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Michael Kalecki was a Polish economist who independently discovered many of the key concepts of what is now identified as Keynesian theory. His contribution to macroeconomics was late in being acknowledged, but his work can be seen to have resounding influence on some of today's economic problems. The analyses presented in this book serve to scrutinize Kalecki's theories and show both their significance for explaining the working of modern economies and the areas that need adaptation to changed circumstances.
Crucial issues in the present world economy covered in this book include:
* the pattern of cyclical recession and financial crises
* historically high levels of unemployment and poverty
* neoliberal economic policies
List of contents
Part One: The Overview1. Kalecki and Keynes Revisited: Two Original Approaches to Demand-Determined Income - and Much More Besides D. Mario Nuti2. The Relevance of Kalecki's 'Political Aspects of Full Employment' to the 21-st Century Philip Arestis and Frank Skuse3. Michal Kalecki as a Behavioural Economist: Implications for Modern Evolutionary Economic Analysis Jerry Courvisanos4. Kaleckian Crucial Reform of Capitalism and After Tadeusz KowalikPart Two: The Model5. Money and Finance in Kalecki's Analysis Malcolm Sawyer6. Kalecki's Theory of Income Determination and Modern Macroeconomics: A Reconstruction and an Assessment Alberto Chilosi7. Kalecki's Principle of Increasing Risk, the Distribution of Income, and Consequences for Macroeconomic Performance Tracy Mott8. Is Equality Harmful to Growth? Henryk FlakierskiPart Three: The Policies9. A Kaleckian Policy Framework Peter Reynolds10. Three Ways to ... High Unemployment Kazimierz Laski11. Saving, Investment and Government Deficits: A Modern Kaleckian Approach Heinrich Flassbeck12. Kalecki's Investment Theory Reconsidered Anthony J. Laramie, Douglas Mair and Anne G. MillerPart Four: The Developing Economies13. Kalecki's Political Economy of Development of Mixed Economies: Employment-Led Growth Ignacy Sachs14. The Opportunities and Dangers of International Capital Inflows for Developing Countries from an Effective Demand Perspective Amit Bhaduri15. On Kalecki's Contribution to Development Economics Rune Skarstein16. Economic Crises in Latin America. Some Considerations in the Light of M.Kalecki's Theory Julio Lopez G.17. Kalecki's Arguments for Socialism Jan Toporowski Epilogue18. Some Concluding Remarks Zdzislaw L. Sadowski
About the author
Zdzislaw L. Sadowski is Professor of Economics at the University of Warwas, Poland.
Adam Szeworski is Professor Emeritus of Economics at the University of Warsaw, Poland.
Summary
Michael Kalecki is thought by many to be the true standard bearer of theories of mixed economy, and it can be argued that John Maynard Keynes stole his crown undeservedly. Kaleckian ideas are becoming more and more influential.
