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Observations on Kaldorian and Post-Keynesian Approaches to Inflation

In: Money and Production

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  • Joseph Halevi

Abstract

This paper discusses the Kaldorian and post-Keynesian approaches to inflation. The main thrust of the paper is a critique of the notion of a fixed markup. Through the use of a two sector capital goods-consumption goods model with sectoral degrees of capacity utilisation, it is shown that the markup itself varies according to changes in the sectoral structure of the economy, including nonuniform changes in the sectoral rates of utilisation. It is suggested that viewing inflation as stemming from money wage increases relative to productivity is not as robust as it might appear in some of the post-Keynesian literature.

Suggested Citation

  • Joseph Halevi, 2024. "Observations on Kaldorian and Post-Keynesian Approaches to Inflation," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Money and Production, chapter 11, pages 209-222, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22417_11
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035314034.00017
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    Keywords

    Economics and Finance;

    Statistics

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