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‘Dr Kalecki’ on Mr Keynes

In: Michał Kalecki in the 21st Century

Author

Listed:
  • Hanna Szymborska
  • Jan Toporowski

Abstract

This chapter presents Kalecki’s interpretation of the General Theory, contained in his review of the book from 1936. The most striking feature of this interpretation is that, despite criticizing a great deal of Keynes’s analysis, particularly regarding the determinants of investment, Kalecki was highly impressed by Keynes’s theory showing the effect of changes in investment on global employment, income and production levels. Kalecki’s review and restatement of the key ideas of the General Theory is superior to the original due to a clearer and more concise account of the causes of changes in investment and their influence on the short-run equilibrium position, taking into consideration the distribution of income between capitalists and workers. But the review also criticized Keynes’s methodology and does not even mention key elements of his analysis (notably his monetary and financial analysis).

Suggested Citation

  • Hanna Szymborska & Jan Toporowski, 2015. "‘Dr Kalecki’ on Mr Keynes," Palgrave Studies in the History of Economic Thought, in: Jan Toporowski & Łukasz Mamica (ed.), Michał Kalecki in the 21st Century, chapter 7, pages 108-115, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-42828-8_8
    DOI: 10.1057/9781137428288_8
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    Cited by:

    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.

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