Michał Kalecki in the 21st Century

282 Pages·2014·4.627 MB·English

by  Jan Toporowski and Lukasz Mamica (Eds.)

Micha Kalecki in the 21st Century
ukasz Mamica; Jan Toporowski
ISBN: 9781137428288
DOI: 10.1057/9781137428288
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Michał Kalecki in the
21st Century
Jan Toporowski
Łukasz Mamica
Michał Kalecki in the 21st Century
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Palgrave Studies in the History of Economic Thought Series
Palgrave Studies in the History of Economic Thought publishes contributions by
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Jan Toporowski and Łukasz Mamica (e ditors ) ect -
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MICHAL KALECKI IN THE 21ST CENTURY on
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Tadeusz Kowalik av
ROSA LUXEMBURG THEORY OF ACCUMULATION AND IMPERIALISM algr
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Riccardo Bellofiore, Ewa Karwowski and Jan Toporowski ( editors ) y -
ECONOMIC CRISIS AND POLITICAL ECONOMY brar
Volume 2 of Essays in Honour of Tadeusz Kowalik al Li
Riccardo Bellofiore, Ewa Karwowski and Jan Toporowski ( editors ) ent
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THE LEGACY OF ROSA LUXEMBURG, OSKAR LANGE AND MICHAŁ KALECKI n
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Volume 1 of Essays in Honour of Tadeusz Kowalik ma
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Timothy Shenk Wal
MAURICE DOBB: Political Economist y -
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Jan Toporowski er
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MICHAŁ KALECKI: AN INTELLECTUAL BIOGRAPHY Uni
Volume 1 Rondezvous in Cambridge 1899–1939 ork
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ESSAYS ON KEYNESIAN AND KALDORIAN ECONOMICS n
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Michał Kalecki in the
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Jan Toporowski e
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School of Oriental and African Studies, University of London, UK Co
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Łukasz Mamica algr
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Cracow University of Economics, Poland y -
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Introduction, selection and editorial matter © Jan Toporowski and
Łukasz Mamica 2015
Individual chapters © Contributors, 2015
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First published 2015 by br
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Contents
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List of Figures v ii 5-
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Notes on Contributors x Co
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Introduction 1 y - P
Łukasz Mamica and Jan Toporowski ar
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Part I Kalecki and Macroeconomics nt
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1 The Failure of Economic Planning: The Role of the n
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Fel’dman Model and Kalecki’s Critique 9 d
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Peter Kriesler and G. C. Harcourt y -
2 Are Rigid Prices the Cause of Unemployment? 2 9 ersit
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Jerzy Osiatyński Uni
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3 Kalecki and Post-Keynesian Economics 5 1 Yor
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Marc Lavoie Ne
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4 Effective Demand and Path Dependence in Short- and ed t
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Long-Run Growth 68 e
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Amit Bhaduri m - li
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5 Kaleckian Traverse, Socialist Planning and Hayekian ct.
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Objections 80 n
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Roni Demirbag and Joseph Halevi ve
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6 The Impact of Innovations on Investments and al
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Economic Growth in the Thought of Kalecki 99 w
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Łukasz Mamica m
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7 ‘Dr Kalecki’ on Mr Keynes 108 erial fr
Hanna Szymborska and Jan Toporowski at
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Part II Kalecki and Crisis in the 21st Century yri
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8 Michał Kalecki’s Capitalist Dynamics from Today’s
Perspective 119
D. Mario Nuti
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vi Contents
9 K alecki’s Profits Equation after 80 years 1 31
Kazimierz Łaski and Herbert Walther
10 K alecki and Kowalik on the Dilemma of ‘Crucial Reform’
in the United States and Poland 1 57
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G ary A. Dymski 2-
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11 A Kaleckian Perspective on Changes in the Aggregate 20
Income Distribution in the US 1 82 ect -
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T racy Mott and Mark Evers on
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12 A ddressing the ‘Great Recession’ Using Kalecki’s gra
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Macroeconomic Analysis 1 98 P
Malcolm Sawyer ary -
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13 E conomic Policies for Exit from Crisis, in a al
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Post-Kaleckian Model 2 12 e
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E dwin Le Heron nn
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14 F irm Heterogeneity, Finance and Development: al
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A Kaleckian Perspective 2 39 y -
J ago Penrose ersit
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15 T he Kalecki-Steindl Theory of Financial Fragility 2 52 k
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J an Toporowski w Y
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Index 265 d t
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List of Figures
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1.1 Growth rate of net output as a function of the degree 5-
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1.2 o Tfh ien cdhuositcriea olifz ateticohnn ique in China 1 240 ect - 2
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7.1 Determination of short-run equilibrium in Kalecki’s Co
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interpretation 1 10 av
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7.2 Impact of an increase in capitalist expenditure on the al
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short-run equilibrium in Kalecki’s interpretation 111 y -
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9.1 Lowering the wage share 138 br
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9.2 The Kaleckian cross 139 al
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9.3 US sectoral financial balances 147 De
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9.4 The uses of gross corporate profits 151 an
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9.5 Increasing income inequality in the US 152 d
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10.1 Annual US unemployment rates in post-1980 y -
expansions, trough to peak (truncated at 6 years) 169 sit
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10.2 Annual US long-term unemployment rates in post-1980 niv
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expansions, trough to peak (truncated at 6 years) 170 k
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10.3 Annual percentage changes in components of US w Y
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GDP growth, 1992–2010 171 o N
10.4 Annual Polish unemployment rates in post-1990 d t
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expansions, trough to peak 176 en
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10.5 Annual Polish labour-force participation rates in m - li
post-1990 expansions, trough to peak 176 co
10.6 Annual Polish youth unemployment rates in ect.
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post-1990 expansions, trough to peak 177 co
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1 0.7 Annual Polish long-term unemployment rates in av
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post-1990 expansions, trough to peak 177 al
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10.8 Annual percentage changes in components of Polish w
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GDP growth, 1992–2010 178 m
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11.1 Degree of unionization 188 al fr
11.2 NIPA mark-up 1 92 eri
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11.3 BLS mark-up 1 92 ht
11.4 BLS and mixed mark-up comparison 193 yrig
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11.5 Real corporate dividends 195 o
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13.1 Inflation curve 226
13.2 Inflation and state of confidence of firms and banks in
France effects on the economic growth 227
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viii List of Figures
13.3 Three hypotheses for fiscal policy 229
13.4 Better income distribution effects on economic
growth 2 30
13.5 Lower wages effects on economic growth 231
15.1 Household saving & firms’ retained profits in industrial 05
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capitalism 2 56 5-0
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15.2 Household saving & firms’ retained profits in 20
financialized capitalism 262 ect -
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