Title: Theory of Economic Dynamics : An Essay on Cyclical and Long-Run Changes in Capitalist Economy
Publisher: Scholar's Bookshelf
Publication Date: 1969
Language: English
ISBN 10: 0678060010
ISBN 13: 9780678060018
Binding: Hardcover
Condition: Good
Weight: 0.911 pounds

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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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