Full text: A Portrait-Sketch of Michal Kalecki

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. 
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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