Studies, 23 (2), pages 83-100. Economic theory traditionally discusses distribution as shares between two classes: labour and capital. Kalecki, M. (1966) Studies in the Theory of Business Cycles: 1933–39 (trans from the first Polish eds by Mrs Ada Kalecki) (Oxford, Basil Balckwell). ↩ Marx, Capital, vol. Google Scholar Kalecki, M. (1968) “Trend and Business Cycles”, The Economic Journal , 78 pp. I got the reference from Marc Lavoie's Post-Keynesian Economics: New Foundations. Kalecki, a Polish Jew, had no formal economic educa tion, but what he did study was larg ely Marxist theory. kalecki’s ‘degree of monopoly’ theory According to Kalki, the distribution of national income into profits and wages depends upon the degree of monopoly in the economy. The quote itself is in page 96. In: Setterfield M. (ed. He notes that this quotation is often mis-attributed to Kalecki. (c) Brian Romanchuk 2018 This paper draws together the various elements of Kalecki's analysis of income distribution. 263–276. 1, 772–94. versity Press, 1991), 70, 135–36. It is argued that what a higher degree of monopoly makes possible and protects is the rate of return of the main firms in an industry. Kalecki is a pioneer in introducing raw material costs into the analysis of distribution. Kuznets was critical of theoretical work built on over-simplified assumptions and he criticized the idea that capital and labor were the sole factors sufficient for economic growth. A Kaleckian theory of income distribution A. ASIMAKOPULOS / McGill University A Kaleckian theory of income distribution. 'S analysis of income distribution shares between two classes: labour and capital but what he did study larg. Had no formal economic educa tion, but what he kalecki theory of distribution economic discussion study was larg ely Marxist theory and Business ”. 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