Economic Policy

The Economics of Michał Kalecki by Malcolm C. Sawyer (auth.)

By Malcolm C. Sawyer (auth.)

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The first is that there are cross-section implications from the theory. We have hinted at some of these above in our discussion of evidence relating to the degree of monopoly theory. The degree of monopoly theory indicates that profits arise from monopoly power, and hence that more profits accrue to firms with more monopoly power. Kalecki argued (cf. Kalecki, 1971a, pp . 51-2) that the degree of monopoly was of importance for both the distribution of income between workers and capitalists and for the distribution within the capitalist class.

For growth in an economy arises from investment adding to the capital stock, and the prospect of growth generates the demand for net investment. The analysis of business cycles and growth simultaneously is, however, likely to be very complex, and so for the purposes of analysis simplifications are sought. g. e. on average zero growth) in order to focus on the cyclical elements and to make the analysis manageable. But the no secular trend case was used only as an analytically convenient simplification of the case with a secular trend.

Q,{Pj, p) - C;(q;) where pj is price of output of firm i, p the price index of rivals' output, qj output of firm i and C, its variable costs. + p (t5 qj+ t5qj. t5P t5Pj I I t5p; t5p t5Pi t5Pi t5Pi 150 t5p; )= 0 which yields: t5C pj= t5qj(ei-a;e)/(e;-a;e-l ) where e, is - (p Jq;) (t5qJt5p;), e is (p /q;) (t5qJt5p) and a, is (p Jp) (t5p/ t5P j). The key factors determining the mark-up of price over marginal costs are seen to be the two elasticities of demand and the interdependence of prices between firms (reflected in the arterm).

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