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Regimes of Realization: Using Marx and Kalecki to Understand the US Economy, including the Great Recession and the “Recoveryâ€

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  • David M. Brennan

Abstract

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

Suggested Citation

  • David M. Brennan, 2018. "Regimes of Realization: Using Marx and Kalecki to Understand the US Economy, including the Great Recession and the “Recoveryâ€," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 757-772, December.
    • Handle: RePEc:sae:reorpe:v:50:y:2018:i:4:p:757-772
    DOI: 10.1177/0486613417749596
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    More about this item

    Keywords

    Marx; Kalecki; profit rates; profit realization; Great Recession;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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