Kaldor's one-sector framework of the "institutional" theory of income distribution is extended to a two-sector setting. This extension requires an explicit consideration of the long-period relationships between the two sectors, and thereby brings to more light two different views on the nature...

In a multi-sector setting, the Cambridge theory of income distribution—the argument that the condition of accumulation determines normal income distribution—requires the assumption of balanced growth for its unambiguous meaning. But consideration of investment behaviour at the sectoral...

This paper combines two major contributions by Kaldor: the view that the supply of money, ensuing mainly from bank credit, is endogenous, and the framework which assigns a crucial role to the saving and investment behaviour of corporations in determining the general rate of profit (the...

In a paper published in this journal, Giuseppe Ciccarone (2004) attempts to show that the Pasinetti theorem allows for the profit-making financial sector. In this effort, however, he ends up unwittingly associating the theorem with the Wicksellian monetary theory. The present note traces the...

Palley (Inside debt, aggregate demand, and the Cambridge theory of distribution, Cambridge Journal of Economics, vol. 20, no. 4, 465--74, 1996; Financial institutions and the Cambridge theory of distribution, Cambridge Journal of Economics, vol. 26, no. 2, 275--7, 2002) considers the Pasinetti...

The paper sets up an analytical framework that is based on simplified balance sheets of the banking, the non-banking private and the government sectors, in order to identify four primary routes through which money can be generated endogenously and to discuss their characteristics. These routes...

Horizontal innovation models have a common structure of three sequentially connected sectors. This structure--production of commodities by means of commodities--necessitates the compounding of interest on an input that goes through multiple production periods before the final good is produced. I...

This is the first of two volumes celebrating Keynes's contribution to economics, and the development of post Keynesian economics in recent years. It reinstates the importance of Keynesian economics and its revival since the end of the 1980s, and the book's authoritative chapters are presented by...