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Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment

Author

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  • Alberto Chilosi

    (The University of Pisa, Italy)

Abstract

The paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point of the specific strain of contemporary New-Keynesian macroeconomics that is also based, after a long historical gap, on imperfectly competitive microeconomic foundations. Important elements of Kalecki’s theoretical construction have been a lasting, even if usually unacknowledged, legacy to the toolkit of modern macroeconomics.

Suggested Citation

  • Alberto Chilosi, 2003. "Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment," Method and Hist of Econ Thought 0305001, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpmh:0305001
    Note: Type of Document - pdf; prepared on windows xp; to print on any; pages: 22 ; figures: none. A much reduced version will be published in a forthcoming Routledge book
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mhet/papers/0305/0305001.pdf
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    References listed on IDEAS

    as
    1. Malcolm Sawyer, 2007. "Kalecki on Money and Finance," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 11, Edward Elgar Publishing.
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    More about this item

    Keywords

    kalecki; macroeconomics; imperfect competition; income determination; microeconomic foundations;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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    1. Міхал Калецький in Wikipedia Ukranian
    2. Michael Kalecki in Wikipedia Latin
    3. Michal Kalecki in Wikipedia Portuguese

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