A Kaleckian mark-up theory of pricing implies a trade-off frontier between mark-ups and wages, with the result that mark-ups and wages cannot all be independently determined-by whatever processes. Wages in different industries are just as much in conflict as are wages and mark-ups. The way in...

We consider the industry-level use of inputs, per unit of gross output, in a Heckscher-Ohlin-Samuelson model in which not only land and labour but the two produced commodities are used as inputs. The rate of interest is zero throughout and all the standard assumptions are made. When alternative...

This paper examines some features of <italic>The General Theory</italic> that remain relevant 75 years after its publication. Keynes showed that even in a competitive economy with perfectly flexible prices, wages and interest rates, market prices could not guarantee full employment and that the achievement of...