Sidney Weintraub

The Missing Theory of Money Wages

torical, social, and political forces impelling money wages, and thus the price economy, on its evolutionary track in time.1 For too long, students who inquired about the formation of money wages were lulled with marginal productivity parables on real wages; too often the neoclassical legerdemain invoked the absurd supposition that money wages can jump by virtually any amount, with the price level standing rigid, so that real wage gains are commensurate to the money-wage lift.

Kalecki's Theory of Profits [with Reply]

Professor Weintraubs valuable article on generalizing Kalecki (Journal of Post Keynesian Economics, Spring 1979) is marred by an unfortunate oversight. It is stated that profits exceed or fall short of investment depending on whether the consumption coefficient a is smaller or larger than unity. The correct result is the opposite of what is given in the text; that is, profits exceed investment when a > 1 and fall short when a < 1.