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The Kaleckian Analysis and the New Mellinium

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  • Malcolm Sawyer

    (The Jerome Levy Economics Institute)

Abstract

This paper commemorates the centenary of Kalecki's birth through a consideration of how Kalecki's macroeconomic analysis of capitalist economies should be adapted in light of changes in such economies over the fifty years since the major elements of Kalecki's analysis of capitalism were put into place. The main elements of Kalecki's analysis, in terms of the key assumptions which he made, are outlined, and how well these assumptions have survived is discussed. The next three sections consider globalisation, the growth in the importance of financial markets and the relationship between the real and the financial sectors, and the changing relationship between workers and business (and the associated changes in industrial relations practice and law) as areas where there have been major changes in the past three decades and where Kalecki's analysis may need to be modified to encapsulate those changes.

Suggested Citation

  • Malcolm Sawyer, 1998. "The Kaleckian Analysis and the New Mellinium," Macroeconomics 9805001, University Library of Munich, Germany, revised 01 Sep 1998.
    • Handle: RePEc:wpa:wuwpma:9805001
    Note: Type of Document - Acrobat PDF; prepared on IBM PC ; to print on PostScript; pages: 27; figures: included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/9805/9805001.pdf
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    References listed on IDEAS

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