Investment, profits and employmentin Kalecki & Keynes
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2007-03
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Melbourne Authors
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Economics and Commerce: Department of Economics
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Preprint
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Dixon, Robert (2007) Investment, profits and employmentin Kalecki & Keynes.
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Open Access
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Research paper no. 990, ISBN 0 7340 2648 X
Abstract
This paper sets out my response to the articles by Paul Davidson in the Journal of PostKeynesian Economics in 2000 and 2002 dealing with the (supposed) superiority of Keynes’sexplanation of the “ultimate cause” of unemployment over that of Kalecki. I show that thereare a number of serious errors in Davidson’s explanation of Kalecki’s theories. I also arguethat we would have less of this sort of nonsense if ‘post keynesians’ like Davidson were torecognize that, for Keynes as for Kalecki, aggregate demand shocks are profit shocks. In thefinal section of the paper I explain why it is that I none-the-less agree most emphatically withDavidson when he says that Kalecki and Keynes had quite different ideas on the ‘causes’ or‘origins’ of (involuntary) unemployment in a capitalist economy.