Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277450 
Authors: 
Year of Publication: 
2019
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 16 [Issue:] 2 [Year:] 2019 [Pages:] 272-285
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
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.
Subjects: 
Marxism
functional income distribution
John Maynard Keynes
Michał Kalecki
JEL: 
B51
B31
E25
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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