The Kaleckian Origins of the Keynesian Model
There has been a long debate considering whether the Keynesian model was simultaneously discovered. However, due to language barriers, not all relevant evidence has been available to English-speaking scholars. Examining M. Kalecki's article 'Three Systems,' recently translated from Polish, it is shown that he independently discovered and published a simple short-period general equilibrium model of interactions between goods and money markets and aggregate supply which, under conditions of a determined money wage, could lead to quasi-equilibrium unemployment. In short, new evidence shows that Kalecki simultaneously and independently discovered the Keynesian model. Copyright 1995 by Royal Economic Society.
Volume (Year): 47 (1995)
Issue (Month): 3 (July)
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