‘Dr Kalecki’ on Mr Keynes

Hanna Szymborska and Jan Toporowski

Chapter 7 in Michał Kalecki in the 21st Century, 2015, pp 108-115 from Palgrave Macmillan

Abstract: 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).

Keywords: Business Cycle; Real Wage; Full Employment; Imperfect Competition; Perfect Competition (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-1-137-42828-8_8

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DOI: 10.1057/9781137428288_8

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