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The Impact of Innovations on Investments and Economic Growth in the Thought of Kalecki

In: Michał Kalecki in the 21st Century

Author

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  • Łukasz Mamica

Abstract

Kalecki treats investment as a key point in a business cycle that is connected with the effect of that investment on demand and output. This is in contradiction to mainstream economics which treats external factors as major determinants of business cycles. The problem of innovation activity (which Kalecki often called technical progress) and its impact on economic development, mainly by the necessity for new investments, was analysed by Kalecki in many of his publications. Typically he analysed innovation not from a long-term perspective but as a chain of short-term decisions of entrepreneurs concerning their innovative activities. In his opinion (1968) the long-run trend is a chain of short-period situations. Innovation activity supported by profits which are achieved by it have, for Kalecki, a crucial impact on growth in the business cycle.

Suggested Citation

  • Łukasz Mamica, 2015. "The Impact of Innovations on Investments and Economic Growth in the Thought of Kalecki," Palgrave Studies in the History of Economic Thought, in: Jan Toporowski & Łukasz Mamica (ed.), Michał Kalecki in the 21st Century, chapter 6, pages 99-107, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-42828-8_7
    DOI: 10.1057/9781137428288_7
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