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Credit money and Kaldor’s ‘institutional’ theory of income distribution

This paper combines two major contributions by Kaldor: the view that the supply of money, ensuing mainly from bank credit, is endogenous, and the framework which assigns a crucial role to the saving and investment behaviour of corporations in determining the general rate of profit (the neo‐Pasinetti theorem). Bank loans are introduced as another means of financing investment by firms, in addition to retained profits and the new issuance of shares. The proposed model provides a convenient framework in which two different approaches in the money‐endogeneity view are classified. Kaldor’s neo‐Pasinetti theorem is shown to hold for only one of these approaches and is then extended to include the influence of banks.