Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...

Steedman's 'Questions for Kaleckians' is rightly critical of the lack of attention paid by Kaleckian economists to the input-output nature of production. However, his conclusions about Kaleckian mark-up pricing and the irrelevance of dynamics are incorrect, for three reasons. First, his...