Kalecki, classical economics and the surplus approach^∗

^∗ We would like to thank Geoff Harcourt of Cambridge University, Grahame White of Melbourne University, Claudio Sardoni of Rome University and two anonymous referee's for their comments. The paper was presented at the Post-Keynesian Conference at the University of New South Wales in 1989 and we would like to thank the participants for their useful comments.

Abstract

So far the main successes of the surplus approach have been in providing a critique of certain variants of neoclassical theory (and to a lesser extent, of Marxian value theory). There has been much discussion of the parameters defining the framework of the new theory, but, apart from the analysis of long-period prices, not much constructive work has been done. For example, there has been little analysis of the determinants of accumulation, investment or employment within that framework. It is our contention that Kalecki's analysis can fill this gap; this paper attempts to locate Kalecki's analysis within the surplus approach, and suggests that his analysis solves many of the difficulties within that framework.

^∗ We would like to thank Geoff Harcourt of Cambridge University, Grahame White of Melbourne University, Claudio Sardoni of Rome University and two anonymous referee's for their comments. The paper was presented at the Post-Keynesian Conference at the University of New South Wales in 1989 and we would like to thank the participants for their useful comments.

^∗ We would like to thank Geoff Harcourt of Cambridge University, Grahame White of Melbourne University, Claudio Sardoni of Rome University and two anonymous referee's for their comments. The paper was presented at the Post-Keynesian Conference at the University of New South Wales in 1989 and we would like to thank the participants for their useful comments.

Notes

^∗ We would like to thank Geoff Harcourt of Cambridge University, Grahame White of Melbourne University, Claudio Sardoni of Rome University and two anonymous referee's for their comments. The paper was presented at the Post-Keynesian Conference at the University of New South Wales in 1989 and we would like to thank the participants for their useful comments.