The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 57: Michał Kalecki

Malcolm Sawyer

Abstract

Kalecki and Keynes were both major contributors to what would now be referred to as post-Keynesian economics. Their ideas on the importance of demand for the level of economic activity and the role of investment (and others), developed at much the same time in the 1930s, have often been linked together and sometimes seen as a case of simultaneous discovery. Both Kalecki and Keynes made many important contributions to economic thinking, although it is their contributions to macroeconomic analyses where comparisons and contrasts can be fruitfully undertaken. They came from different social circumstances and from different intellectual heritages. The relationship between Kalecki and Keynes at the intellectual level is discussed, as are their ideas particularly with regard to macroeconomic analysis, and we discuss their personal-interaction level.

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