Full text: A Portrait-Sketch of Michal Kalecki

already in 1956). Kalecki warned me of mathematics and the 
computer as means of covering up emptiness. Kalecki's analysis 
of 1933 was further developed in 1939, 1943, 1954 and 1968. 
No less important than his economic theory was a brief 
sociological paper on what he called the "political business 
cycle" (1943). Anticipating the stop-go cycles of post 
war Britain it showed that the difficulties of maintaining full 
employment lay wholly in the political field, in the opposition 
of interests it created, connected not the least with the 
strengthening of the material and political position of the 
workers by lasting full employment. The paper shows a side of 
Kalecki's talent which has found little expression in writing 
and in print. We are worse off for it! 
Beside the theoretical analysis extends the wide field of 
economic policy in which he was continuously engaged. He 
combined a keen sense of political realities with great in 
ventiveness. His general rationing scheme for war-time Britain, 
although it was not adopted a such, found expression in the use 
of comprehensive rationing as an instrument of war finance. For 
the post-war time he developed a policy of full employment with 
appropriate fiscal and taxation policies. For the Keynes plan 
of an international currency union he substituted, together 
with E.F.Schuhmacher, a more ambitious plan in which credits to 
development countries were linked to spending in industrial 
countries with structural payments deficit.

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