Karl Marx's thoughts on functional income distribution: a critical analysis from a Keynesian and Kaleckian perspective

Artikel

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 16 ; Year: 2019 ; Issue: 2 ; Pages: 272-285

Classification and Topics

• Classification: Wirtschaft ; Current Heterodox Approaches: Socialist; Marxian; Sraffian ; History of Economic Thought: Individuals ; Aggregate Factor Income Distribution
• Subject: Marxism ; functional income distribution ; John Maynard Keynes ; Michał Kalecki

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Herr, Hansjörg
• Event: Veröffentlichung
• (who): Edward Elgar Publishing
• (where): Cheltenham
• (when): 2019

Further information

• DOI: doi:10.4337/ejeep.2019.0047
• Handle: http://hdl.handle.net/10419/277450
• Last update: 10.03.2025, 11:41 AM CET