Theory of Economic Dynamics

Theory of Economic Dynamics
Author :
Publisher : NYU Press
Total Pages : 179
Release :
ISBN-10 : 9780853450818
ISBN-13 : 0853450811
Rating : 4/5 (811 Downloads)

Book Synopsis Theory of Economic Dynamics by : Michal Kalecki

Download or read book Theory of Economic Dynamics written by Michal Kalecki and published by NYU Press. This book was released on 2011-03-21 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his Essays in the Theory of Business Cycle published in Polish in 1933, Kalecki clearly stated the principle of effective demand in mathematical form. By 1935 he outlined his theory of employment, demolished the then-orthodox remedy for a depression-that is, wage cutting-and pinpointed the importance of investment for economic dynamics. Thus, although his training had been in Marxist economics, he succeeded in anticipating the Keynesian system, and, as Joan Robinson has pointed out, his claim to priority of publication is indisputable although he never mentioned this fact.


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