Bölüşüm ve İstikrarsızlık: Kalecki’nin Teorik Çerçevesi

Abstract

Bu çalışma, bölüşüm ve istikrarsızlık ilişkisini Kalecki’nin teorik çerçevesinde yeniden değerlendirmektedir. Çalışmanın temel iddiası, gelir dağılımının üretim faktörlerinin marjinal verimlilikleri tarafından değil, piyasa gücü, tekel derecesi, sendikal yapı, sınıf ilişkileri ve devlet müdahalesi gibi kurumsal ve politik unsurlar tarafından belirlendiğidir. Çalışma ayrıca, bölüşüm meselesinin yalnızca sosyal adalet bağlamında ele alınamayacağını ileri sürmekte ve ekonomik sistemin işleyişi üzerinde doğrudan etkileri bulunduğunu savunmaktadır. Bu amaçla Kalecki’nin efektif talep, yatırım, fiyatlama ve tekel derecesi analizleri birlikte değerlendirilmiştir. Çalışmada, tekel derecesindeki artışın ücret payını azaltarak toplam talebin bileşimini değiştirdiği, bunun da yatırım kararları ve karlılık beklentileri üzerinden ekonomik dalgalanmaları etkilediği ileri sürülmektedir. Bu çerçevede bölüşüm, yalnızca gelirin ücretler ve karlar arasında paylaşımını ifade eden bir sonuç değişkeni değil, toplam talebi, yatırım dinamiklerini ve ekonomik istikrarı şekillendiren kurucu bir mekanizma olarak ele alınmaktadır. Sonuç olarak çalışma, gelir dağılımının sosyal adaletle ilgili normatif bir mesele olmanın ötesinde, ekonomik istikrarın ve istikrarsızlığın temel belirleyicilerinden biri olduğunu göstermektedir.

Keywords

• Michal Kalecki
• Bölüşüm
• Eksik Rekabet
• Tekel Derecesi
• İstikrarsızlık

Distribution and Instability: Kalecki’s Theoretical Framework

Abstract

This study re-evaluates the relationship between income distribution and instability within Kalecki’s theoretical framework. The central argument of the study is that income distribution is not determined by the marginal productivity of the factors of production but by institutional and political forces such as market power, the degree of monopoly, trade union structures, class relations, and state intervention. The study further argues that the issue of distribution cannot be understood solely within the framework of social justice, but has direct implications for the functioning of the economic system. To this end, Kalecki’s analyses of effective demand, investment, pricing, and the degree of monopoly are examined together. The study contends that an increase in the degree of monopoly reduces the wage share and alters the composition of aggregate demand, thereby influencing economic fluctuations through its effects on investment decisions and profitability expectations. In this framework, distribution is treated not merely as an outcome variable reflecting the division of income between wages and profits, but as a constitutive mechanism shaping aggregate demand, investment dynamics, and economic stability. The study concludes that income distribution should be understood not only as a normative issue related to social justice, but also as one of the fundamental determinants of economic stability and instability.

Keywords

• Michal Kalecki
• Income Distribution
• Imperfect Competition
• Degree of Monopoly
• Instability

References

1. Arestis, P. and Skouras, T. (1985). Post-Keynesian economic theory: A challenge to neo classical economics. New York: M.E. Sharpe.
2. Assous, M. and Fourchard, P. (2017). Michal Kalecki et l'essor de la macroéconomie. Lyon: Ens Editions.
3. Atkinson, A., Piketty, T. and Saez, E. (2011). Top incomes in the long run of history. Journal of Economic Literature, 49(1), 3–71. https://doi.org/10.1257/jel.49.1.3
4. Baccaro, L. and Pontusson, J. (2016). Rethinking comparative political economy: The growth model perspective. Politics & Society, 44(2), 175–207. https://doi.org/10.1177/0032329216638053
5. Bhaduri, A. and Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, 14(4), 375–393. https://doi.org/10.1093/oxfordjournals.cje.a035141
6. Blecker, R.A. (1989). International competition, income distribution and economic growth. Cambridge Journal of Economics, 13, 395–412. https://doi.org/10.1093/oxfordjournals.cje.a035100
7. Blecker, R.A. (2016). Wage-led versus profit-led demand regimes: The long and the short of it. Review of Keynesian Economics, 4(4), 373–390. https://doi.org/10.4337/roke.2016.04.02
8. Bowles, S. and Boyer, R. (1995). Wages, aggregate demand, and employment in an open economy: An empirical investigation. In G.A. Epstein and H.M. Gintis (Ed.), Macroeconomic policy after the conservative era (pp. 143–171). Cambridge: Cambridge University Press.

