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'Dr. Kalecki' on Mr Keynes

Szymborska, Hanna and Toporowski, Jan (2014). 'Dr. Kalecki' on Mr Keynes. In: Toporowski, Jan and Mamica, Łukasz eds. Michał Kalecki in the 21st Century. Palgrave Studies in the History of Economic Thought Series. London: Palgrave Macmillan, pp. 108–115.

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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).

Item Type: Book Section
Copyright Holders: 2015 The Authors
ISBN: 1-349-49137-3, 978-1-349-49137-7
Keywords: Political Economy, History of Economic Thought, Macroeconomics
Academic Unit/School: Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies > Economics
Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies
Faculty of Arts and Social Sciences (FASS)
Item ID: 58928
Depositing User: Hanna Szymborska
Date Deposited: 04 Feb 2019 10:36
Last Modified: 06 Aug 2019 08:54
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