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Relying upon the Pasinettian notion of vertical integration (Pasinetti, L. 1981. Structural Change, and Economic Growth: A Theoretical Essay on the Dynamics of the Wealth of Nations. Cambridge: Cambridge University Press), we develop a disaggregated version of the post-Kaleckian (Bhaduri, A. and S. Marglin. 1990. 'Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies.' Cambridge Journal of Economics 14 (4): 375–393) approach to economic growth. With this analysis, the structural changes are conditioned not only to patterns of evolving demand but also to the distributive features of the economy. Considering oligopolist power and under-capacity utilization within the structural economic dynamic framework allows for heterogeneous final demand and mark-ups, with the profit margins of the consumption sector depending on the mark-up of the corresponding investment sector. Besides, in this set-up, it emerges the possibility vnthat each sector in the economy exhibits either a profit-led or a wage-led growth regime. [ABSTRACT FROM AUTHOR]

Between 1942 and 1945, Kalecki emphasised the incompatibility between capitalism and full employment. Rather than stabilising market economies, full employment would have triggered social conflict by providing self-confidence amongst the workers and the lower strata of society. Accordingly, in any program of social transformation, the initial condition that had to be established was (guaranteed) full employment and economic security for workers to alter the game's rules. Like Marx, full employment of resources became a condition of crisis in a capitalist economy. Upon this premise, Kalecki rejected both Keynes's and the Fabians' views, according to which full employment was essentially a technical operation to be achieved by intellectual persuasion and some basic control. The emphasis on persuasion implied an overestimation of the role of economic theory, meant as a method of moulding ideas and opinions of the country leaders. On the other hand, the lack of institutional analysis implied that full employment became a mere tool to guarantee capitalism's correct functioning. Kalecki's stance reflected his different background, both methodological and political. [ABSTRACT FROM AUTHOR]

RESUMO O objetivo deste ensaio é a apresentação de uma visão geral da teoria do funcionamento e dinâmica do capitalismo avançado de Kalecki. Após analisar a relação geral entre a demanda efetiva e os níveis de atividade econômica e emprego, o autor estuda a lógica do modelo cíclico de crescimento de Kalecki. Junto com a apresentação das ideias de Kalecki, o autor contesta algumas críticas à teoria da demanda efetiva.

RESUMO Embora publicado no início da década de 1930, e apesar do recente interesse em sua teoria, o modelo de investimento de Kalecki não foi submetido a muitos testes empíricos. Este artigo especifica uma versão de curto prazo de três equações do modelo de investimento de Kalecki e o estima usando dados anuais dos EUA entre 1948-1980. Um resultado surpreendente é que a economia dos EUA parece ter sido dinamicamente instável no período analisado, com ciclos de amplitude crescente.

This article is a post-Keynesian stock flow consistent (PK-SFC) model that analyses the dynamics of an economy characterised by several — often individually studied — features of PK-SFC studies together with some innovative aspects. In particular, we investigate the income and wealth distribution between two social classes, capitalists and workers, after a period of a crisis subject to different policy scenarios. Non-financial firms but also government can undertake investments decisions and both accumulate capital. Finally, we consider the workers' and capitalists' consumption behaviour that contributes to produce (un)sustainable paths. Our model is built upon Bibi (2020, 2021) within an endogenous money framework and is calibrated using available data for major advanced economies. Simulations are conducted to question the different government fiscal policies to reduce unemployment boosting the economic activity, to obtain a more equitable distribution between social classes while obtaining those goals in a sustainable way. [ABSTRACT FROM AUTHOR]

RESUMO Em contraste com a exegese usual encontrada na literatura, o modelo de lucro de Kalecki foi estimado usando dados anuais dos Estados Unidos entre 1947-1985. Assumindo uma defasagem de investimento de um ano, o modelo de Kalecki explica 96% da variação dos lucros brutos reais dos Estados Unidos no período analisado. De acordo com o multiplicador de lucro estimado, o aumento de um bilhão de dólares de 1982 no investimento real bruto (aumentado pelo governo e pelos déficits externos) aumentaria os lucros brutos reais em 1,1 bilhão de dólares e o consumo capitalista em 63,3 milhões de dólares. No entanto, o multiplicador de lucro estimado é bastante baixo quando comparado com a estimativa do próprio Kalecki para os EUA, durante a Grande Depressão.

