The Kaleckian Origins of the Keynesian Model

Simon Chapple

Oxford Economic Papers, 1995, vol. 47, issue 3, 525-37

Abstract: 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.

Date: 1995
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