European Journal of Economics and Economic Policies: Intervention (EJEEP), 2019-09, Vol.16 (2), p.272-285
2019
Details
- Autor(en) / Beteiligte
- Titel
- Karl Marx's thoughts on functional income distribution: a critical analysis from a Keynesian and Kaleckian perspective
- Ist Teil von
- European Journal of Economics and Economic Policies: Intervention (EJEEP), 2019-09, Vol.16 (2), p.272-285
- Ort / Verlag
- Cheltenham: Edward Elgar Publishing
- Erscheinungsjahr
- 2019
- Link zum Volltext
- Quelle
- Alma/SFX Local Collection
- Beschreibungen/Notizen
- In Marx's explanation of functional income distribution, wages are given as a basket of goods needed for the reproduction needs of the working class. Profits are then the remaining part of income creation. Marx's explanation of functional income distribution has several theoretical and practical shortcomings. The Keynesian paradigm in the traditional works of Keynes and Kalecki provides alternative explanations of functional income distribution. Here the profit rate is given by processes in the financial market and the degree of financialisation. Also the degree of monopoly influences functional income distribution. The Keynesian and Kaleckian approach allows a plausible interpretation of the changes in functional income distribution during recent decades.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 2052-7772, 2052-7764eISSN: 2052-7772DOI: 10.4337/ejeep.2019.0047Titel-ID: cdi_crossref_primary_10_4337_ejeep_2019_0047
- Format
- –
- Schlagworte
- 19th century, Capitalism, Economic models, Financial market, functional income distribution, Income distribution, Inequality, John Maynard Keynes, Marx, Karl (1818-1883), Marxism, Michał Kalecki, Monopolies, Power, Productivity, Profits, Smith, Adam (1723-1790), Standard of living, Value creation, Wages & salaries, Workers, Working class, Working hours