A Portrait-Sketch of Michal Kalecki

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: A Portrait-Sketch of Michal Kalecki

Author:: Steindl, Josef

Scope:: Typoskript, 10 Seiten

Year of publication:: 1981

Source material date:: [vermutlich um 1981]

Language:: English

Note:: Fassung zur Publikation "A Personal Portrait of Michal Kalecki".

Related work:: Steindl, Josef: A Personal Portrait of Michal Kalecki. In: Journal of Post Keynesian Economics, Vol. 3, No. 4, 1981, S. 590-596

Topic:: Economic history,economic theory,current developments

JEL Classification:: E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian] B31 [History of Economic Thought: Individuals]

Shelfmark:: S/M.73.1

Access:: Free access

5 this purpose (1968). Practically all jewish intellectuals were removed from their jobs and had to emigrate if they did not want to give up their sciehtific aspirations. Kalecki was not touched, but he retired prematurely as a protest. He felt his world was crumbling. The brilliant man who had keenly analysed every turn of history of his time now felt that he could not understand the world any more. It is a measure of the depth of disillusionment and disorientation of our time. Half a year after Kalecki's death (197o) Gomulka was forced out of office by masses of workers going into the streets to demonstrate against insufficient earnings and scarcities of supplies. Kalecki's logic had come back with a vengeance. Achievement What do we owe to him? His main achievement was the theoretical analysis of the capitalist economy. It was by no means a mere double of Keynes' theory. Kalecki's economy (closed like Keynes's) contains two classes, workers and capitalists, and no saving is done by the workers. He then obtains as an analogy to the savings-investment identity the relation: profits equal investment plus capitalist's consumption. The profits are related to the total national income by a linear relation which is determined by the mark-up of firms. This reflects the market power which determines the distribution. The marginal relation

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