Kaleckian Investment and Employment Cycles in Postwar Industrialized Economies

Abstract

The role of the welfare state in the post-war industrialized economies has recently become a major topic. Using a Kaleckian framework we consider an economy where investment depends positively on the rate of return on capital and negatively on the rate of employment. This allows for a possible integration of Kalecki’s (1943) analysis of the political… (More)

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