Beyond Profit-Led versus Investment-Led Capitalism: Marx and Kalecki on “Capitalists’ Consumption” and “Workers’ Savings”

References

• Baran, P. A., and P. M. Sweezy. 1966. Monopoly Capital. New York: Monthly Review.
   Google Scholar
• Brennan, D. 2014. “‘Too Bright for Comfort’: A Kaleckian View of Profit Realization in the USA, 1964–2009.” Cambridge Journal of Economics 38 (1): 239–55.
   Web of Science ®Google Scholar
• Brennan, D. 2018. “Regimes of Realization: Using Marx and Kalecki to Understand the US Economy, Including the Great Recession and the ‘Recovery.’” Review of Radical Political Economics 50 (4): 757–72.
   Web of Science ®Google Scholar
• Cullenberg, S. 1994. The Falling Rate of Profit: Recasting the Marxian Debate. Boulder, Col.: Pluto.
   Google Scholar
• Dow, S. 2002. “History of Economic Thought in the Post-Keynesian Tradition.” History of Political Economy 34, S1: 319–36.
   Google Scholar
• Duménil, G., and D. Lévy. 2011. The Crisis of Neoliberalism. Cambridge, Mass.: Harvard University Press.
   Google Scholar
• Fine, B. 1983. “Accumulation.” In Dictionary of Marxist Thought, ed. T. Bottomore, 3–4. Cambridge, Mass.: Harvard University Press.
   Google Scholar
• Harvey, D. 2016. “Crisis Theory and the Falling Rate of Profit.” In The Great Financial Meltdown: Systemic, Conjunctural or Policy Created, ed. T. Subasat, 37–54. Northampton, Mass.: Edward Elgar.
   Google Scholar
• Heinrich, M. 2013. “Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s.” Monthly Review 64 (11). http://monthlyreview.org/2013/04/01/crisis-theory-the-law-of-the-tendency-of-the-profit-rate-to-fall-and-marxs-studies-in-the-1870s.
   Web of Science ®Google Scholar
• Jefferson, T., and J. King. 2011. “Michał Kalecki and Critical Realism.” Cambridge Journal of Economics 35 (5): 957–72.
   Web of Science ®Google Scholar
• Kalecki, M. (1939) 1990. “Essays in the Theory of Economic Fluctuations.” In Capitalism: Business Cycles and Full Employment, ed. J. Osiatynski, 233–98. Vol. 2 of Collected Works of Michał Kalecki. Oxford: Clarendon.
   Google Scholar
• Kalecki, M. 1942. “A Theory of Profits.” Economic Journal 52 (206–7): 258–67.
   Google Scholar
• Kalecki, M. (1945) 1990. “Full Employment by Stimulating Private Investment.” In Capitalism: Business Cycles and Full Employment, ed. J. Osiatynski, 377–86. Vol. 1 of Collected Works of Michał Kalecki. Oxford: Clarendon.
   Google Scholar
• Kalecki, M. (1954) 1991. “Theory of Economic Dynamics.” In Capitalism: Economic Dynamics, ed. J. Osiatynski, 205–348. Vol. 2 of Collected Works of Michał Kalecki. Oxford: Clarendon.
   Google Scholar
• Kalecki, M. (1964) 1997. “Econometric Model and Historical Materialism.” In Studies in Applied Economics 1940–1967: Miscellanea, ed. J. Osiatynski, 301–11. Vol. 7 of Collected Works of Michał Kalecki. Oxford: Clarendon.
   Google Scholar
• Kalecki, M. 1968. “Trend and Business Cycles Reconsidered.” Economic Journal 78 (3): 263–76.
   Google Scholar
• Kalecki, M. (1968) 1991. “The Marxian Equations of Reproduction and Modern Economics.” In Capitalism: Economic Dynamics, ed. J. Osiatynski, 459–66. Vol. 2 of Collected Works of Michał Kalecki. Oxford: Clarendon.
   Google Scholar
• Kalecki, M. 1971. Selected Essays on the Dynamics of the Capitalist Economy. Cambridge: Cambridge University Press.
   Google Scholar
• Kliman, A. 2017. “Tendency of the Rate of Profit to Fall: Long-Term Dynamics.” In Routledge Handbook of Marxian Economics, ed. D. Brennan, D. Kristjanson-Gural, C. Mulder, and E. Olsen, 225–33. New York: Routledge.
   Google Scholar
• Kriesler, P., and J. Halevi. 2020. “Kalecki and Marx Reconnected.” Review of Political Economy 32 (4): 604–14.
   Web of Science ®Google Scholar
• Mandel, E. 1990. “Karl Marx.” In The New Palgrave Marxian Economics, ed. J. Eatwell, M. Milgate, and P. Newman, 1–38. New York: W. W. Norton.
