(IN)-STABILITY IN KALECKI’S EARLY MACROECONOMICS

Michaël Assous · Amitava Krishna Dutt · Paul Fourchard · Antonin Pottier

10 citations0/0 files storedJournal of the History of Economic Thought

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Economic Theory and Policy Political Economy and Marxism Economic Theory and Institutions

Abstract

It is now almost eighty years since Michal Kalecki published his formal mathematical model of the business cycle. In this paper, we want to examine the vision embedded in that early model and the writings he published at around the same time. Sections II and III center on Kalecki’s approach to local and global (in)-stability, and section IV suggests a simplified model designed to pinpoint key aspects of Kalecki’s thinking related to the issue of endogenous cycles, ‘class struggle,’ and growth.

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References

1936The General Theory of Employment, Interest and Money.1954History of Economic Analysis, by Joseph A. Schumpeter, Elizabeth Boody Schumpeter 1940A Model of the Trade Cycle 2011The Crises of Democratic Capitalism 1955History of Economic Analysis.1971The Existence and Persistence of Cycles in a Non-linear Model: Kaldor's 1940 Model Re-examined 1990Collected works of Michał Kalecki 1939Essays in the Theory of Economic Fluctuations.

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