RESUMO este artigo tem como objetivo identificar o papel do governo na economia exposto pelas obras de Keynes e Kalecki.

The present study is an attempt to examine the development of monopoly capitalism in India through industry-level analysis of the change in the degree of monopoly and distribution of income. To this end, the Kaleckian approach has been applied to all the 56 three-digit Indian organised manufacturing industries listed in the Annual Survey of Industries covering the period 1998–2018. The data have been examined at four levels: the aggregate sectoral level, the aggregate of the top 25 per cent industries, the aggregate of the top 10 per cent and disaggregate analysis of the top 6 industries. The study finds strong evidence of the growth of monopoly power in the manufacturing sector with the rising growth rate of the economy, indicating the rise of monopoly capitalism in India. It also brings out the dominance of the top 25 and top 10 per cent (in terms of gross value added [GVA] share and employment) manufacturing industries) in the determination of aggregate monopoly power and the wage share in the organised manufacturing sector. The study finds that under monopoly capitalism, the rise of profits of the larger industries in India's organised manufacturing sector primarily comes from the deduction of wages of production workers and the flow of surplus from smaller to larger industries. [ABSTRACT FROM AUTHOR]

This paper addresses the idea of creating an economy beyond full employment — namely one that offers some work for people to do but also more abundant leisure time. It argues that this idea has endured in critical political economy. J.M. Keynes gave it support directly. Its realisation though raises concerns over the balance of power relations in society and the scope to use the productivity gains from technological progress to lighten work. Here useful lessons on the limits to reducing work in the economy can be gleaned from Michal Kalecki’s work. The paper uses the writings of Keynes and Kalecki to consider the possibilities for and barriers to creating a different (leisure-filled) economic future. Some wider implications are drawn for modern debates concerning the scope for achieving a four-day working week. Overall, the paper establishes the value of integrating ideas from both Keynes and Kalecki and of emulating their common endeavour to promote the vision of a radically different economic future. [ABSTRACT FROM AUTHOR]

The contribution and continuing relevance of Kalecki's paper on 'Political aspects of full employment' on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki's paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of 'fundamental reforms' in sustaining full employment under capitalism, and the 'fate' of fundamental reforms is reviewed. [ABSTRACT FROM AUTHOR]

Numerous discussions on money and financial institutions have been advanced both between and within economic theories. Heterodox schools of thought consider money to be non-neutral, with causality running from money demand to money supply and the interest rate as a monetary and distributive variable. In this paper we discuss the views of Michał Kalecki and John Maynard Keynes on money and the operation of financial institutions. Kalecki and Keynes formulated the theory of effective demand, specifically in terms of its effects on economic growth and financial instability. Nonetheless, in line with the work of Tracy Mott, we argue that Kalecki's analyses of the financial system are more profound because they better capture the complexity of the oligopolistic financial system, providing the foundations for Keynes' liquidity preference theory. As a result, it may be concluded that the main problem of economic growth and investment spending is the structure of corporate finance. [ABSTRACT FROM AUTHOR]

Joan Robinson sought to make Marx's economics intelligible to both academic colleagues and followers of Marx, in a twofold approach. First, she adopted Kalecki's antipathy to the labour theory of value and his insights (following Rosa Luxemburg) into realisation problems in the schemes of reproduction; second, following Sraffa's reading of Ricardo, she recognised the importance of surplus production as an alternative to neoclassical theory: both culminating in a stripped down two-sector scheme her mature work, The Accumulation of Capital. This scheme is recast here as an input–output framework, providing a generalisation that addresses some of its limitations: the need for an interface with the Kahn/Keynes employment multiplier, the absence of circulating capital inputs, and the lack of a systematic treatment of prices. Furthermore, a somewhat surprising result is the derivation of a core role for Marx's category of surplus value in the employment multiplier derived from Robinson's system. [ABSTRACT FROM AUTHOR]

This essay presents Kalecki's notes on Joan Robinson's Essay on Marxian Economics , (hitherto published only in a Polish translation) introduced by an explanation of the part that Kalecki's work played in Robinson's reconsideration of Marx in the light of the new ideas coming from Keynes and Kalecki. Kalecki defended Marx against Robinson's more extreme accusations of inconsistency. Kalecki's notes are given in an appendix to this essay. [ABSTRACT FROM AUTHOR]

This contribution examines recent developments in post-Keynesian macroeconomics teaching through an analysis of five textbooks: Blecker and Setterfield (2019), Hein (2014; 2023), and Lavoie (2014; 2022). The focus is on Hein’s latest book, Macroeconomics after Kalecki and Keynes (2023), which aims to provide a comprehensive and teachable post-Keynesian macroeconomic model, by covering topics such as effective demand, policy coordination, distribution and growth, finance-dominated capitalism, and ecological constraints. The review discusses Hein’s textbook in a comparative way, highlighting points of strength and aspects that should be explored further, particularly (but not related to) the field of climate change and environmental constraints to growth. Overall, it is argued that Hein's book contributes to the literature on post-Keynesian economics and provides a valuable resource for undergraduate and graduate students in the field.

