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Kalecki on money and finance

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  • Malcolm Sawyer

Abstract

It is argued that Kalecki had a greater appreciation of the role of the monetary sector than has been generally recognized, and that Kalecki presented ideas which can be seen as now embedded in the structuralist post Keynesian analysis of endogenous money and in the circuitist approach. Six key features of Kalecki's monetary analysis are identified. The paper outlines Kalecki's dismissal of the 'Pigou effect' and the 'Keynes effect', and then discussion the relationship between the 'principle of increasing risk' and the nature of the supply of credit. It discusses interest determination in Kalecki's writings and the manner in which he distinguished different types of money.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560110079502
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 8 (2001)
Issue (Month): 4 ()
Pages: 487-508

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Handle: RePEc:taf:eujhet:v:8:y:2001:i:4:p:487-508

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Related research

Keywords: Money Finance Kalecki Endogenous Money Interest Rate;

References

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  1. Lavoie, Marc, 1996. "Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 275-300, August.
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Cited by:
  1. Hein, Eckhard, 2004. "Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model," WSI Discussion Papers 133, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  2. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
  3. Eckhard Hein, 2005. "Interest, debt and capital accumulation - a Kaleckian approach," Macroeconomics 0510007, EconWPA.
  4. Alberto Chilosi, 2003. "Kalecki'S Theory Of Income Determination: A Reconstruction And An Assessment," Method and Hist of Econ Thought 0305001, EconWPA.

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