The causes of investment: a theoretical analysis from the neoclassicals to Kalecki
Keywords:
investment, neoclassical theory, keynesian theory, marxist theory, kaleckian theoryAbstract
This study provides an analysis of neoclassical, Keynesian, Marxist and Kaleckian theories regarding the factors that determine investments. To this end, a broad review of literature was conducted. Neoclassical theory presents a rational arrangement from the perspective of an optimal scenario, while Keynesian theory adds the assumptions of uncertainty and animal spirit to this arrangement. In Marxist theory, in turn, investment only occurs if the amount of capital at the end of the production process is greater than the amount initially allocated, which is closely linked to the profitability of firms. Finally, Kaleckian theory presents the connection between the short term (based on Keynesian assumptions) and the long term (Marxist assumptions) to understand the factors that generate investment.
Downloads
Metrics
References
AGÉNOR, Pierre-Richard. The Economics of Adjustment and Growth: Harvard University Press, 2004. ISBN 9780674265608.
BRANCACCIO, Emiliano; GALLEGATI, Mauro; GIAMMETTI, Raffaele. Neoclassical influences in agent‐based literature: A systematic review. Journal of Economic Surveys, v. 36, n. 2, p. 350–385, 2022. doi:10.1111/joes.12470.
BRESSER-PEREIRA, Luiz Carlos. A decisão de investir, os lucros e os juros. EASP/FGV, 1970.
CASEIRO, Rui. Determinantes da decisão de investimento das PME: Evidência da Península Ibérica. Coimbra, 2022. 73 p.
DUMENIL, Gérard; LEVY, Dominique. Technology and distribution: historical trajectories à la Marx. Journal of Economic Behavior & Organization, v. 52, n. 2, p. 201–233, 2003. doi:10.1016/S0167-2681(03)00022-2.
EPSTEIN, Gerald A.; GINTIS, Herbert. Macroeconomic policy after the conservative era: Studies in investment, saving, and finance. Cambridge England, New York: Cambridge University Press, 1995. xii, 471. ISBN 0521462908.
FOLEY, Duncan K.; MICHEL, Thomas R. Growth and distribution. Cambridge, Mass.: Harvard University Press, 1999. xvii, 355 p. ISBN 0674364201.
HALEVI, Joseph; KRIESLER, Peter. Kalecki, classical economics and the surplus approach ∗. Review of Political Economy, v. 3, n. 1, p. 79–92, 1991. doi:10.1080/09538259100000006.
HEILBRONER, Robert L. The worldly philosophers: The lives, times, and ideas of the great economic thinkers. New York: Simon & Schuster, 1999. 365 p. ISBN 068486214x.
KALECKI, Michal. Theory of economic dynamics. São Paulo: Abril Cultural, 1985.
KEYNES, John Maynard. A teoria geral do emprego, do juro e da moeda. São Paulo: Atlas, 2007. 328 p. ISBN 8522414572.
KRAWIEC, A.; SZYDLOWSKI, M. The Kaldor-Kalecki business cycle model. Annals of Operations Research, v. 89, p. 89–100, 1999. doi:10.1023/a:1018948328487.
LAVOIE, Marc; RODRÍGUEZ, Gabriel; SECCARECIA, Mario. Similitudes and Discrepancies in Post‐Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation1. International Review of Applied Economics, v. 18, n. 2, p. 127–149, 2004. doi:10.1080/0269217042000186697.
LÓPEZ G., Julio; PUCHET A., Martín; ASSOUS, Michael. Michal Kalecki, um pioneiro da teoria econômica do desenvolvimento. Revista de Economia Política, v. 29, n. 2, p. 191–211, 2009. doi:10.1590/S0101-31572009000200002.
LOPEZ, Julio; MOTT, Tracy. Kalecki Versus Keynes on the Determinants of Investment. Review of Political Economy, v. 11, n. 3, p. 291–301, 1999. doi:10.1080/095382599107020.
MARGLIN, Stephen A. Growth, distribution and prices. 2. ed. Harvard: Harvard University Press, 1987. 573 p. (Harvard Economic studies). ISBN 0674364163.
MARQUETTI, Adalmir A. Progresso técnico, distribuição e crescimento na economia brasileira: 1955 - 1998. Estudos Econômicos, v. 32, p. 103–124, 2002. Available at: https://www.revistas.usp.br/ee/article/view/117750/115403. Accessed on: June 20, 2024.
MOREIRA, Ricardo Ramalhete. Relativizando o Dilema Estabilidade Versus Instabilidade: Keynes, o Mainstream e o Conceito de Bifurcação em Economia, v. 7, p. 189–216, 2006. Available at: https://www.anpec.org.br/revista/vol7/vol7n1p189_216.pdf. Accessed on: June 22, 2024.
PALLEY, T. Conflict, distribution, and finance in alternative macroeconomic traditions. Review of Radical Political Economics, v. 31, n. 4, p. 102–132, 1999. doi:10.1016/S0486-6134(00)80004-2.
PASINETTI, Luigi L. Critique of the neoclassica theory of groth and distribution. BNL Quaterly Review, n. 215, 2000.
POSSAS, Mario Luiz. Demanda Efetiva, investimento e dinâmica: a atualidade de Kalecki para a teoria macroeconômica. Revista Econômica Contemporânea, v. 3, n. 2, p. 17–46, 1999.
STOCKHAMMER, Engelbert. Robinsonian and kaleckian growth. An update on post-keynesian growth theories, 1999. Acesso em: 15 de junho de 2024.
STOCKHAMMER; ENGELBERT. Robinsonian and Kaleckian growth, v. 67, 1999. Acesso em: 26 de julho de 2024.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Research & Debate Journal of the Postgraduate Program in Political Economy
This work is licensed under a Creative Commons Attribution 4.0 International License.
