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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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Jan Toporowski

1 INTRODUCTION Kalecki would occasionally tell stories illustrating the paradoxical, even irrational, aspects of capitalism. Perhaps best-known is his tale of two railway lines in competition with each other and suffering from excess capacity, whose only long-term solution is the construction of further railways lines to ensure full capacity utilisation on the railway lines already built ( Kalecki 1933 [1990] ). In the course of an exchange of views on the Greek crisis with Kalecki's student, Kazimierz Łaski, I passed on to him a fable of private debts in a Greek

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Fernando M. Rugitsky

1980s ( Palma 2011 ; Duménil and Lévy 2004 ; Piketty and Saez 2003 ). 1 Within heterodox economics, one particular branch of research seems particularly relevant to this issue. It focuses on the relation between distribution and macroeconomic performance, building on (and debating with) Michal Kalecki's pricing and distribution theory. The appeal of Kalecki within heterodoxy is partly due to the fact that he can be considered John Maynard Keynes's radical incarnation. Having had contact with the work of Karl Marx and Rosa Luxemburg, the Polish economist formulated

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Pablo Gabriel Bortz

. We are also interested in Keynes's acknowledgement of the political obstacles faced by the policy choices implied by these theoretical corollaries, both in domestic and international affairs. It seems natural to compare this role with the theories of the other two major economists who adopted a class stratification structure when developing their analyses of capitalism, namely Karl Marx and Michał Kalecki. Marx is known to define class struggle, or social conflict, as the engine of history. In a capitalist society, the search for higher profits through cost

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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