Kaleckian Macroeconomics: Speculations on Future Developments

Abstract

In this final chapter, we return to the analysis by Kalecki of capitalist economies presented in Chapters 2 and 7 above. Although readers will no doubt form their own judgements, the view underlying this chapter is that Kalecki’s approach provides a coherent foundation for macroeconomic analysis (broadly conceived). The analysis of Kalecki is seen as consistent with a broad range of evidence (as argued in, for example, Sawyer (1982a), Chapter 7). Klein (1964) has noted that the main features of Kalecki’s analysis have found their way into many macroeconometric models, and that point was elaborated on in Chapter 9 (pp. 204-7). This chapter has two major purposes. The first purpose is to discuss those elements of Kalecki’s approach which require, in my view, further work. The second purpose is to outline those aspects of modern capitalist economies which have become important in, say, the past twenty years and which are at most only partially reflected in Kalecki’s analysis.