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1) where p is price charged by firm in question, u unit prime costs and jJ is the weighted average price charged by all firms (where the weights used are the output of the firms), and where m and n are positive coefficients . 2) where uis the weighted average of unit prime costs, and m, n are now the weighted averages of the corresponding firm-level concepts. 2) is that prices in an industry are higher relative to prime costs as m and n are higher (with n subject to an upper limit of 1). 2 It should be noted that direct costs include material costs and wages of manual workers, but not salaries of non-manual workers.

Kalecki (1943a, p. 27) pointed to the indeterminacy of the mark-up which is applied . 51) argued that the impact of overheads (in relation to prime costs) and the influences of the prices of other firms on the price charged by a firm were the important differences between his theory and that of full cost pricing. A further difference explored below is the possibility of the influence of trade union activity on the mark-up in Kalecki's approach. The constant costs assumption was often made by Kalecki as a useful first approximation, which partly allowed considerable simplification of the analysis.

The trend itself is determined within the model by imposing certain conditions on the equation for 46 The Economics of Michal Kalecki cycles with growth. Thus the trend is established by the model rather than being exogenously imposed. g. Hacche, 1979, Chapter 7). However, the separation of cycle and trend relies on the equation for cycles-with-growth being linear and the coefficients of that equation not changing over time. e. y-y'. ' In his last paper on business cycles (Kalecki, 1968b), he admitted that he had approached business cycles in a manner which now I do not consider entirely satisfactory: I started from developing a theory of the 'pure business cycles' in a stationary economy , and at a later stage I modified the respective equations to get the trend into the picture .

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