Michał Kalecki in the 21st Century

1. Front Matter

   Pages i-xi

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2. Introduction

   1. Introduction

      • Łukasz Mamica, Jan Toporowski

      Pages 1-6

3. Kalecki and Macroeconomics

   1. Front Matter

      Pages 7-7

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   2. The Failure of Economic Planning: The Role of the Fel’dman Model and Kalecki’s Critique

      • Peter Kriesler, G. C. Harcourt

      Pages 9-28

   3. Are Rigid Prices the Cause of Unemployment?

      • Jerzy Osiatyński

      Pages 29-50

   4. Kalecki and Post-Keynesian Economics

      • Marc Lavoie

      Pages 51-67

   5. Effective Demand and Path Dependence in Short- and Long-Run Growth

      • Amit Bhaduri

      Pages 68-79

   6. Kaleckian Traverse, Socialist Planning and Hayekian Objections

      • Roni Demirbag, Joseph Halevi

      Pages 80-98

   7. The Impact of Innovations on Investments and Economic Growth in the Thought of Kalecki

      • Łukasz Mamica

      Pages 99-107

   8. ‘Dr Kalecki’ on Mr Keynes

      • Hanna Szymborska, Jan Toporowski

      Pages 108-115

4. Kalecki and Crisis in the 21st Century

   1. Front Matter

      Pages 117-117

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   2. Michał Kalecki’s Capitalist Dynamics from Today’s Perspective

      • D. Mario Nuti

      Pages 119-130

   3. Kalecki’s Profits Equation after 80 Years

      • Kazimierz Łaski, Herbert Walther

      Pages 131-156

   4. Kalecki and Kowalik on the Dilemma of ‘Crucial Reform’ in the United States and Poland

      • Gary A. Dymski

      Pages 157-181

   5. A Kaleckian Perspective on Changes in the Aggregate Income Distribution in the US

      • Tracy Mott, Mark Evers

      Pages 182-197

   6. Addressing the ‘Great Recession’ Using Kalecki’s Macroeconomic Analysis

      • Malcolm Sawyer

      Pages 198-211

   7. Economic Policies for Exit from Crisis, in a Post-Kaleckian Model

      • Edwin Le Heron

      Pages 212-238

   8. Firm Heterogeneity, Finance and Development: A Kaleckian Perspective

      • Jago Penrose

      Pages 239-251

   9. The Kalecki-Steindl Theory of Financial Fragility

      • Jan Toporowski

      Pages 252-264

5. Back Matter

   Pages 265-267

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Leading experts on Kalecki have contributed special essays on what economists in the 21st century have to learn from the theories of Kalecki. Authors include surviving students of Kalecki, such as Amit Bhaduri, Mario Nuti, Kazimierz Laski Jerzy Osiatynski, and Post-Keynesian economists such as Geoff Harcourt, Marc Lavoie, and Malcolm Sawyer.

• Kalecki
• Post-Keynesian Economics
• Recession
• Debt
• Innovation
• Keynesian Policies
• Financial Crisis
• crisis
• economic growth
• economics
• employment
• income distribution
• John Maynard Keynes
• Keynes
• Keynesian economics
• macroeconomics
• unemployment

“Provides the right sort of reminder, highlighting key aspects of Kalecki’s contributions, providing illustrations of how they can be applied to understanding the forces leading to the GFC, and developing strategies that would enable the economy to move forward. … Kaleckian scholars will greatly appreciate the contributions and insights in this volume, but there is a much wider audience of economists, commentators, journalists and policy-makers who would benefit greatly from exposure to the alternative understanding of macroeconomic phenomena it conveys.” (Harry Bloch, Economic Record, Vol. 93 (300), March, 2017)

“This book contains some interesting material for specialists in specific areas of Kaleckian economics, but also some important, more general readings for those who are interested in an alternative to mainstream economics and economic policies, which have been discredited by the recent crises and the economic policy responses towards these crises, in particular in Europe.” (Eckhard Hein, European Journal of Economics and Economic Policies: Intervention, Vol. 13 (3), 2016)

• School of Oriental and African Studies, University of London, UK

  Jan Toporowski

• Cracow University of Economics, Poland

  Łukasz Mamica

Roni Demirbag, University of Sydney, Australia Gary A. Dymski, University of Leeds, UK Mark Evers, University of Denver, USA Joseph Halevi, University of Sydney, Australia G.C. Harcourt, University of New South Wales, Australia Peter Kriesler, University of New South Wales, Australia Marc Lavoie, University of Ottawa, Canada Edwin Le Heron, Bordeaux Institute of Political Sciences, France Kazimierz ?aski, University of Linz, Austria ?ukasz Mamica, Cracow University of Economics, Poland Tracy Mott, University of Denver, USA D. Mario Nuti, University of Rome 'La Sapienza', Italy Jerzy Osiaty?ski, National Bank of Poland Malcolm Sawyer, University of Leeds, UK.

Policies and ethics