RESUMO Este artigo tem como objetivo investigar os determinantes da difusão limitada e da aceitação teórica do trabalho de Kalecki. Na minha opinião, as raízes da resistência a esse autor vêm da maneira incomum de ele combinar os elementos teóricos, metodológicos e analíticos em sua obra. Mais especificamente, é necessário notar que, apesar do substrato teórico de seu trabalho ser keynesiano, o padrão de investigação e exposição usado por Kalecki é estruturalista e se depara com o individualismo metodológico de Keynes. Essa contradição - o centro do diálogo geralmente difícil de Keynes e Kalecki - também limita o diálogo com as duas outras escolas que nosso autor considerou científicas em Economia, Marxismo e Econometria (neoclássica).

This article aims to refine the Post Keynesian long run financial frontier models under an intermediate run called the 'implementation period,' the time horizon to finance and implement long run strategic plans. During this period, the availability of debt finance is crucial to bridge the time gap before future free cash flows validate the investment. Therefore, firms' long run investment plans may be modified or suspended during this time horizon subject to bankers' uncertainty perception and state of confidence, which constrain debt capacity and firms' investment decisions. Uncertainty and the measures to enhance confidence, such as banking convention, mimetic behaviours, and bankers' spontaneous optimism, are critical to determining the financial frontier because they affect the lending amount, tenor, and refinancing potential. The proposed model focussing on bankers' convention and susceptibility explains the volatile nature of the financial frontier, investment instability, downward sloping effective loan supply and credit rationing under new perspectives. [ABSTRACT FROM AUTHOR]

La teoría poskeynesiana es una de las numerosas escuelas de pensamiento heterodoxas en economía. En sus estudios sobre crecimiento y productividad, tiene varias similitudes con la teoría francesa de la regulación, que en Quebec y fuera de Francia es sobre todo conocida en los departamentos de ciencias políticas. En lo que toca a la teoría de precios y empresa, así como en la investigación del mercado laboral, se inspira en gran medida en el trabajo de economistas institucionalistas, tanto de Estados Unidos (EU), como del Reino Unido. Se hace una breve historia del surgimiento de la teoría poskeynesiana. Después, se evocará las principales características de la economía poskeynesiana. Artículo originalmente publicado en: Marc Lavoie et Mario Seccareccia, “L’économie post- keynésienne, une pensée hétérodoxe méconnue?”, Revue Interventions économiques: Papers in Political Economy, vol. 67, 2022, en un número especial sobre Sociologie et histoire de la pensée économique au Québec. Ola financiera agradece la amable autorización de los editores. Traducción del francés al español para Ola financiera a cargo de la Dra. Marcia Solorza. La versión está disponible en: https://journals.openedition.org/interventionseconomiques/

Copyright of Efil Journal of Economic Research / Efil Ekonomi Araştırmaları Dergisi is the property of Efil Journal of Economic Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article studies the Kaleckian profit and profit rate in U.S. business cycles. Kalecki emphasized the critical role played by investment in the determination of profit. The alternative mechanisms that he operationalized in his discussion of profit generation usually played an insignificant role then. However, since Kalecki developed his framework for profit and its determinants, the U.S. economy has gone through some significant transformations, specifically with the neoliberal turn beginning in the early 1980s. We consider some of these changes under the new corporate governance system and shareholder-value ideology, and discuss the role they play in relation to Kaleckian profit generation. We also discuss the components of the profit, as distinct from its determinants, to discuss how the allocation of the profit within the capitalist class influences Kaleckian profit generation. Finally, we compute the determinants and the components of the Kaleckian profit rate in the post-WWII U.S. business cycles to empirically observe the influence of the neoliberal turn on the Kaleckian profit generation. [ABSTRACT FROM AUTHOR]

