This paper discusses effective demand, the rate of profit and the profound contribution of Michal... more This paper discusses effective demand, the rate of profit and the profound contribution of Michal Kalecki to our understanding of capitalist economies. It argues that the Kaleckian position on the causal link between investment spending and profit and between the rate of profit and the stability of capitalism has not been surpassed. A model, using Australian national accounting concepts and data, is developed as a logical device to explore contentious issues in macroeconomics. Contrary to prevailing opinion it is demonstrated that, on their own account, neither increased nor falling wages affect the level of business profits, which are a direct function principally of the levels of investment spending, capitalists' and rentiers' consumption, the public sector borrowing requirement and net exports. The paper asks: what level of investment demand will ensure that rate of profit does not fall? What are the implications such a level for production and productivity? Is this realistic? It concludes by agreeing with Kalecki that, while 'capitalists, as a whole, determine their own profits by the extent of their investment and personal consumption', but how they do so is 'determined by objective factors, so that fluctuations of profits appear after all to be unavoidable' (Kalecki 1933, p. 13). Hence the idea of a stable capitalism over time is unlikely.
ABSTRACT The economic and financial position of women is still considerably more precarious than ... more ABSTRACT The economic and financial position of women is still considerably more precarious than is that of men. When in paid work, women occupy lower positions, have more career breaks due to care responsibilities, and have more part-time and casual employment. Many women, of course, do not work outside the home, and a smaller proportion of women engage in paid employment than do men. As a consequence, women have lower incomes, less wealth and less generous retirement benefits. At the same time, more women today are heading households, either as sole parents or living independently. This raises important economic challenges for women as they age, especially regarding the increasingly important concern of superannuation. Our analysis of official data and data from a national survey of Australian women reveals that women’s income level corresponded with their satisfaction with their ‘superannuation situation’. This raises considerable equity concerns for lower income women. In order to rectify the inequality problems, policy measures must focus specifically on the needs of women. Such policy must be framed in terms of women’s labour market status, care responsibilities and income throughout the life cycle as well as on ageing and retirement specifically. We propose radical solutions to the problem.
We are told that the second generation of women leaders will reap the benefits of the breakthroug... more We are told that the second generation of women leaders will reap the benefits of the breakthroughs made by their predecessors. Yet will they? Research shows that women's numbers in executive positions are still appreciably less than are men's, and progress toward equality has slowed. This article seeks to explain the persistence of gender inequalities in organizations. In particular, it describes the phenomenon of "adaptive preferences," whereby many women confronting a dominant male organizational culture reduce their expectations. They resile from leadership ambitions both because they adapt their preferences to prevailing possibilities and because they make a conscious decision not to play by the existing rules of the game. In this way, gender inequalities can be self-reinforcing. Overcoming gender inequality therefore demands much more radical organizational change than has occurred to date.
This paper discusses effective demand, the rate of profit and the profound contribution of Michal... more This paper discusses effective demand, the rate of profit and the profound contribution of Michal Kalecki to our understanding of capitalist economies. It argues that the Kaleckian position on the causal link between investment spending and profit and between the rate of profit and the stability of capitalism has not been surpassed. A model, using Australian national accounting concepts and data, is developed as a logical device to explore contentious issues in macroeconomics. Contrary to prevailing opinion it is demonstrated that, on their own account, neither increased nor falling wages affect the level of business profits, which are a direct function principally of the levels of investment spending, capitalists' and rentiers' consumption, the public sector borrowing requirement and net exports. The paper asks: what level of investment demand will ensure that rate of profit does not fall? What are the implications such a level for production and productivity? Is this realistic? It concludes by agreeing with Kalecki that, while 'capitalists, as a whole, determine their own profits by the extent of their investment and personal consumption', but how they do so is 'determined by objective factors, so that fluctuations of profits appear after all to be unavoidable' (Kalecki 1933, p. 13). Hence the idea of a stable capitalism over time is unlikely.
ABSTRACT The economic and financial position of women is still considerably more precarious than ... more ABSTRACT The economic and financial position of women is still considerably more precarious than is that of men. When in paid work, women occupy lower positions, have more career breaks due to care responsibilities, and have more part-time and casual employment. Many women, of course, do not work outside the home, and a smaller proportion of women engage in paid employment than do men. As a consequence, women have lower incomes, less wealth and less generous retirement benefits. At the same time, more women today are heading households, either as sole parents or living independently. This raises important economic challenges for women as they age, especially regarding the increasingly important concern of superannuation. Our analysis of official data and data from a national survey of Australian women reveals that women’s income level corresponded with their satisfaction with their ‘superannuation situation’. This raises considerable equity concerns for lower income women. In order to rectify the inequality problems, policy measures must focus specifically on the needs of women. Such policy must be framed in terms of women’s labour market status, care responsibilities and income throughout the life cycle as well as on ageing and retirement specifically. We propose radical solutions to the problem.
We are told that the second generation of women leaders will reap the benefits of the breakthroug... more We are told that the second generation of women leaders will reap the benefits of the breakthroughs made by their predecessors. Yet will they? Research shows that women's numbers in executive positions are still appreciably less than are men's, and progress toward equality has slowed. This article seeks to explain the persistence of gender inequalities in organizations. In particular, it describes the phenomenon of "adaptive preferences," whereby many women confronting a dominant male organizational culture reduce their expectations. They resile from leadership ambitions both because they adapt their preferences to prevailing possibilities and because they make a conscious decision not to play by the existing rules of the game. In this way, gender inequalities can be self-reinforcing. Overcoming gender inequality therefore demands much more radical organizational change than has occurred to date.
Uploads
Papers by James Doughney