Macroeconomic Paradoxes with Kalecki and Kaleckians

Marc Lavoie

Chapter 13 in Economic Crisis and Political Economy, 2014, pp 198-211 from Palgrave Macmillan

Abstract: Abstract Post-Keynesian economics is known for the several paradoxes that it uncovers by taking macroeconomics as something else than some aggre- gated model with micro-foundations. Among these paradoxes is Michal Kalecki’s paradox, which we can define as the claim that higher govern- ment deficits generate larger profits for the capitalists. Kalecki’s paradox can be derived straight from the national accounts, with a couple of simple behavioural assumptions.

Keywords: Profit Margin; Public Debt; Capacity Utilisation; Budget Deficit; Interest Payment (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1057/9781137335753_14

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