A dominant strand of orthodoxy argues that the problem of the informal sector could be mitigated through the capitalistic growth process. But our observations on India are different—with an expansion of the capitalistic formal sector, as the economy grows, there is a proliferation of fissured informality. Using a structuralist macro-model, we provide certain explanations for this phenomenon, which are also tested empirically using Indian subnational-state and firm-level data. Thus, we explore both the short- and long-run effects of the expansion of the formal sector on the heterogeneous informal economy. While a section of the population is pulled into the advanced informal activities, a vast segment is pushed to petty production. Accordingly, the orthodox transition narrative is questioned and alternative policy and political possibilities are introduced. JEL Classification: O11, O13, O17, P48 [ABSTRACT FROM AUTHOR]

This obituary recalls the personal and intellectual trajectory of Julio López Gallardo, who recently passed away. A friend of the authors and this Review, Julio contributed widely to the literature on the development of Latin American countries, to Kaleckian models, and to structuralism. His main contributions concern the effective demand in the semi-industrialized economies, the different roles of fiscal and trade deficits in economic growth, and the structural role of the distribution of income on the development process.

Esta nota recuerda tiempos clave de la vida y la obra de Julio López Gallardo, el gran economista latinoamericano recientemente fallecido. Apunta a momentos históricos como el Chile de Allende, el golpe militar de Pinochet y el asilo político de Julio López Gallardo en México, donde adoptó la nacionalidad. Se refiere en especial a los fundamentos teóricos que moldearon su actividad académica, básicamente asociados a M. Kalecki, el gran economista polaco, de quien se considera su más destacado discípulo.

Michał Kalecki escribió un artículo sobre el gasto público financiado por impuestos sobre las ganancias, el cual incentivó un interesante debate entre él y Keynes; este último fue el editor de la revista en que el artículo se publicó. Más tarde, en los años cincuenta, Kalecki realizó algunos estudios empíricos para alimentar su teoría. Dos de éstos trataban sobre la economía de los Estados Unidos, y en ellos adoptó un nuevo método de análisis. Sin embargo, su metodología no tuvo el impacto que merecía, incluso entre sus seguidores. Este artículo retoma el análisis de Kalecki con el fin de comprender la evolución reciente de la economía estadunidense.

Este texto reúne dos ensayos de Michał Kalecki escritos durante la década de los sesenta: “El fascismo de nuestro tiempo” (1964) y “Vietnam y las grandes empresas norteamericanas” (1967), los cuales analizan el contexto político y económico de esa época. El primer ensayo realiza una reflexión sobre las formas en que el fascismo estaba regresando en el panorama político de algunos países, como Francia, Alemania Occidental y los Estados Unidos, y cómo grupos que respondían a esta ideología se estaban infiltrando sin resistencia alguna en las élites de poder imperantes de tales gobiernos. El segundo ensayo analiza los intereses que tenían las grandes corporaciones estadunidenses en que la Guerra de Vietnam continuase, a pesar del panorama negativo que ya se pintaba para los Estados Unidos en ella.

The paper develops a critique of and a (partial) solution to Say's Law Marxism, defined as the employment of Say's Law within the Marxist framework. The critique is based on the notion that expectations and effective demand are constitutive of labor values and prices of production. Socially necessary labor cannot be determined solely from the supply side. The (partial) solution to Say's Law Marxism rests on the development of an evolutionary model that integrates the principle of effective demand in the short run and the formation of prices of production in the long run. The equalization of profit rates in the long run and the formation of prices of production as attractors of market prices depend upon the realization of profits in the short run and, therefore, are subject to the principle of effective demand. The model employs replicator dynamics from evolutionary game theory to formalize competition at the firm level. The replicator equations also formalize the adoption of new production techniques and the nonlinear feedback effects between individual decisions and unintended macroeconomic outcomes. • Model integrates the principle of effective demand and prices of production • Expected demand determines the realization of surplus value and profit • Effective demand determines labor values and long-run market prices • Model draws from Marx, Kalecki, Keynes, and evolutionary game theory • Replicator equations formalize competition, capital mobility, and technical change [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

