By J. E. King (auth.), J. E. King (eds.)
lE. King Michael Kalecki (1899-1970) used to be some of the most very important, and likewise some of the most underrated, economists of the 20 th century. within the Nineteen Thirties he made a chain of basic contributions to macroeconomic concept which expected, complemented and in many ways passed these of Keynes. nearly completely self-educated in economics, and motivated rul a lot by way of Marxism as via mainstream conception, Kalecki very principally escaped the deadly embody of pre-Keynesian orthodoxy, which blunted the thrust of the overall concept. Many put up Keynesians, particularly, have present in his paintings the weather of a resounding substitute to what Joan Robinson -Kalecki's maximum suggest within the English-speaking global - used to be scathingly to explain as 'bastard Keynesianism' . yet Kalecki used to be by no means drawn to concept for its personal sake. He approached economics from a realistic viewpoint, wrote commonly on utilized and coverage questions, and within the [mal many years of his lifestyles became his cognizance more and more to difficulties of monetary improvement and the administration of kingdom socialist economies.
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Extra resources for An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics
While Sawyer's argument may have some validity for some ofKalecki's articles, it does not for the one to which both he and Patinkin refer. Sawyer more circumspectly hints that Kalecki may have experienced difficulties in getting his revolutionary articles accepted in £konomista, a publication that he describes as a 'rather orthodox' journal. The suggestion that ruling paradigms shut heretical or revolutionary ideas out of accepted professional discourse has some plausibility in economics. Given the lack of knowledge about acceptance criteria for this journal during the 1930s, and given the language barrier, it is difficult to discern the nature of £konomista, orthodox or otherwise.
Arestis, P. and Eichner, AS. 1988. 'The Post-Keynesian and Institutionalist ThcOIy of Money and Credit'. Journal ofEconomic Issues 22(4), December: 1003-1033. Arestis, P. GA 1994. 'Theoretical Reflections on Endogenous Money: The Problem with 'Convenience Lending". Mimeo. Arestis, P. and Kitromilides. Y. (eds) 1990. Theory and Policy in Political Economy: Essays in Pricing, Distribution and Growth. Aldershot: Elgar. Arestis, P. and Sawyer, MC. 1993. 'Political Economy: An Editorial Manifesto'. International Papers in Political Economy 1(1): 1-38.
1963. 'A Critique ofMr Kaldor's Model of Income Distribution and Economic Growth'. Australian Economic Papers 2, June: 20-36. C. 1965. 'A Two-sector Model of the Distribution ofIncorne and the Level of Employment in the Short Run'. Economic Record 41 (93), March: 103-117. C. 1991. Review of Collected Works o/Michal Kalecki. Volume I: Capitalism. Business Cycles and Full Employment Edited by Jerzy Osiatynski. Economic Journal 101(409), November: 1608-1610. C. and Kenyon, P. 1976. 'Pricing and the Investment Decision'.
An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics by J. E. King (auth.), J. E. King (eds.)