In: Setterfield M. ): Handbook of Alternative Theories of Economic Growth. Hein E., van Treeck T. (2010): Financialisation in post-Keynesian models of distribution and growth: a systematic review. This paper draws together the various elements of Kalecki's analysis of income distribution. Kuznets was critical of theoretical work built on over-simplified assumptions and he criticized the idea that capital and labor were the sole factors sufficient for economic growth. Cheltenham, Edward Elgar Publishing: 277–292. The quote itself is in page 96. Kalecki is a pioneer in introducing raw material costs into the analysis of distribution. Google Scholar Kalecki, M. (1968) “Trend and Business Cycles”, The Economic Journal , 78 pp. (ed. Distribution theory, in economics, the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.Traditionally, economists have studied how the costs of these factors and the size of their return—rent, wages, and profits—are fixed. Keynes was a highly-educated, urbane Englishman from the upper tiers of society. versity Press, 1991), 70, 135–36. 1, 772–94. Kalecki’s Economics Today Michal Kalecki was a Polish economist who independently discovered many of the key concepts of what is now identified as Keynesian theory. kalecki’s ‘degree of monopoly’ theory According to Kalki, the distribution of national income into profits and wages depends upon the degree of monopoly in the economy. monetary theory of value. 263–276. A Kaleckian theory of income distribution A. ASIMAKOPULOS / McGill University A Kaleckian theory of income distribution. (c) Brian Romanchuk 2018 Kalecki, a Polish Jew, had no formal economic educa tion, but what he did study was larg ely Marxist theory. His con-tribution to macroeconomics was late in being acknowledged, but his work can be seen to have resounding influence on some of today’s economic problems. Kalecki, M. (1966) Studies in the Theory of Business Cycles: 1933–39 (trans from the first Polish eds by Mrs Ada Kalecki) (Oxford, Basil Balckwell). Although Keynes’s theory offered a departure from the orthodoxy, he still remained faithful to the fundamental levers behind laissez-faire capitalism. distribution between rich and poor population groups. I got the reference from Marc Lavoie's Post-Keynesian Economics: New Foundations. He notes that this quotation is often mis-attributed to Kalecki. *** N. Kaldor, "Alternative Theories of Distribution," Review of Economic Studies, 23 (2), pages 83-100. It is argued that what a higher degree of monopoly makes possible and protects is the rate of return of the main firms in an industry. On Kalecki in this respect, see Sherman, The Business Cycle, 71–72; Michał Kalecki, Theory of Economic Dynamics (New York: Monthly Review Press, 1965). Economic theory traditionally discusses distribution as shares between two classes: labour and capital. to contributions by Michal Kalecki, one could a lso speak of a post-Kaleckian theory.T he post- Keynesia n theories of gr owth and distri bution are essentially an off spring of the principle of the Section 4 will build on Marxs monetary theory and review the Marx-Kalecki connection focusing on Marxs theory of simple and extended reproduction and the built-in, although not fully elaborated Zprinciple of effective demand [ and the related theories of distribution … ↩ Marx, Capital, vol. “ Trend and Business Cycles ”, the economic Journal, 78 pp paper draws together the various elements Kalecki! 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