This paper presents a method for integrating debt management into fiscal policy using principles derived from the work of Kalecki. It proposes dividing the government budget into a functional budget containing taxes and expenditure that may affect expenditures in the non-financial economy, and a financial budget containing taxes on wealth and higher incomes that do not affect expenditures in the real economy but do affect the liquidity of wealth portfolios. This gives the government two more or less independent instruments to manage economic growth and government debt. The respective balances between the functional and financial budgets then affect the fiscal multiplier showing how cases of expansionary fiscal contraction, contractionary fiscal expansion, expansionary financial instability, and deflationary financial instability may arise. The analysis applies to domestically financed debt. [ABSTRACT FROM AUTHOR]

This paper discusses Michał Kalecki's impact on Cambridge's major protagonists and, in turn, the impact they had on him during the time he spent in Cambridge. It concentrates on the criticisms he was met with on the part of Keynes, Kahn and Robinson, especially on his notion of the 'degree of monopoly'. This was the reason for his departure from Cambridge, although he continued to receive support from his Cambridge friends. The rift between him and Cambridge can be explained by the fact that, Sraffa excepted, Keynes, Kahn and Robinson were (at the time) thinking within the Marshallian framework of price determination and—quite rightly—found Kalecki's approach to be incompatible with it. Robinson later became converted to an approach to prices and distribution which has Kalecki, alongside Sraffa, as one of the contributors and now it is part of what she herself had christened post-Keynesian economics. [ABSTRACT FROM AUTHOR]

The paper focuses on four critical differences between capitalism of the Keynes-Kalecki times and the present-day financial capitalism. The first follows from the wholesale globalisation and liberalisation of financial and capital markets which drastically changed the nature of political opposition against full employment. The second results from changes in income and wealth distribution and in access to basic public services like health, education, and social security. The third is the evolution of the Schumpeterian entrepreneurial innovators to financial rent-seekers and speculators. The fourth relates to the question whether economic dynamics and business fluctuations are of Kaleckian nature, i.e. resulting from the feedback between the income generating effect, and the productive capacity augmenting effect, of private investment in fixed capital, or are they of Minskian financial instability nature. And if the latter is true, what is the room for any countercyclical policy that Keynes and Kalecki recommended. The essay ends with the question on how to include the Minskian financial instability of the present-day capitalism into Kalecki's canonical profit equation on which his theory of economic dynamics and business fluctuations is founded. [ABSTRACT FROM AUTHOR]

The current Covid-19 Crisis 2020 has hit the Eurozone in a highly fragile situation, with a weak and asymmetric recovery from the Great Financial Crisis, the Great Recession and the following Eurozone Crisis. These crises have revealed the weaknesses of the macroeconomic policy institutions and strategies of the Eurozone based on New Consensus Macroeconomics (NCM). Applying a Kaleckian/post-Keynesian analysis of the demand and growth regimes to the EA-12 countries, we show that the internal imbalances within the EA-12 before the Eurozone have been externalised since then. Most of the countries and the EA-12 as a whole have now turned export-led mercantilist and thus highly vulnerable to fluctuations in world demand. For an economic policy alternative we turn towards Kalecki's macroeconomic policy proposals for achieving and maintaining full employment in a capitalist economy by government deficit expenditures, in combination with re-distribution policies in favour of labour and low-income households, assisted by central banks targeting low interest rates. This approach is then applied to the Eurozone, in order to derive a policy mix which should contribute to a more rapid recovery from the Covid-19 Crisis and to a medium- to long-run non-inflationary full employment domestic demand-led regime. [ABSTRACT FROM AUTHOR]

This paper revisits the writings of Michal Kalecki which relate to issues of fiscal policy, budget deficits and securing full employment in capitalist economies. It seeks to relate those writings to the recent fiscal policy debates after the global financial crises. It covers the issues of the financing and funding of public expenditure and private expenditure. The relationship between the scale of budget deficit and the achievement of full employment is considered. Kalecki's approach to the 'burden' of debt is elaborated. The social and political constraints on the achievement of full employment are revisited. [ABSTRACT FROM AUTHOR]

This text recollects key moments of the life and work of Julio López Gallardo, the recently deceased great Latin American economist. It points to historical moments such as Allende's Chile, Pinochet's military coup, and Julio López Gallardo's political asylum in Mexico, where he adopted the nationality. It refers especially to the theoretical foundations that shaped his academic activity, associated with M. Kalecki, the great Polish economist, of whom he is considered his most outstanding disciple. [ABSTRACT FROM AUTHOR]