9. Carson, J. (1990). Kalecki's pricing theory revisited. Journal of Post Keynesian Economics, 13(1), 146–152. https://doi.org/10.1080/01603477.1990.11489836
10. Dutt, A.K. (1984). Stagnation, income distribution and monopoly power. Cambridge Journal of Economics, 8(1), 25–40. https://doi.org/10.1093/oxfordjournals.cje.a035533
11. Harcourt, G.C. (1977). Review of the intellectual capital of Michal Kalecki. Economica, 44(173), 92–94. Retrieved from https://www.jstor.org/
12. Harcourt, G.C. (2006). The structure of post-Keynesian economics: The core contributions of the pioneers. Cambridge: Cambridge University Press.
13. Hein, E. (2025). Kaleckian economics after Kalecki: A survey (IPE Working Papers No. 257). Retrieved from https://www.ipe-berlin.org/fileadmin/institut-ipe/Dokumente/Working_Papers/Working_Paper_257_2025.pdf
14. Hein, E. and Vogel, L. (2008). Distribution and growth reconsidered: Empirical results for six OECD countries. Cambridge Journal of Economics, 32(3), 479–511. https://doi.org/10.1093/cje/bem047.
15. Jossa, B. (1989). Class struggle and income distribution in Kaleckian theory. In M. Sebastiani (Ed.), Kalecki's relevance today (pp. 142–159). New York: St. Martin's Press.
16. Kaldor, N. (1955–1956). Alternative theories of distribution. Review of Economic Studies, 23(2), 83–100. https://doi.org/10.2307/2296292
17. Kalecki, M. (1933). Próba teorii koniunktury. Instytut Badania Koniunktur Gospodarczych i Cen. In J. Osiatyński (Ed.), Collected works of Michal Kalecki: Vol. I. Capitalism: Business cycles and full employment. Oxford: Clarendon Press.
18. Kalecki, M. (1935). A macrodynamic theory of business cycles. Econometrica, 3(3), 327–344. Retrieved from https://www.jstor.org/
19. Kalecki, M. (1937). The principle of increasing risk. Economica, 4(16), 440–447. Retrieved from https://www.jstor.org/
20. Kalecki, M. (1938). The determinants of distribution of the national income. Econometrica, 6(2), 97–112. Retrieved from https://www.jstor.org/
21. Kalecki, M. (1943). Political aspects of full employment. Political Quarterly, 14(4), 322–331. Retrieved from https://politicalquarterly.org.uk/
22. Kalecki, M. (1954). Theory of economic dynamics: An essay on cyclical and long-run changes in capitalist economy. UK: Routledge.
23. Kalecki, M. (1971a). Selected essays on the dynamics of the capitalist economy: 1933–1971 (pp. 1–15). Cambridge: Cambridge University Press.
24. Kalecki, M. (1971b). Selected essays on the dynamics of the capitalist economy: 1933–1971 (pp. 43–61). Cambridge: Cambridge University Press.
25. Kalecki, M. (1971c). Selected essays on the dynamics of the capitalist economy: 1933–1971 (pp. 62–76). Cambridge: Cambridge University Press.
26. Kalecki, M. (1971d). Class struggle and the distribution of national income. Kyklos, 24(1), 1–9. https://doi.org/10.1111/j.1467-6435.1971.tb00148.x
27. Kalecki, M. (1990). Three ways to full employment. In J. Osiatyński (Ed.), Collected works of Michał Kalecki: Vol. I. Capitalism: Business cycles and full employment (pp. 357–376). Oxford: Clarendon Press.
28. King, J. (1996). An alternative macroeconomic theory: The Kaleckian model and post-Keynesian economics. Berlin: Springer.
