lunes, 19 de enero de 2009

Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation

There has been a substantial amount of convergence between post-Keynesian and Marxist economics, the writings of Kalecki being common ground for both traditions. Still, some differences remain. While authors in both traditions seem to agree to a large extent on short period issues, long-period matters relating to the role of saving, the rate of profit, inflation, crowding out, excess money supply, are still contentious. All this seems to depend on the exact form taken by the investment function, more specifically the role of capacity utilization. Four different equations are set up to be tested, two of which correspond to two variants of the Marxist view, while the other two equations correspond to a naive and a sophisticated Kaleckian view, the latter being based on hysteresis. The equations are tested on three sets of annual Canadian data.

(...) With the fall of the Berlin Wall and the strengthening of the neoclassical stronghold upon academic institutions, it is possible to observe some convergence among the various heterodox branches of economics. One particular source of convergence has been the rediscovery of the works of Michal Kalecki, who was trained as a Marxist economist, but whose influence has become quite large among the successors of the so-called Cambridge economists. Kalecki’s importance has been underlined by the godmother of post-Keynesianism, Joan Robinson, and rightly so it seems now.

The importance of Kalecki, beyond his economic and technical insights, lies in the fact that economists from both the Marxist branch and the post-Keynesian branch now make use of his insights and share common models that have been inspired by his work.

Lea todo el artículo completo de Marc Lavoie, Gabriel Rodríguez y Mario Seccareccia publicado en la revista International Review of Applied Economics dando clic aquí para bajar el archivo

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