The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Kalecki, Michal (1899–1970)

  • Malcolm Sawyer
Reference work entry


This article gives an outline of the life and work of Michał Kalecki, in particular his contributions on macroeconomics in capitalist economics, including his discoveries of the role of effective demand, the significance of investment, the interplay between profits and investment and the degree of monopoly. His writings on socialism and on development are also outlined.


Agriculture and economic development Budget deficits Business cycles Capitalism Circuitist approach Distribution of income Economic development Economic growth Effective demand Endogenous money Full employment Intermediate regime Investment expenditure Kalecki, M. Keynes, J. M. Limit cycles Market power Market socialism Mixed differential-difference equation Monopoly Oligopoly Perfect competition Planning Political business cycles Post Keynesian economics Principle of increasing risk Profit Rate of interest Robinson, J. V. Socialism State capitalism Unemployment Wage determination Workers’ councils 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Malcolm Sawyer
    • 1
  1. 1.