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...

The literature on 'horizontal innovation' claims to analyse the cases where unbounded endogenous growth comes from an increasing variety of intermediate goods. The present paper contends that a good sample of representative models in this literature share two essential assumptions regarding...

It is argued that the use of an aggregate accumulation function in the 'Kalecki-Steindl' approach conceals the problem of overdetermination in that approach. Three possible solutions to overdetermination within the framework of that approach are then shown to pose serious problems. A suggestion...

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...