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The Principle of Increasing Risk versus the Marginal Efficiency of Capital

In: Kalecki’s Relevance Today

Author

Listed:
  • Ferdinando Meacci

Abstract

O. Lange (1939), E. A. G. Robinson (1947), L. Klein (1951), J. Robinson (1964, 1966, 1971, 1976, 1977) and others have claimed that Keynes’s General Theory was independently discovered by Kalecki. To all of them Patinkin (1982, p. 77) has replied that Kalecki’s theory ‘fails to present an integrated analysis of the commodity and money markets’, and that his ‘central message has to do not with the forces that generate equilibrium at low levels of output, but with the forces that generate cycles of investment’.

Suggested Citation

  • Ferdinando Meacci, 1989. "The Principle of Increasing Risk versus the Marginal Efficiency of Capital," Palgrave Macmillan Books, in: Mario Sebastiani (ed.), Kalecki’s Relevance Today, chapter 14, pages 231-245, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10376-8_14
    DOI: 10.1007/978-1-349-10376-8_14
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