Michał Kalecki wrote an article on government expenditures financed by taxes on profits, which set forth an interesting debate between him and Keynes, the latter being the editor of the journal in which Kalecki's article was published. Later, in 1950s, Kalecki wrote a few empirical studies to substantiate his theory. Two of these papers dealt with the US economy, in which he adopted a novel method of analysis. However, his methodology did not have the deserved impact, even amongst his followers. This article revisits Kalecki's analysis to understand the recent evolution of the US economy. [ABSTRACT FROM AUTHOR]

This text presents two essays by Michał Kalecki written during the sixties: "The fascism of our times" (1964) and "Vietnam and US big business" (1967), which analyze the political and economic context of that time. The first essay reflects on the ways in which fascism was making a comeback in the political landscape of some countries, such as France, West Germany and the United States, and how groups related to this ideology were infiltrating, without any resistance, into the ruling elites of such governments. The second essay analyzes the interests of the large US corporations in continuing the Vietnam War, despite the negative outlook that was already being presented for the United States in this war. [ABSTRACT FROM AUTHOR]

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper focuses on the dynamics analysis from the ultra-short to the short period from a Post-Keynesian perspective. It is argued that the construction of both the short-run and the long-run models are based on the critical assumption of an equilibrium between aggregate demand and aggregate supply. Starting from the work by Metzler (1941. The nature and stability of inventory cycles, The Review of Economic Statistics , 113–29), the issue of equilibrium and stability is investigated inside a Keynesian–Kaleckian perspective. The suggested model analyses under which conditions the standard Kaleckian conclusions are still valid considering a disequilibrium situation. Two scenarios are simulated: one with fixed expectations as in Metzler (1941. The nature and stability of inventory cycles, The Review of Economic Statistics , 113–29) and another based on adaptive expectations and asymmetric behaviour of the wages–unemployment relation. The model questions the effective demand labour curve and suggests that an increase in real autonomous expenditures, mainly by the government, might be even more essential than what is generally considered in the Kaleckian literature, to avoid increasing unemployment a world with increasing wages. [ABSTRACT FROM AUTHOR]

The aim of this paper is to review the Kaleckian and post-Kaleckian literature on income distribution and economic growth and question the extent to which they analyse countries’ economic regimes and economic performances properly and appropriately to understand countries’ economic performances. The debate focuses on the inclusion of profit margin in the investment function as a way to characterize the effective demand regime in the neoliberal era as a profitled growth regime. Our argument is that this inclusion is not able to evaluate properly the countries’ economic growth in terms of the consistency between its effective demand regimes and income distribution.

A Teoria Monetária Moderna (MMT) ganhou o centro do debate econômico com as recentes propostas de grandes projetos de bem-estar social e ambiental nos EUA. Este artigo tem como objetivo apresentar os pressupostos básicos da MMT e posicioná-la na teoria econômica. As raízes da MMT estão associadas ao economista neomarxista Michal Kalecki, que afirma que os déficits não importam. Os representantes da MMT argumentam que projetos como Medicare para todos, “Green New Deal” e garantia de emprego não enfrentam restrições fiscais. Para o governo enquanto criador soberano da moeda nacional como meio de pagamento oficial, déficits orçamentários não importam porque pode-se sempre criar a quantidade de moeda necessária para financiar seus gastos. O artigo discute as principais propostas políticas da Teoria Monetária Moderna e elabora críticas e limitações de sua agenda.

By integrating selected Kaleckian and Marxian insights, this paper analyzes the sources of profit realization and the profit rate in the US economy from 1964–2013. The most significant sources of profit realization in the United States are capitalists' consumption and workers' debt, which historically have been under appreciated both theoretically and empirically. The insights gleaned by analyzing the sources of profit realization aid in understanding the Great Recession and the future of the US economy.JEL Classifications: B51, E11 [ABSTRACT FROM AUTHOR]

Michal Kalecki developed his original model of the business cycle in the early 1930s. Several versions referred as versions I, II and III have been developed until the late 1960s from which Kalecki draw three central propositions on instability and class struggle: (1) the capitalist system "cannot break the impasse of fluctuations around a static position" unless it is shocked by "semi-exogenous factors", (2) the dynamics of the profit rate and investment – as in version I and II – may be disconnected from "class struggle" and (3) when class struggle impacts the dynamics of the economy – as in version III – this is happening in a context in which expected profitability of new investment projects is negatively related to the profit share. In this article, we want to show that each of these three proposals represents key differences with Marx. [ABSTRACT FROM AUTHOR]