Both Rosa Luxemburg and Michal Kalecki utilised Marx’s scheme’s or reproduction as the starting point of their analysis of economic dynamics. However, Luxemburg did not realise that they were not meant to serve as models of capitalist growth, but rather to show that the conditions for stable...

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....