By Jan Toporowski and Lukasz Mamica (Eds.)
The twenty first century has cited a few difficulties of monetary melancholy, mass unemployment and debt, that have engaged the exceptional Polish economist of the twentieth century Michał Kalecki.
In this quantity best specialists on Kalecki from worldwide have contributed designated essays taking a look at what economists within the twenty first century need to study from the theories of Kalecki and the way they relate to the problems raised via John Maynard Keynes. Authors comprise surviving scholars of Kalecki, reminiscent of Amit Bhaduri, Mario Nuti, Kazimierz Laski and the editor of Kalecki's amassed Works Jerzy Osiatyński, and best Post-Keynesian economists equivalent to Joseph Halevi, G.C. Harcourt, Marc Lavoie, Edwin Le Heron and Malcolm Sawyer.
Their stories collect 20th-century financial idea and 21st-century monetary difficulties. it really is crucial studying for students, researchers and scholars drawn to financial background and idea, and will be helpful to present policy-makers.
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Extra resources for Michał Kalecki in the 21st Century
1976) The Path of Economic Growth, Cambridge: Cambridge University Press Nove, A. , Harmondsworth: Penguin Books. Nove, A. & Nuti, D. (1972a) ‘Introduction’ in Nove & Nuti (1972b). Nove, A. & Nuti, D. (eds) (1972b) Socialist Economics, Harmondsworth: Penguin Books. Nuti, M. (1989) ‘Michal Kalecki’s contribution to the theory and practice of socialist planning’ in M. ), Kalecki’s Relevance Today, London: Macmillan. com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-02-05 The Failure of Economic Planning Peter Kriesler and G.
Com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-02-05 26 Peter Kriesler and G. C. Harcourt 27 Dixon, R. (1988) Production, Distribution and Value: A Marxian Approach, Brighton, Sussex: Wheatsheaf Books Dobb, M. H. (1955), On Economic Theory and Socialism, London: Routledge and Keegan Paul. Dobb, M. H. (1967) Capitalism, Development and Planning, London: Routledge & Kegan Paul. Domar, E. D. (1957) ‘A Soviet model of growth’ in his Essays in the Theory of Economic Growth, New York: Oxford University Press.
He focused on the long-term nature of the model so that the costs imposed on the economy in terms of reduced consumption were not dealt with. The trade-off between higher growth rates and reduced short-term consumption imposed a burden on policy makers, which, according to Kalecki, gave an incentive to be overly optimistic in planning forecasts, as a way of minimizing this problem. In particular, the role of short-term factors such as bottlenecks in particular sectors, as well as limited natural resources and long construction times, provided important limitations to the potential growth rate of the economy as a whole.