The Kalecki Revolution, or Kalecki's Copernican Revolution: The Foundation for the Principle of Effective Demand

DOI

Bibliographic Information

Other Title
  • 「カレツキ的転回」（カレツキの「コペルニクス的転回」）：有効需要の原理

Abstract

<p>  The aim of the present paper is to demonstrate the establishment of the Kalecki Revolution (die Kaleckianische Wende), or Kalecki's Copernican Revolution in Kalecki (1933b), which shows that investments determine savings. This is an about face from his first theoretical study, Kalecki (1929b), which illustrates that investments are determined by savings. In the Kalecki Revolution, savings are equalized by investments in relation to income. This argument is perfectly different from that of the 'Classical' economics, in which Say's law functions and investments are equalized by savings in relation to interest rates. In this sense, the Kalecki Revolution in Kalecki (1933b), apart from Kalecki (1929b), provides the foundation for the principle of effective demand for the birth of macroeconomics, which is significant for the history of economic theory. </p>

Journal

  • MACRO REVIEW

    MACRO REVIEW 32 (1), 20-39, 2020

    JAPAN MACRO-ENGINEERS SOCIETY

Keywords

Details 詳細情報について

  • CRID
    1390003825203598976
  • NII Article ID
    130007883935
  • DOI
    10.11286/jmr.32.20
  • ISSN
    18842496
    09150560
  • Text Lang
    ja
  • Data Source
    • JaLC
    • CiNii Articles
  • Abstract License Flag
    Disallowed

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