What is wrong with heterodox economics? Kalecki’s profit theory as an example

Kalecki’s profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula ‘The workers spend what they get, the capitalists get what they spend’ is scrutinized for its logical and factual implications. The analysis shows that Kalecki’s alternative approach points in the right direction but unfortunately shares a crucial conceptual error with standard economics.

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Year of publication:	2011-05-18
Authors:	Kakarot-Handtke, Egmont
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	National income accounting \| Zero profit economy \| Distributed profit \| Income definition \| Master equation

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	E12 - Keynes; Keynesian; Post-Keynesian ; E25 - Aggregate Factor Income Distribution ; B22 - Macroeconomics ; B50 - Current Heterodox Approaches. General ; B41 - Economic Methodology
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009025262