Steedman versus Kalecki

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Steedman versus Kalecki: Fassung

Author:: Steindl, Josef

Scope:: Typoskript, 8 Blätter, mit zahlreichen eigenhändigen Korrekturen und Ergänzungen

Year of publication:: 1993

Source material date:: [vermutlich um 1993]

Language:: English

Topic:: Growth,cycle and stagnation

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

Shelfmark:: S/M.13.1

DOI:: https://doi.org/10.48671/nls.js.AC14446047

2 order to compare the ratio of proceeds to prime cost for various years ( note that Kalecki avoids the use of price or unit costs in this context in view of the vagueness of such concepts in the case of macroeconomic data ).He does not worry about aggregation because the Census has done that by adding up the data for the individual firms. Nor does he have to worry about feedbacks because he can plausibly assume that these adjustments have As already been carried out in reality when the data were collected.In my view the equation is a macroeconomic identity in the same way as the investment-saving identity. What gives it meaning is the theory that tne manufacturer controls the mark up,that he is a price setter, not a price taker. The equation then tells you that the share of wages is a decreasing function of the mark up, given j the ratio of materials to wages. But there is a difficulty: j is in fact dependent on the mark up in basic industries which produce the material input of many other industries. This is clearly recognised by Kalecki ( see Theory of Economic Dynamics p.29 ). In fact, it seems to me that this is pretty much the same difficulty as Steedmantys feedback so that this is not such a new discovery. There is little harm in this difficulty as long as some mark ups increase and none decrease because then the increase in j will decrease the share of wages further which will thus be a decreasing function of the mark up.If however, some mark ups increase and some decrease the result will be uncertain. We shall then have to look at the various industries in detail on the basis of the same Census material. Before we go on I have to refer to a detail which for me is not easy to understand. While discussing the share of wages Steedmarity 13b suddenly switches to the real wage, states that the two could move

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