By J. E. King (auth.), J. E. King (eds.)
lE. King Michael Kalecki (1899-1970) was once some of the most very important, and in addition some of the most underrated, economists of the 20 th century. within the Thirties he made a sequence of primary contributions to macroeconomic concept which expected, complemented and in many ways handed these of Keynes. nearly fullyyt self-educated in economics, and inspired rul a lot through Marxism as by means of mainstream thought, Kalecki very mostly escaped the deadly include of pre-Keynesian orthodoxy, which blunted the thrust of the overall conception. Many put up Keynesians, specifically, have present in his paintings the weather of a powerful replacement to what Joan Robinson -Kalecki's maximum recommend within the English-speaking international - used to be scathingly to explain as 'bastard Keynesianism' . yet Kalecki used to be by no means attracted to concept for its personal sake. He approached economics from a realistic standpoint, wrote largely on utilized and coverage questions, and within the [mal a long time of his existence grew to become his consciousness more and more to difficulties of financial improvement and the administration of kingdom socialist economies.
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Extra resources for An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics
1992. 'The Asimakopulos View of Keynes' s General Theory'. Paper read at the a conference on Employment. ts. Levy Institute, Bard College, New York, September 24-26. Davidson, P. 1992-93. 'Reforming the World's Money'. Journal 0/ Post KeyneSian Economics 15 (2), Winter: 153-179. Driver, C. and Moreton, 0. 1992. Investment. Expectations and Uncerlainty. Oxford: Blackwell. Dutt, AK 1992. 'Rentiers in Post-Keynesian Models'. In Arestis and Chick (1992): 95-122. Eichner, AS. 1973. 'A Theory of the Determination of the Marie-up Under Oligopoly'.
Institutional changes are required which would remove the constraints Kalecki was so much concerned about then, and post-Keynesians are now. At the top of the agenda for these changes must surely be co-ordination of economic policies at the intemationallevel and more 'corporatist' institutions at the national level. Summary and Conclusions We have argued in this chapter that Kalecki's role in post-Keynesian economics is both extensive and significant. Furthermore, our analysis supports strongly Geoff Harcourt's belief that 'Kalecki's analysis of the political economy of capitalism is the most profmUld of the twentieth centwy, as relevant today as when he originally developed it' (Foreword to Kriesler 1987, xi-xii).
For Patinkin the essence of effective demand is summarised in the 45° diagram, the key features of which, to paraphrase, are threefold: first, intersection of the expenditure/income equality with the function relating expenditure to income determines the level of output; second, disequilibrium between expenditure and income causes an output and not a price change; third it is output changes that clear the goods market The role of output variations in clearing the goods market, Patinkin claims, is Keynes's central message and as such represents what others would have had to achieve in order to anticipate the General Theory.
An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics by J. E. King (auth.), J. E. King (eds.)