Cuadernos de Economía

ISSN : 0210-0266

Notas sobre la teoría kaleckiana de la inversión

  • Luis Cárdenas del Rey ,


A discussion on Kaleckian investment theory is presented in this paper, with the aim of highlighting the most interesting elements for contemporary economic analysis and the possibilities it offers. For this, the limits of the neoclassical accelerator theory and the marginal efficiency of capital (MEC) proposed by Keynes (1936) are highlighted. The main elements of the function of the determining factors on the decision to invest highlighted by Kalecki (1956, ch. 9), and subsequent developments, are also presented. It is concluded that this theory is able to incorporate the effects of expectations, inertia, the distribution of income (profits), effective demand (use of capacity), and financial (the principle of increasing risk). These elements can be found separately in different investment theories, but are shown here as an articulated set of ideas that allow interaction, providing greater analytical depth.