IDEAS home Printed from https://ideas.repec.org/a/aoq/ekonom/y2021i2p8-38.html
   My bibliography  Save this article

Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki

Author

Listed:
  • ALEKSANDER SULEJEWICZ

Abstract

The author proposes to look at the work of M. Kalecki through the lens of the history of economic thought informed by the methodology of economics, by applying to this aim a meta-economic model suggested by U. Mäki, enhanced with additional features. On the basis of the review of the main works of Kalecki, he finds that we cannot ascribe to his works virtually any of the factors proposed by Mäki as explanation of orthodox economic modelling failure. If it is so, the question may be asked why a more correct economic modelling based on the Kalecki’s theory and post-Keynesian theories has not been recognized as successful. It seems that the mainstream economics is an informal institution, yet strengthened by formal rules, which is unforgiving to heterodox economists. Kalecki seems to have been a paradigmatic case of a successful academic heterodox economist, author of significant innovations in the analyses of capitalism, socialism, and the intermediate regimes, all of which were ultimately rejected by the dominant social forces of the day, signalling ‘modelling failure’ in all academic and policy-institutional contexts. If that is indeed the case, then Mäki’s model fails to provide an explanation of modelling failure in economics.

Suggested Citation

  • Aleksander Sulejewicz, 2021. "Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 2, pages 8-38.
    • Handle: RePEc:aoq:ekonom:y:2021:i:2:p:8-38
    as

    Download full text from publisher

    File URL: https://ekonomista.pte.pl/pdf-150125-75847
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Axel Leijonhufvud, 1973. "Life Among The Econ," Economic Inquiry, Western Economic Association International, vol. 11(3), pages 327-337, September.
    2. Therese Jefferson & John E. King, 2011. "Michal Kalecki and critical realism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(5), pages 957-972.
    3. Anna Maria Carabelli & Mario Aldo Cedrini, 2017. "Keynes against Kalecki on economic method," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(3), pages 349-375, July.
    4. Rodrik, Dani, 2017. "Economics Rules: Why Economics Works, When It Fails, and How To Tell The Difference," OUP Catalogue, Oxford University Press, number 9780198736905, Decembrie.
    5. Lerner, Abba P, 1972. "The Economics and Politics of Consumer Sovereignty," American Economic Review, American Economic Association, vol. 62(2), pages 258-266, May.
    6. David Colander, 2018. "The Death Of Neoclassical Economics," Chapters, in: How Economics Should Be Done, chapter 5, pages 46-62, Edward Elgar Publishing.
    7. Brus, Wlodzimierz, 1977. "Kalecki's Economics of Socialism," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 39(1), pages 57-67, February.
    8. Nuti, D M, 1986. "Michal Kalecki's Contribution to the Theory and Practice of Socialist Planning," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 10(4), pages 333-353, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Aleksander Sulejewicz, 2021. "Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki," Ekonomista, Polskie Towarzystwo Ekonomiczne, vol. 2, pages 8-38, April.
    2. Andrea Salanti, 2020. "All That Glitters Is Not Gold: The Case of Mainstream Pluralism," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 54(2), pages 287-310, December.
    3. Calcagno, Peter T. & Hall, Joshua C. & Lawson, Robert A., 2010. "Objectivism versus subjectivism: A market test," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 445-448, November.
    4. Joanna Dzionek-Kozlowska, 2013. "Ekonomia jako nauka pozytywna. Refleksje na marginesie 'Ekonomii dobra i zla' Tomasa Sedlacka/Economics as a Positive Science. Reflections after Reading Thomas Sedlacek’s 'Economics of Good and Evil’," Annales. Ethics in Economic Life, University of Lodz, Faculty of Economics and Sociology, vol. 16(1), pages 335-344, May.
    5. Karbowski, Adam, 2019. "Analiza otoczenia instytucjonalnego systemu tworzenia wiedzy w krajach Europy Środkowej [Analysis of the institutional environment of the knowledge subsystem in Central Europe]," MPRA Paper 95570, University Library of Munich, Germany, revised 2019.
    6. Ricard P. F. Holt, 2024. "David Colander and Modern Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 50(4), pages 496-509, October.
    7. Gorynia Marian, 2019. "Competition and globalisation in economic sciences. Selected aspects," Economics and Business Review, Sciendo, vol. 5(3), pages 118-133, September.
    8. Tobón Arias, Alexander, 2022. "La estructura lógica de la teoría del equilibrio general dinámico estocástico," Borradores Departamento de Economía 20477, Universidad de Antioquia, CIE.
    9. Jaakko Kuorikoski & Aki Lehtinen, 2018. "Model selection in macroeconomics: DSGE and ad hocness," Journal of Economic Methodology, Taylor & Francis Journals, vol. 25(3), pages 252-264, July.
    10. Giancarlo Ianulardo & Aldo Stella, 2022. "Towards a unity of sense: A critical analysis of the concept of relation in methodological individualism and holism in Economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 15(1), pages 196-226.
    11. Warren Samuels, 2007. "The interrelations between legal and economic processes: a consideration of the reactions," Constitutional Political Economy, Springer, vol. 18(4), pages 243-285, December.
    12. Masciandaro, Donato, 2022. "Independence, conservatism, and beyond: Monetary policy, central bank governance and central banker preferences (1981–2021)," Journal of International Money and Finance, Elsevier, vol. 122(C).
    13. Haase, Michaela, 2020. "Considering Value-related Concepts in Service-oriented Approaches to Marketing Studies in Light of Philosophical and Economic Value Theories," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 4(2-3), pages 133-144.
    14. Sebastian Gechert, 2023. "Fiscal policy: post- or New Keynesian?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 20(2), pages 338-355, November.
    15. Diane Coyle & Mark Fabian & Eric Beinhocker & Tim Besley & Margaret Stevens, 2023. "Is it time to reboot welfare economics? Overview," Fiscal Studies, John Wiley & Sons, vol. 44(2), pages 109-121, June.
    16. Deval Desai & Mareike Schomerus, 2018. "‘There Was A Third Man…’: Tales from a Global Policy Consultation on Indicators for the Sustainable Development Goals," Development and Change, International Institute of Social Studies, vol. 49(1), pages 89-115, January.
    17. David Colander, 2018. "How Economists Got It Wrong: A Nuanced Account," Chapters, in: How Economics Should Be Done, chapter 12, pages 163-189, Edward Elgar Publishing.
    18. Bellemare, Marc F., 2022. "Agricultural value chains: towards a marriage of development economics and industrial organisation?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 66(02), January.
    19. Fabio Della Rossa & Lorenzo Giannini & Pietro DeLellis, 2020. "Herding or wisdom of the crowd? Controlling efficiency in a partially rational financial market," PLOS ONE, Public Library of Science, vol. 15(9), pages 1-16, September.
    20. Luigi Marengo & Corrado Pasquali, 2011. "The construction of choice: a computational voting model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 6(2), pages 139-156, November.

    More about this item

    Keywords

    Michał Kalecki; economic modelling; heterodox economics; history of economic thought;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aoq:ekonom:y:2021:i:2:p:8-38. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tomasz Kwarcinski (email available below). General contact details of provider: https://edirc.repec.org/data/pteeeea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.