29. King, J.E. (2002). A history of post Keynesian economics since 1936. Cheltenham: Edward Elgar.
30. Lavoie, M. (1995). The Kaleckian model of growth and distribution and its neo-Ricardian and neo-Marxian critiques. Cambridge Journal of Economics, 19, 789–818. https://doi.org/10.1093/oxfordjournals.cje.a035341
31. Lavoie, M. (2009). Cadrisme within a post-Keynesian model of growth and distribution. Review of Political Economy, 21(3), 369–391. https://doi.org/10.1080/09538250903073396.
32. Lavoie, M. (2017). The origins and evolution of the debate on wage-led and profit-led regimes. European Journal of Economics and Economic Policies: Intervention, 14(2), 200–221. https://doi.org/10.4337/ejeep.2017.02.04
33. Lavoie, M. and Stockhammer, E. (2012). Wage-led growth: Concept, theories and policies (Conditions of Work and Employment Series No. 41). Retrieved from https://www.ilo.org/sites/default/files/wcmsp5/groups/public/@ed_protect/@protrav/@travail/documents/publication/wcms_192507.pdf
34. Lerner, A. (1934). The concept of monopoly and the measurement of monopoly power. Review of Economic Studies, 1, 157–175. https://doi.org/10.2307/2967480
35. Osiatyński, J. (2017). Kalecki – a pioneer of modern macroeconomics. Economics and Business Review, 3(3), 7–31. https://doi.org/10.18559/ebr.2017.3.2
36. Pasinetti, L. L. (2007). Keynes and the Cambridge Keynesians: A 'revolution in economics' to be accomplished. Cambridge: Cambridge University Press.
37. Robinson, J. (1956). The accumulation of capital. New York: Macmillan.
38. Robinson, J. (1966). Kalecki and Keynes. In T. Kowalik (Ed.), Economic dynamics and planning: Essays in honour of Michal Kalecki (pp. 335–341). Oxford: Pergamon.
39. Robinson, J. (1977). Michal Kalecki on the economics of capitalism. Oxford Bulletin of Economics and Statistics, 39(1), 7–17. https://doi.org/10.1111/j.1468-0084.1977.mp39001002.x
40. Rowthorn, R. (1981). Demand, real wages and economic growth (Thames Papers in Political Economy). Retrieved from https://cir.nii.ac.jp/crid/1371694370661739914
41. Rugitsky, F.M. (2013). Degree of monopoly and class struggle: Political aspects of Kalecki's pricing and distribution theory. Review of Keynesian Economics, 1(4), 447–464. https://doi.org/10.4337/roke.2013.04.06.
42. Steindl, J. (1952). Maturity and stagnation in American capitalism. New Jersey: Blackwell.
43. Stockhammer, E. (2017). Wage-led versus profit-led demand: what have we learned? A Kaleckian–Minskyan view. Review of Keynesian Economics, 5(1), 25–42. https://doi.org/10.4337/roke.2017.01.03
44. Stockhammer, E. and Onaran, Ö. (2004). Accumulation, distribution and employment: A structural VAR approach to a Kaleckian macro model. Structural Change and Economic Dynamics, 15(4), 421–447. https://doi.org/10.1016/j.strueco.2003.07.002
45. Toporowski, J. (2013). Michal Kalecki: An intellectual biography: Vol. I. Rendezvous in Cambridge 1899–1939. London: Palgrave Macmillan.
46. Toporowski, J. (2018). Michal Kalecki: An intellectual biography: Vol. II. By intellect alone 1939–1970. London: Palgrave Macmillan.
47. Toporowski, J. and Mamica, L. (2015). Michał Kalecki in the 21st century. London: Palgrave Macmillan.