Is the long-run equilibrium wage-led or profit-led? A Kaleckian approach

► A long-run Kaleckian model is presented. ► In the medium run, the rate of capacity utilization, the profit share, and the rate of employment are determined. ► In the long run, the normal rate of capacity utilization and the expected rate of growth are determined. ► Both the Kalecki type investment function and the Marglin-Bhaduri type investment function are used in the medium-run and the long-run analyses.