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Dynamic Keynesian economics: cycling forward with Harrod and Kalecki

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  • Peter Kriesler
  • J. W. Nevile

Abstract

In the 1950s the plethora of existing business cycle theories gave way to a Keynesian-type theory based on Hicks' (1950) book. However, the first two expositions of Keynesian-type business cycle theory had no direct influence on Hicks' model. This paper examines the business cycle theories of Harrod and Kalecki. This is done mainly for its own sake--both of these theories are very important in the history of economic thought. But it is also of interest to see that constituent parts, which Hicks ignored, gave a richness absent in the Hicksian theory. In the case of Harrod aspects of the role of money and the explicit incorporation of imperfect competition in the micro foundation were important. While in the case of Kalecki it was imperfect competition and an emphasis on the contradictory nature of investment as both creating effective demand and capacity. Copyright The Author 2011. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Peter Kriesler & J. W. Nevile, 2012. "Dynamic Keynesian economics: cycling forward with Harrod and Kalecki," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(2), pages 405-417.
    • Handle: RePEc:oup:cambje:v:36:y:2012:i:2:p:405-417
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    File URL: http://hdl.handle.net/10.1093/cje/ber004
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    Cited by:

    1. Oslington, Paul, 2022. "The Economics Of Bernard Lonergan: Context, Modeling, And Assessment," Journal of the History of Economic Thought, Cambridge University Press, vol. 44(2), pages 182-204, June.
    2. Joseph Halevi & Neil Hart & Peter Kriesler, 2012. "The traverse, equilibrium analysis and post-Keynesian economics," Discussion Papers 2012-32, School of Economics, The University of New South Wales.
    3. Mark Setterfield, 2019. "Tolerable ranges of variation in the rate of capacity utilization and corridor instability: a reply to Florian Botte," Working Papers 1905, New School for Social Research, Department of Economics.
    4. Peter Kriesler & J W Nevile, 2008. "Escaping from a Blind Alley: Disequilibrium in the Dynamic Analysis of Harrod and Kalecki," Discussion Papers 2008-12, School of Economics, The University of New South Wales.
    5. Mark Setterfield, 2021. "Harrodians and Kaleckians: a suggested reconciliation and synthesis," Working Papers 2111, New School for Social Research, Department of Economics, revised Jan 2022.
    6. GC Harcourt & Peter Kriesler & John Langmore, 2013. "Faith, works and talents entwined: Driving forces behind John Nevile’s contributions," The Economic and Labour Relations Review, , vol. 24(2), pages 228-237, June.

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