An Alternative Macroeconomic Theory The Kaleckian Model And Post Keynesian Economics

An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics

lE. King Michael Kalecki (1899-1970) was one of the most important, and also one of the most underrated, economists of the twentieth century. In the 1930s he made a series of fundamental contributions to macroeconomic theory which anticipated, complemented and in some ways surpassed those of Keynes. Almost entirely self-educated in economics, and influenced rul much by Marxism as by mainstream theory, Kalecki very largely escaped the fatal embrace of pre-Keynesian orthodoxy, which blunted the thrust of the General Theory. Many Post Keynesians, in particular, have found in his work the elements of a convincing alternative to what Joan Robinson -Kalecki's greatest advocate in the English-speaking world - was scathingly to describe as 'bastard Keynesianism' . But Kalecki was never interested in theory for its own sake. He approached economics from a practical perspective, wrote extensively on applied and policy questions, and in the [mal decades of his life turned his attention increasingly to problems of economic development and the management of state socialist economies.

An Alternative Macroeconomic Theory

Kalecki and Kaleckian Economics

This book helps in pushing forward a Kaleckian research agenda that is even more urgent given the 2007-2009 financial crisis and the current post-COVID recovery. Michał Kalecki was a leading heterodox economist, whose influence in the field perhaps even surpasses that of Keynes. Kalecki’s insights are even more relevant today, and scholars are encouraged to apply his conclusions to ensure the sustainability of our economic systems. This edited volume, honouring the work of Michał Kalecki, includes chapters contributed by celebrated Kaleckian economists. In honour of the 50th anniversary of his demise, the Review of Political Economy (ROPE) and Edward Lipiński Foundation hosted a conference in September 2020 to celebrate his contribution to heterodox economics and his lasting legacy. These chapters, honouring the work of Michał Kalecki, span a panoply of topics and include a personal note from one of his former students and friend, and cover topics such as Kalecki’s relationship with the Cantabrigians, labour economics, fiscal policy, income distribution, gender, finance, debt, and democracy. The chapters in this book were originally published as a special issue of the journal Review of Political Economy.