IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-10947-0_32.html
   My bibliography  Save this book chapter

Capitalism, Socialism and Effective Demand

In: Nicholas Kaldor and Mainstream Economics

Author

Listed:
  • Edward Nell

Abstract

Comparing capitalism and socialism, it is important to remember that no actual economy is purely one type or another: all are mixtures bearing traces of their national histories, international relations and political compromises. Nevertheless, analytical study is best carried out at an abstract level in terms of pure types; prominent features of actual economies will be identifiable as belonging to one system or another and the logic of these features can be traced in the abstract system of which they are a part, where they have free play and full scope. We will treat capitalism and socialism as such abstract systems, and in doing so will draw on a central theme of Kaldor’s later years, the distinction between ‘demand-constrained’ and ‘resource-constrained’ systems, developed implicitly by Kalecki, but first explicitly defined by Kornai. This distinction requires replacing the scarcity-based theory of value with a Classical approach in which manufacturing prices are largely invariant to changes in demand.

Suggested Citation

  • Edward Nell, 1991. "Capitalism, Socialism and Effective Demand," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 32, pages 577-611, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_32
    DOI: 10.1007/978-1-349-10947-0_32
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mathew Forstater, 1998. "Selective Use of Discretionary Public Employment and Economic Flexibility," Macroeconomics 9802014, University Library of Munich, Germany.
    2. Mathew Forstater, 1997. "Selective Use of Discretionary Public Employment and Economic Flexibility," Economics Working Paper Archive wp_218, Levy Economics Institute.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-10947-0_32. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.