   Google Scholar
• Marx, K. 1976. Capital. Vol. 1. Trans. B. Fowkes. New York: Vintage.
   Google Scholar
• Marx, K. 1981. Capital. Vol. 3. Trans. D. Fernbach. New York: Penguin.
   Google Scholar
• Mian, A. R., L. Straub, and A. Sufi. 2021. “The Saving Glut of the Rich.” NBER Working Paper 26941, February 2021, National Bureau of Economic Research, Cambridge, Mass. https://www.nber.org/system/files/working_papers/w26941/w26941.pdf.
   Google Scholar
• Norton, B. 1983. “The Accumulation of Capital and Market Structure: A Critique of the Theory of Monopoly Capitalism.” PhD diss., University of Massachusetts.
   Google Scholar
• Norton, B. 1994. “Moses and the Prophets! Radical Economics and the Search for a Foundation.” Review of Radical Political Economics 26 (3): 111–18.
   Google Scholar
• Norton, B. 2001. “Reading Marx for Class.” In Re/presenting Class: Essays in Postmodern Marxism, ed. J. K. Gibson-Graham, S. Resnick, and R. Wolff, 23–55. Durham, N.C.: Duke University Press.
   Google Scholar
• Olsen, E. 2015. “Unproductive Activity and Endogenous Technological Change in a Marxian Model of Economic Reproduction and Growth.” Review of Radical Political Economics 47 (1): 34–55.
   Web of Science ®Google Scholar
• Pendleton, D. 2022. “Superyacht Sales Hit Record in 2021 as Inventories Shrank.” Financial Post, 1 February. https://financialpost.com/personal-finance/high-net-worth/superyacht-sales-hit-record-in-2021-as-inventories-shrank.
   Google Scholar
• Resnick, S. A., and R. D. Wolff. 1987. Knowledge and Class. Chicago: University of Chicago Press.
   Google Scholar
• Roberts, M. 2015. “Marxians, Marxists, Profitability, Investment and Growth.” Michael Roberts (blog). https://thenextrecession.wordpress.com/2015/11/24/marxians-marxists-profitability-investment-and-growth.
   Google Scholar
• Roberts, M. 2016. “Monocausality and Crisis Theory: A Reply to David Harvey.” In The Great Financial Meltdown: Systemic, Conjunctural or Policy Created, ed. T. Subasat, 55–72. Northampton, Mass.: Edward Elgar.
   Google Scholar
• Roberts, R. 2021. “Billionaires in Space: The Launch of a Dream or Just Out-of-This-World Ego?” Washington Post, 18 July. https://www.washingtonpost.com/lifestyle/2021/07/18/billionaire-space-race.
   Google Scholar
• Robinson, J. 1980. Further Contributions to Modern Economics. Oxford: Blackwell.
   Google Scholar
• Ruccio, D. 1989. “Fordism on a World Scale: International Dimensions of Regulation.” Review of Radical Political Economics 21 (4): 33–53.
   Web of Science ®Google Scholar
• Saez, E., and G. Zucman. 2014. “Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data.” NBER Working Paper 20625, National Bureau of Economic Research, Cambridge, Mass., October. https://gabriel-zucman.eu/files/SaezZucman2014.pdf.
   Google Scholar
• Sawyer, M. C. 1985. The Economics of Michał Kalecki. Eastern European Economics 23 (3–4): 1–319.
   Web of Science ®Google Scholar
• Steindl, J. 1952. Maturity and Stagnation in American Capitalism. Oxford: Oxford University Press.
   Google Scholar
• Tapia, J. 2018. “Investment, Profit and Crises: Theories and Evidence.” In World in Crisis: A Global Analysis of Marx’s Law of Profitability, ed. G. Carchedi and M. Roberts, 78–126. Chicago: Haymarket.
   Google Scholar
• Termini, V. (1981) 2011. “Logical, Mechanical and Historical Time in Economics.” MPRA Paper 24491, Munich Personal RePEc Archive, 24 April. https://mpra.ub.uni-muenchen.de/24491/1/MPRA_paper_24491.pdf. Originally published in Economic Notes 10 (3): 58–102.
   Google Scholar
• Toporowski, J. 2013. Michał Kalecki: An Intellectual Biography. Vol. 1. New York: Palgrave Macmillan.
   Google Scholar
• Toporowski, J. 2018. Michał Kalecki: An Intellectual Biography. Vol. 2. New York: Palgrave Macmillan.
   Google Scholar
• Trigg, A. B. 1994. “On the Relationship between Kalecki and the Kaleckians.” Journal of Post Keynesian Economics 17 (1): 91–109.
   Web of Science ®Google Scholar