Steedman versus Kalecki

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Steedman versus Kalecki: Erste Fassung

Author:: Steindl, Josef

Scope:: Typoskript, 6 Blätter, 7 Seiten, mit zahlreichen eigenhändigen Korrekturen und Ergänzungen

Year of publication:: 1993

Source material date:: [vermutlich um 1993]

Language:: English

Description:: Ian Steedman, Michal Kalecki, Preistheorie.

Related work:: Steindl, Josef: Steedman versus Kalecki. In: Review of Political Economy, Vol. 5, Issue 1, 1993, S. 119-123

JEL Classification:: E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian]

Shelfmark:: S/M.13.3

Access:: Free access

Correspondingly the mark up is defined as ratio of proceeds to prime cost. Now the above equation is in fact a macro economic identity in the same way as the saving-investment equation in its various forms. What gives it meaning is the assumption that the supplying manufacturer controls the mark up k, he is a price setter not a price taker, that is the theory. On this assumption the equation tells you that the share of wages is a decreasing function of the mark up, given j, the ratio of materials to wages. But here is a difficulty: j is in fact dependent on the mark up in basic industries which produce the input of many other industries. This is clearly recognised by Kalecki ( see Theory of Economic Dynamics p.29 ).In fact,it seems to me the difficulty is pretty much the same as that uncovered by Steedmann, so it is not new. An increase in j will however further decrease the share of wages so that when all the mark ups increase or at least do -net decrease the share of wages will fall. No doubt the case where some mark ups increase and others decrease will be more difficult to judge and require looking into the data for individual industries.For Kalecki,in contrast to Steedmann, the relations between the various industries where of secundary interest. He looked at the data for manufacturing as a whole as given by the census which are obtained simply by adding the corresponding data of proceeds,prime cost and wages for the individual firms. He might have assumed, with a great deal of approximation, that the various adjustments and feed backs mentioned above had already been accomplished in the set of data before him, so he could use them for comparing the ratio of proceeds to prime cost in different years. No—doubt the data and his interpretation leave a lot of questions open. I should however at this juncture try to confront the styles, the

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