Kaldor's "institutional" theory of income distribution revisited: Different views on the nature of the corporate economy

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Abstract

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 of the corporate economy implicitly represented by Kaldor and by his critics. It is claimed that both of these views omit some important aspects of a fully developed capitalist corporate economy. A third alternative view, which incorporates all of these aspects, is suggested.

Original languageEnglish
Pages (from-to)313-327
Number of pages15
JournalJournal of Post Keynesian Economics
Volume24
Issue number2
Publication statusPublished - 2001 Dec 1

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Institutional theory
Kaldor
Distribution of income
Long period

Keywords

  • Corporate economy
  • Kaldor
  • Pasinetti

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

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