## 经济代写|宏观经济学代写Macroeconomics代考|ECON6002

2022年12月29日

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## 经济代写|宏观经济学代写Macroeconomics代考|Cartels and Market Power

The examination of the economic role of cartels provides another illustration of the type of class antagonism that Kalecki put at the center of his analysis. When he developed his theory, the dynamics of market structure was central in Marxist debates. ${ }^{19}$ Kalecki took an original view on this question and argued that the presence of monopolies made it possible to rationalize production and fluidify the supply of certain markets. But in accordance with his theory of profits, he also emphasized that this did not fundamentally modify the evolution of investment dynamics and the course of the cycle. ${ }^{20}$ In his view, cartels were neither a factor accentuating or attenuating contradictions even if they could be responsible for a greater magnitude in the movement of employment: if the adjustments are made by price and quantity, as they are in “free” competition, the fluctuations in employment will be less accentuated than when adjustments are made only by quantity, which is the case when cartels can keep prices constant. But cartelization does not alter the period or the damping of the cycle, but only its amplitude. It is also not responsible for the general trend of the economy: it can only explain the cycle. Politically, on the other hand, cartels have a considerable role insofar as they can guide economic, diplomatic and military policy. It is only in this indirect way that they can influence the level of employment in the economy. ${ }^{21}$

For Kalecki, the government alone has the ability to give control over the cycle to the workers, who have an interest to guide public intervention in their favor. It is therefore around state interventions that antagonisms crystallize. ${ }^{22}$ In the series of papers published in the socialist review that he founded with Lange, Kalecki sought to give a lively description of those antagonisms in geopolitical issues such as the rise of fascism, the militarization of Europe, the trade wars between conglomerates or the fights around commodities. These examples underscore the essentially political character of Kalecki’s critique of “economic imperialism”: cartelization is not in itself seen as an economic obstacle. On the other hand, the actions of large groups block the possibilities of recovery “from the top” and favor the development of military conflicts.

Among German Marxist economists, Emil Lederer (1925) argued on the basis of Marxian schemes of production that cartels and monopolies were among the factors likely to make the system more unstable because cartelized business typically overinvest during the boom, while during the recession wages tend to decline faster than the prices of goods, thereby squeezing consumption. Toporowski (2021) argued that there is a connection between Hilferding and Kalecki through Lederer, who thought that cartels could in no case eliminate the effects of the crisis. ${ }^{23}$ But that should not disguise the fact that in Kalecki’s systems, the dynamics of the profit rate and thus of investment and ultimately the stability properties of the economy were completely separate from the dynamics of market power: it is only the dynamics of aggregate output which respond to a change in the market power of firms. ${ }^{24}$

## 经济代写|宏观经济学代写Macroeconomics代考|Putting the Ingredients Together: Kalecki’s

Kalecki modeled a simplified closed world with two classes of people: capitalists and workers. Workers are assumed to consume the entirety of their wages, while capitalists consume only the part of their profits that is not invested. In reference to his work presented above, this distinction means that the total income of capitalists is globally equal to their expenses and the more they spend as a class in consumption and investment, the more profits they earn. ${ }^{27}$

This paints a grim picture of an asymmetric world in which capitalists’ decisions rule the ups and downs of the business cycle, while workers have no other choice than to adapt to the resulting conditions. But this is only true for capitalists as a class, and not individually: at their level, they can only hope when they increase their expenses that other capitalists will do as well. The difficulty is increased by the fact that the current yield of investments depends on the stock of capital, which is itself a function of past investment decisions that are delivered only after a production period. Capitalists must then anticipate the future level of investment, and its impact on the future stock of capital which determines the yield of current investment projects (remembering also to incorporate a factor of depreciation and the evolving rate of interest). This is the main source of economic instability for Kalecki, and the driver of the ups and downs of the economy. ${ }^{28}$

To model this instability, Kalecki started from a situation with a constant stock of capital where profits are equal to the sum of the consumption of capitalists $C$ and the level of production $A: P=C+A$. Capitalists’ consumption consists of a constant amount $C_0$ and a part proportionate to profits; i.e., $C=C_0+\lambda P$ where $\lambda$ is the capitalists’ marginal propensity to consume. Substituting this consumption equation into the profit equation allows Kalecki to obtain the level of realized profits $P=$ $\frac{A+C_0}{1-\lambda}$ which corresponds to a state of “quasi-equilibrium,” that is, the equilibrium level of profit for any given level of investment spending and autonomous capitalist consumption. As will become clear, Kalecki was much more interested in the stability properties of his whole system, where this quasi-equilibrium remained obtained at each time, than in the adjustment process to this equilibrium. ${ }^{29}$ The dynamic process that he studied was the trajectory of this equilibrium point when the capital stock was allowed to vary.

# 宏观经济学代考

## 经济代写|宏观经济学代写Macroeconomics代考|Putting the Ingredients Together: Kalecki’s

Kalecki 模拟了一个简化的封闭世界，其中有两类人:

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## MATLAB代写

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