By J. E. King (auth.), J. E. King (eds.)
lE. King Michael Kalecki (1899-1970) used to be the most very important, and in addition the most underrated, economists of the 20 th century. within the Thirties he made a sequence of basic contributions to macroeconomic idea which expected, complemented and in many ways passed these of Keynes. nearly totally self-educated in economics, and motivated rul a lot by means of Marxism as through mainstream conception, Kalecki very principally escaped the deadly embody of pre-Keynesian orthodoxy, which blunted the thrust of the overall concept. Many publish Keynesians, specifically, have present in his paintings the weather of a powerful replacement to what Joan Robinson -Kalecki's maximum suggest within the English-speaking international - was once 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 point of view, wrote generally on utilized and coverage questions, and within the [mal a long time of his lifestyles grew to become his realization more and more to difficulties of monetary improvement and the administration of country socialist economies.
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Additional resources for An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics
Arestis, P. and Driver, C. 1987. 'The Effects of Income Distribution on Conswner Imports'. Journal ofMacroeconomics 9(1), Winter: 83-94. Arestis, P. and Eichner, AS. 1988. 'The Post-Keynesian and Institutionalist ThcOIy of Money and Credit'. Journal ofEconomic Issues 22(4), December: 1003-1033. Arestis, P. GA 1994. 'Theoretical Reflections on Endogenous Money: The Problem with 'Convenience Lending". Mimeo. Arestis, P. and Kitromilides. Y. (eds) 1990. Theory and Policy in Political Economy: Essays in Pricing, Distribution and Growth.
Whatever these institutional changes may be, the priority of any economic policy should be the achievement and maintenance offull employment Nota I It might be argued that Cowling's model may not be within the spirit ofKalecki's analysis in view of its assumptions. This would be too hasty a conclusion given the predictions of the model and the argumen1s advanced by a number of writers to suggest that it is actually very much Kaleckian (see, for example, Sawyer 1990). 2 The intcrc:sIm reader can find the derivation of the formulae that appear in the text in Arestis (1992, chapters 5 and 6).
The issue is not whether there is a 100 per cent overlap in the work of the two on all substantive questions, Indeed, no commentator has argued along these lines. Nor is it the purpose of this chapter to suggest that the only correct way to assess the importance of contributions to macroeconomics before 1936 is via the extent to which they anticipate elements of the General Theory. The issue here is the more modest one of ascertaining which parts of Keynes's work Kalecki had arrived at before Keynes and to what extent these add up to the Keynesian revolution.