An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics: The Kaleckian Model and Post-Keynesian Economics (Recent Economic Thought)

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. This volume presents an alternative macroeconomic theory based on the contributions of Michal Kalecki. Kalecki's importance as a pioneer of post-Keynesian theory has long been recognized by such prominent economists as Joan Robinson and Lawrence Klein. While in the U.S. post-Keynesian economics has drawn more heavily on indigenous sources (i.e. Weintraub, Davidson and Minsky) and on Keynes himself, European, Indian and Australian post-Keynesians have always regarded Kalecki as their principal source and inspiration. The book covers topics on methodology, price theory, trade cycles and economic growth, monetary economics, socialism, and concludes with a complete bibliography on Kalecki Front Matter....Pages i-v Introduction....Pages 1-10 Kalecki’s Role in Post Keynesian Economics: An Overview....Pages 11-34 Kalecki and Keynes....Pages 35-54 Microfoundations: A Kaleckian Perspective....Pages 55-72 Kalecki’s Theory of Prices and Distribution....Pages 73-91 Kalecki on the Trade Cycle and Economic Growth....Pages 93-114 Kalecki’s Monetary Economics....Pages 115-140 Kalecki and the Americans....Pages 141-167 Kalecki, Marx and the Economics of Socialism....Pages 169-186 Michal Kalecki and the Political Economy of the Third World....Pages 187-218 Back Matter....Pages 219-228