Kaleckian models can be considered as one of the most relevant sets of theoretical works which study growth as a demand-led phenomenon. In these models, the dependence of the pace of accumulation on some measure of the profitability of capital is assumed. This article identifies the theoretical underpinnings of this assumed dependence and traces its origins to the work of Kalecki and Joan Robinson. However, the analysis of the arguments, partially already present in the literature, leads to argue that this fundamental assumption of the Kaleckian models is not sufficiently supported as its cruciality would require. Indeed, the theoretical underpinnings of this assumed dependence are vulnerable to a number of theoretical criticisms.
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