Re: query: Levy Profits equation

["Forstater, Mathew" <ForstaterM@xxxxxxxx>]

Title: query: Levy Profits equation

Jim – Sorry, didn’t see this when it first came through. First, you should check out:

Profits and the future of American society by S. Jay Levy and David A. Levy; New York : Harper & Row, c1983.

 

(Jay is the son, and David the grandson, of Jerome Levy, the originator of the equation.)

This is the source of the “complete” Levy Profits equation. There is also a booklet, not on hand at the moment, by David Levy, that does another, shorter, version. When I find a copy I can send it to you. I have used it in some courses. The closest thing to it is Kalecki’s profits equation, but of course Kalecki was very influenced by Marx.  I never viewed it as akin to the Cambridge equation—see Garegnani’s presentation of the latter in Nell, et al. BEYOND THE STEADY STATE, and also Nell’s review of Marglin, (“Jean Baptiste Marglin”!).

 

Mat