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Marxian and Monetary Aspects of Kalecki

In: Polish Marxism after Luxemburg

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  • Jan Toporowski

Abstract

The chapter presents a short biography of Kalecki, from his early years in Łódź, through his economics research and development of his theory of business cycles, participation in the Keynesian Revolution and work after the Second World War on the economics of socialism and the developing countries. The key role of capital accumulation (investment) in determining levels of employment and total output is put forward as Kalecki's main innovation. There are evident similarities between Kalecki's theory of the business cycle and that of the Austro-Marxist Emil Lederer, as well as in the distributional analysis of Rudolf Hilferding. Kalecki's analysis of monetary circulation, and the centrality of his theory of profits was anticipated by Rosa Luxemburg in herAnti-Critique. But that monetary theory is rooted in a Marxian understanding of money as a means of settlement between capitalists.

Suggested Citation

  • Jan Toporowski, 2022. "Marxian and Monetary Aspects of Kalecki," Research in Political Economy, in: Polish Marxism after Luxemburg, volume 37, pages 113-127, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-723020220000037008
    DOI: 10.1108/S0161-723020220000037008
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