Kalecki - a Pioneer of Modern Macroeconomics

• Autorzy: Jerzy Osiatyński
• Języki publikacji: EN

Abstrakty

EN

The purpose of this study is to vindicate the position of Michał Kalecki as a pioneer of modern macroeconomics whose numerous papers in 1929-1933 laid foundations for what is presently known as the macroeconomic stock-flow consistent approach in examining the economic dynamics of a capitalist economy. Comparative economic analysis is used to define the critical differences between Kalecki's microassumption and his macro-analysis and policy recommendations against those of his contemporary, and the present-day mainstream economics. Following a concise intellectual biography note, Kalecki's mechanism of business fluctuations, and then his theory of distribution of national income are examined. Next his theory of profits is discussed, and his theory of effective demand which follows from it. This discussion culminates in outlining his theory of economic dynamics of a capitalist economy. In conclusion the present day relevance of Kalecki's macroeconomics and its limitations are examined. (original abstract)

Słowa kluczowe

EN

Macroeconomics; Employment; Capitalist economy; Capitalist system; Keynesian theory; Keynesian employment theory; Post-Keynesian economics

PL

Makroekonomia; Zatrudnienie; Gospodarka kapitalistyczna; Ustrój kapitalistyczny; Keynesizm; Keynesowska teoria zatrudnienia; Postkeynesizm

• Czasopismo: Economics and Business Review
• Rocznik: 2017
• Tom: 3 (17)
• Numer: nr 3
• Strony: 7--31

Twórcy

autor

Jerzy Osiatyński

• Polska Akademia Nauk

Bibliografia

• Aftalion, A. A. (1913). Les crises periodiques de sur production. Paris: Riverie.
• Assous, M., & Fourchard, P. (2017). Michal Kalecki et l'essor de la macroeconomie, Lyon: Ens Editions.
• Atkinson, A., Piketty, T., & Saez, E. (2011). Top incomes in the long run of history. Journal of Economic Literature, 49(1).
• Bhaduri, A., Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, 14, 375-393.
• Bouniatian, M. (1930). Crises economiques: essai de morphologie et theorie des crises economiques periodiques et de theorie de la conjoncture economique, Paris.
• Feiwel, G. R. (1975). The intellectual capital of Michal Kalecki. Knoxville: Knoxville University Press.
• Hein, E. (2014). Distribution and growth after Keynes: A post-keynesian guide, Cheltenham: Edward Elgar.
• Kalecki, M. (1990). Capitalism: Business cycles and full employment. Collected works, Vol. I, Oxford: Clarendon Press.
• Kalecki, M. (1991). Capitalism: Economic dynamics. Collected works, Vol. II, Oxford: Clarendon Press.
• Kalecki, M. (1992). Socialism: Functioning and long-run planning. Collected works, Vol. III, Oxford: Clarendon Press.
• Kalecki, M. (1993). Socialism: Economic growth and efficiency of investment. Collected works, Vol. IV, Oxford: Clarendon Press.
• Kalecki, M. (1993a). Developing economies. Collected works, Vol. V, Oxford: Clarendon Press.
• Kalecki, M. (1996). Studies in applied economics 1927+1941. Collected works, Vol. VI, Oxford: Clarendon Press.
• Keynes, J. M. (1936). The general theory of employment, interest and money, London: Macmillan.
• Lazonick, W. (2013). The financialization of the U.S. corporation: What has been lost, and how it can be regained. Seattle University Law Review, 36, 857.
• López, J. G., & Assous, M. (2010). Michal Kalecki, Basingstoke: Palgrave-Macmillan.
• Łaski, K. (1987). Kalecki. In The new Palgrave dictionary of economics, Macmillan.
• Łaski, K. (2009). Mity i rzeczywistość w polityce gospodarczej i w nauczaniu ekonomii. Warszawa: Fundacja Innowacja oraz Instytut Nauk Ekonomicznych PAN.
• Łaski, K. (2015), Wykłady z makroekonomii: gospodarka kapitalistyczna bez bezrobocia, Warszawa, Polskie Towarzystwo Ekonomiczne. Unpublished translation into English by James West.
• Łaski, K. (2015a). Rethinking economic theory and macro economic policy in the light of the present crisis (unpublished presentation at the Conference of the Buenos Aires). Buenos Aires: National Bank of Argentina.
• Marglin, S., & Bhaduri, A. (1990). Profit squeeze and in Keynesian theory. In S. A. Martglin & J. B. Schor (Eds.), The golden age of capitalism: Reinterpreting the postwar experience. Oxford: Clarendon Press.
• Minsky, H. (1986). Stabilizing an unstable economy. New Haven: Yale University Press.
• Mott, T., & Slattery, E. (1994). The influence of changes in income distribution on aggregate demand in a Kaleckian model: Stagnation vs. exhilaration reconsidered. In P. Davidson & J. Kregel (Eds.), Employment, growth and finance, Aldershot: Edward Elgar.
• Osiatyński, J. (1988). Michał Kalecki on a socialist economy. Basingstoke: Macmillan.
• Osiatyński, J. (2015a). Michał Kalecki's economics (Introduction to: Kazimierz Łaski & Jerzy Osiatyński, (Eds.), Michał Kalecki, selected studies in capitalism: Economic dynamics and full employment, Warszawa: iTON Society.
• Osiatyński, J. (2015b). Kalecki a złota reguła akumulacji. Ekonomista, 4.
• Palley, T. L. (2012). From financial crisis to stagnation: The destruction of shared prosperity and the role of economics, Cambridge: Cambridge University Press.
• Phelps, E. (1961). The golden rule of accumulation: A fable for growthmen. The American Economic Review, 4.
• Phelps, E. (1966). Golden rules of economic growth, New York: Norton.
• Pickety, T. (2013). Le Capital au XXIe siecle. Paris: Editions du Seuil.
• Smith, A. (1875). An inquiry into the nature and causes of the wealth of nations, n.d., London: Ward, Lock and Co.
• Solow, R. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 1.
• Steindl, J. (1952). Maturity and stagnation in american capitalism, Basil Blackwell, Oxford.
• Stiglitz, J. E. (2011). Of the 1%, by the 1%, for the 1%. Vanity Fair, May.
• Wray, R. (2012). Modern money theory: A primer on macroeconomics for sovereign monetary systems. Basignstoke: Palgrave MacMillan.
• Thatcher, M. (1987, October 31). Talking to women's own magazine http://briandeer. com/social/thatcher-society.htm.
• Thatcher M., https://www.brainyquote.com/quotes/quotes/m/margaretth153838.html.
• Tinbergen, J. (1931). Ein Schifbauzyklus. Weltwirtschaftliches Archiv, 34.
• Toporowski, J. (2013). Michał Kalecki: An intellectual biography. Vol. 1. Rendezvous in Cambridge 1899-1939. Basingstoke: Palgrave.
• Toporowski, J. (2018). (forthcoming), Michał Kalecki: An intellectual biography. Vol. 2: By intellect alone 1939-1970. Basingstoke: Palgrave.
• Toporowski, J., & Mamica, Ł. (2015). Michał Kalecki in the 21st century, Basingstoke: Palgrave Macmillan.

Identyfikatory

DOI

10.18559/ebr.2017.3.2