A Note on Kalecki’s and Keynes’s Unemployment Equilibrium

J. Osiatyński

Chapter 15 in The Notion of Equilibrium in the Keynesian Theory, 1992, pp 218-222 from Palgrave Macmillan

Abstract: Abstract It has been claimed that before the publication of the General Theory (Keynes, 1936) Kalecki ‘was concerned with investment cycles and not unemployment equilibrium’ (Patinkin, 1982, p. 85), and that his explicit recognition and use of the short-period equilibrium concept was only after his exposure to Cambridge, i.e. only in Kalecki’s review of the General Theory and in his 1937 theory of the business cycle (Asimakopulos, 1986; Kalecki, 1936, 1937). In fact, already in 1934 Kalecki not only made the concept of short-period equilibrium central to his argument, but, moreover, he introduced there a notion of ‘quasi-equilibrium’ which is strikingly similar to Keynes’s ‘unemployment equilibrium’ concept (Kalecki, 1934a).

Keywords: Business Cycle; Investment Good; Equilibrium Concept; Business Cycle Theory; Perfect Competition (search for similar items in EconPapers)
Date: 1992
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-22086-1_15

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349220861

DOI: 10.1007/978-1-349-22086-1_15

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().