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Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in Capitalist Economy
Michal Kalecki
Paperback. monthly review pre 2009-01-15.
ISBN 9780853450818
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Publisher description
In his Essays in the Theory of Business Cycle published in Polish in 1933, Kalecki clearly stated the principle of effective demand in mathematical form. By 1935 he outlined his theory of employment, demolished the then-orthodox remedy for a depression-that is, wage cutting-and pinpointed the importance of investment for economic dynamics. Thus, although his training had been in Marxist economics, he succeeded in anticipating the Keynesian system, and, as Joan Robinson has pointed out, his claim to priority of publication is indisputable although he never mentioned this fact
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Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in Capitalist Economy
Book reviews » Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in Capitalist Economy
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