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Michael Kalecki was a Polish economist who independently discovered many of the key concepts of what is now identified as Keynesian theory. His contribution to macroeconomics was late in being acknowledged, but his work can be seen to have resounding influence on some of today's economic problems. The analyses presented in this book serve to scrutinize Kalecki's theories and show both their significance for explaining the working of modern economies and the areas that need adaptation to changed circumstances. Crucial issues in the present world economy covered in this book include: * the pattern of cyclical recession and financial crises * historically high levels of unemployment and poverty * neoliberal economic policies
Zdzislaw L. Sadowski is Professor of Economics at the University of Warwas, Poland. Adam Szeworski is Professor Emeritus of Economics at the University of Warsaw, Poland.
Part One: The Overview 1. Kalecki and Keynes Revisited: Two Original Approaches to Demand-Determined Income - and Much More Besides D. Mario Nuti 2. The Relevance of Kalecki's 'Political Aspects of Full Employment' to the 21-st Century Philip Arestis and Frank Skuse 3. Michal Kalecki as a Behavioural Economist: Implications for Modern Evolutionary Economic Analysis Jerry Courvisanos 4. Kaleckian Crucial Reform of Capitalism and After Tadeusz Kowalik Part Two: The Model 5. Money and Finance in Kalecki's Analysis Malcolm Sawyer 6. Kalecki's Theory of Income Determination and Modern Macroeconomics: A Reconstruction and an Assessment Alberto Chilosi 7. Kalecki's Principle of Increasing Risk, the Distribution of Income, and Consequences for Macroeconomic Performance Tracy Mott 8. Is Equality Harmful to Growth? Henryk Flakierski Part Three: The Policies 9. A Kaleckian Policy Framework Peter Reynolds 10. Three Ways to ... High Unemployment Kazimierz Laski 11. Saving, Investment and Government Deficits: A Modern Kaleckian Approach Heinrich Flassbeck 12. Kalecki's Investment Theory Reconsidered Anthony J. Laramie, Douglas Mair and Anne G. Miller Part Four: The Developing Economies 13. Kalecki's Political Economy of Development of Mixed Economies: Employment-Led Growth Ignacy Sachs 14. The Opportunities and Dangers of International Capital Inflows for Developing Countries from an Effective Demand Perspective Amit Bhaduri 15. On Kalecki's Contribution to Development Economics Rune Skarstein 16. Economic Crises in Latin America. Some Considerations in the Light of M.Kalecki's Theory Julio Lopez G. 17. Kalecki's Arguments for Socialism Jan Toporowski Epilogue 18. Some Concluding Remarks Zdzislaw L. Sadowski
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