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Edited by Thomas Cate

Michał Kalecki was born at Lodz in Poland (then part of Russia) of Jewish parents in 1899. After high school, he studied engineering at the Warsaw and Gdansk polytechnics before bankruptcy of his father’s business forced him to leave shortly before graduation. Thereafter, during the 1920s, Kalecki earned a living through a variety of casual jobs, eventually moving into economic journalism. In 1929, on the strength of a number of articles analyzing particular commodity markets, he was hired as an economist at the Institute of Business Cycles and

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Jayati Ghosh

25. Michal Kalecki Jayati Ghosh* 21 The remarkable Polish economist Michal Kalecki (1899–1970) is probably the most significant of the now-neglected voices among twentieth-century economists. The non-conformism and integrity that characterized his professional life and approach to economics also meant that he was relatively unsung even in his own lifetime, despite his enormous theoretical contributions. It is not only his major insights into the working of capitalist economies that are of value: Kalecki also contributed hugely to the understanding of the

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Micha'l Assous

Michał Kalecki (1899–1970) Michał Kalecki is certainly one of the most enigmatic economists of the twentieth century. Besides anticipating Keynes’s General Theory (1936) he is credited with paving the way for connecting imperfect competition to business-cycle analysis, designing the first macro-dynamic model unifying mathematics, statistics, and economic theory, as well as developing a theory of the political business cycle (Lopez and Assous 2010; Toporowski 2013). Michał Kalecki was born on 22 June 1899 in Lodz into a Polish-Jewish family, and died in Warsaw on

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Edited by David Alexander Clark

304 Kalecki, Michal⁄ (1899–1970) a domestic price of foreign currency that was at a premium over the fixed exchange rate. The exporters of manufactured goods would be free to exchange their foreign exchange earnings at this higher rate. Consequently, as Kaldor pointed out, the premium would represent the equivalent of an ad valorem import duty combined with an ad valorem export subsidy, which manufacturing required in the earlier stages of development because of increasing returns to scale and the infant industry argument. The dual exchange rate would ‘combine

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Colin Richardson and Jerry Courvisanos

7. Modeling Keynes with Kalecki Colin Richardson and Jerry Courvisanos* INTRODUCTION The starting-point for neoclassical interpretations of Keynes’s system is ‘Modeling Keynes with Hicks’. Students are thereby misled into believing that Keynes analysed a general equilibrium exchange economy (summarized by the IS curve, with production merely an ‘exchange with nature’) in which the underlying barter transactions were obscured by a ‘veil of money’ (summarized by the LM curve). However, Keynes himself strongly emphasized that his analysis applied to a monetary

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Malcolm Sawyer

11 Kalecki on money and finance Malcolm Sawyer 1. Introduction Expenditure has to be financed and planned increases in expenditure require additional finance if the plans are to come to fruition. Any analysis of the role of aggregate demand in the determination of the level of economic activity requires consideration to be paid to the question of the financing of expenditure. Kalecki’s analysis of the role of aggregate demand was set in a business cycle framework in which fluctuations in investment were the major generator of fluctuations in economic activity. Kalecki’s

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Anthony J. Laramie, Douglas Mair and Peter J. Reynolds

13. Kalecki’s theory of income distribution: the answer to a maiden’s prayer?1 Anthony J. Laramie, Douglas Mair and Peter J. Reynolds In short, Kalecki’s formulation is not the answer to any maiden’s prayer. (Bronfenbrenner, 1971, p. 411) INTRODUCTION As our opening quotation suggests, Kalecki’s theory of income distribution has not met with universal endorsement. The most persistent criticism that it is a tautology is a canard that Kalecki himself as well as more recent commentators denied (King and Regan, 1976). However, there are still weaknesses in Kalecki’s

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Claudio Sardoni

Appendix C: Price determination and income distribution in Kalecki Kalecki’s analysis of the determination and variations of the wage share is based on his analysis of price formation. He assumes that imperfect competition prevails in the industry and that prices are cost-determined. In agriculture and in the production of raw materials, competitive conditions prevail, so that prices are demand-determined. C.1 PRICE DETERMINATION Individual industrial firms, which are not assumed to maximize profits in ‘any precise sort of manner’ (Kalecki, 1965, p. 12), fix

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Jan Toporowski

10. The principle of increasing risk II: Michal Kalecki Kalecki rapidly took up and extended the essential concept of financial risk that Breit had put forward. The first version of Kalecki’s ‘Principle of Increasing Risk’ appeared in English in 1937.1 In his hands this analysis became a theory of investment, an explanation for the size of firms, and a reason why increasing the supply of credit in financial markets would not increase investment, as suggested by the equilibrium loanable funds theory.2 Along the way he echoed (unconsciously) Fisher in criticising

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Eckhard Hein

5.  Post- eynesian distribution and K growth theories II: Kalecki and Steindl 5.1  INTRODUCTION An alternative post- eynesian approach to distribution and growth to the K one drawing on the contributions by Kaldor and Robinson can be based on the works of Michal Kalecki1 and Josef Steindl2. As acknowledged, in particular by Robinson (1965, 1969, 1977), Klein (1975) and King (2002, chap. 2) among other authors, Kalecki had invented the ‘principle of effective demand’, that is the idea that the level of output and employment in an economy is governed by aggregate