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Effective Demand and the Rate of Profits: Some Thoughts on Marx, Kalecki and Sraffa

In: Kalecki’s Relevance Today

Author

Listed:
  • Ferdinando Vianello

Abstract

The Marxian twist given by Kalecki to his theory of effective demand by restating it with the help of the ‘schemes of reproduction’1 makes Marx a natural term of comparison for the Polish economist. As a matter of fact, it is Marx himself who uses the ‘schemes of reproduction’ to point out the possibility that the ‘surplus-value produced’ may be not entirely ‘realised’ — namely, that aggregate production may exceed aggregate planned expenditure. The lack of a short-period adjustment mechanism strikes the modern reader, however, as a distinctive feature of Marx’s treatment of the matter vis-à-vis the Keynesian and perhaps even more the Kaleckian theory of effective demand (Section II).2 This difference between Marx and Kalecki appears interviewed with a difference in their views on the rate of profits. It is the latter difference that the present study will try to highlight, disentangling it from the former.

Suggested Citation

  • Ferdinando Vianello, 1989. "Effective Demand and the Rate of Profits: Some Thoughts on Marx, Kalecki and Sraffa," Palgrave Macmillan Books, in: Mario Sebastiani (ed.), Kalecki’s Relevance Today, chapter 10, pages 164-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10376-8_10
    DOI: 10.1007/978-1-349-10376-8_10
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    Citations

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    Cited by:

    1. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(3), pages 587-612.
    2. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    3. Graham White, 1999. "Rethinking Kalecki on the Trend and Cycle," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 341-353.
    4. Rotta, Tomás N., 2021. "Effective Demand and Prices of Production: An Evolutionary Approach," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 90-105.
    5. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
    6. Giovanni Bonifati, 2014. "Investimenti, consumi e occupazione. Capacità produttiva, domanda effettiva e distribuzione del reddito nel lungo periodo," Department of Economics 0046, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    7. Ricardo Azevedo Araujo & Joanílio Rodolpho Teixeira, 2010. "A Multi-Sector Version of the Post-Keynesian Growth Model," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 330, Departamento de Economia da Universidade de Brasilia.
    8. Marc Lavoie, 2010. "Surveying Short-run and Long-run Stability Issues with the Kaleckian Model of Growth," Chapters, in: Mark Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, chapter 6, Edward Elgar Publishing.
    9. Cesaratto, Sergio, 2017. "Garegnani, Ackley and the years of high theory at Svimez," Centro Sraffa Working Papers CSWP26, Centro di Ricerche e Documentazione "Piero Sraffa".
    10. Rotta, Tomas, 2020. "Effective Demand and Prices of Production: An Evolutionary Approach," MPRA Paper 97910, University Library of Munich, Germany.

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