The article considers the adjustment toward long-run equilibrium within the Duménil and Lévy macro model, with modifications. Findings show that long-run convergence to fully adjusted positions with normal utilization is not achieved when a more realistic reaction function is proposed....

The paper mainly has a pedagogical purpose. It develops a graphical basis for comparing the standard Kaleckian and Marxist macroeconomic short-run models. It takes into account effective demand on the one hand, and on the other hand the power struggle between workers and entrepreneurs over...

The paper deals with the main objection addressed against the Kaleckian model of growth and distribution, i.e., the endogenous rate of utilization need not be equal to its normal rate in the long run. Various mechanisms are introduced to bring the Kaleckian model to a fully adjusted position,...