Kalecki’s Relevance Today by Mario Sebastiani

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By Mario Sebastiani

Those essays are taken from a convention at the techniques of Michail Kalecki, held at Perugia, Italy in April 1986. the aim of the convention used to be to judge the relevance of his idea with regards to present financial debate and to ascertain its effect on modern proposal. the gathering of papers mirror a large spectrum of evaluations and variety one of the so much appropriate features of Kalecki's paintings; from the connection with different authors to the microfoundations of macroeconomics and to the speculation of source of revenue distribution; from the financial concept to his composite method of the industrial coverage; from the idea of commercial cycles to the long-run dynamics of the capitalist economies to the issues occupied with the socialist making plans.

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Robinson was particularly impressed by Kalecki's integration of price policy with the theory of effective demand, an integration that was already hinted at in Kalecki (1935a). 'It was Michai Kalecki rather than I who brought imperfect competition into touch with the theory of employment' (Robinson, 1969b, p. viii). The explicit integration of micro and macro elements became a feature of Robinson's work. For example, in presenting the determinants of equilibrium for her model of accumulation, she listed 'competitive conditions' and discussed their effects in a way that is dependent on Kalecki's theory of the determination of profits and the role of profit margins in influencing output rather than profits Kalecki and Robinson 21 (Robinson, 1962, p.

336) that Kalecki 'found the same solution' as Keynes and that he should be credited with 'the independent discovery of what is known as Keynes' theory' (Robinson, 1977, p. 187). For one thing, Kalecki's theory lacks the integrated character of Keynes's General Theory (above, pp. 27-28). It fails to integrate value theory with monetary theory and is indeed devoid of the marginal analysis on which the former is based. And 40 Kalecki's Relevance Today though Kalecki's theory adverts to the simultaneous developments in the money market, it does not present a systematic analysis of the latter and accordingly fails to present an integrated analysis of the commodity and money markets.

Vii). She was cautious about making any precise statement as to how the net profit component in the mark-up and the standard rate of output are determined. There is suspicion of what she termed the 'old "full cost" doctrine' because this 'argument was put forward in ideological terms to defend businessmen from the implication that they behave monopolistically' (Robinson, 1980, p. 189). Robinson was more receptive to Kalecki's approach - which certainly did not have this same 'ideological' overtone - but she felt 'that there must be some long-period element in the relation of prices to costs' (Robinson, 1980, p.

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