Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation
Why this work is in the frame
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Bibliographic record
Abstract
Sraffians and Kaleckians alike reject the belief that higher rates of accumulation need be associated with lower real wage rates or higher propensities to save. The rejection of this proposition is mainly based on the endogeneity of the rate of capacity utilization, both in the short and the long run. This endogeneity often relies on a discrepancy between the realized and the normal rates of profit, or between the realized and the target rate of capacity utilization, a discrepancy which some authors believe is unwarranted in long run analysis. Various models that eliminate this divergence are outlined. In all these models, the normal rate of profit itself is taken as an endogenous variable. In the first two models, the normal rate of profit depends either on the realized profit rate or the rate of interest. Supply-led results may then reappear in long run analysis. In the last model, one introduces the possibility of a divergence between the rate of return as assessed and targeted by firms, and the rate of return that is actually incorporated into prices. This divergence arises because of the bargaining power of workers and their real wage resistance. Under these conditions, the demand-led results of the Kaleckian tradition are recovered in a model with definite solutions.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it