Michał Kalecki (22nd June 1899-18 April 1970) was one of the greatest Polish economist. He specialised in macroeconomics. (Redirected from 22nd June) June 22 is the 173rd day of the year (174th in leap years) in the Gregorian Calendar, with 192 days remaining. ... 1899 was a common year starting on Sunday (see link for calendar). ... April 18 is the 108th day of the year in the Gregorian calendar (109th in leap years). ... 1970 was a common year starting on Thursday. ... The word economy can refer to any of several things: The economy of the world — see world economy The economy of a country — see economics and economic system Economy is financial soundness or affordability. ... Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ...

Kalecki's works from 1933 to 1935 introduced many principles stated in John Maynard Keynes's The General Theory of Employment, Interest and Money. However, as they were published in Polish language (few of them in French as well), they were thus unknown and unrecognised by the wider world. Kalecki's claim of precendence to Keynes, published in his 1936 article was again forgotten as the article was untranslated to English. 1933 was a common year starting on Sunday (link will take you to calendar). ... 1935 was a common year starting on Tuesday (link will take you to calendar). ... John Maynard Keynes John Maynard Keynes, 1st Baron Keynes of Tilton (pronounced Kaynes) (June 5, 1883 – April 21, 1946) was an English economist, whose radical ideas had a major impact on modern economic and political theory as well as Franklin D. Roosevelts New Deal. ... The General Theory of Employment Interest and Money is generally considered to be the masterwork of the English economist John Maynard Keynes. ... Polish (polski, język polski, polszczyzna) is the official language of Poland. ...

Only his later works were published in English, but the previous 2-3 years delay have cost him much fame, which fall to wider read English publications of John Maynard Keynes. Eventually, Kalecki's theories on business cycles (1935, 1937, 1939, 1943, 1954), did gain him some fame for their advancement of the use of mathematical dynamics in economics. His work also incorporated several Classical and Marxian concepts, relying extensively on the theories of "class conflict", income distribution and imperfect competition - items which would in time inspire the Cambridge Keynesians - particularly Joan Violet Robinson, Nicholas Kaldor and Richard M. Goodwin - as well as modern Post-Keynesian economics. An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ... Class conflict is both the friction that accompanies social relationships between members or groups of different social classes and the underlying tensions or antagonisms which exist in society. ... The Lorenz curve was developed by Max O. Lorenz in 1905 as a graphical representation of income distribution. ... In economic theory, imperfect competition, is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied. ... Nicholas Kaldor (Budapest, 1908 - Papworth Everard, Cambridgeshire, 1986) was the foremost Cambridge economist in the post-war period. ... Post-Keynesian economics is a school of thought which is based on the ideas of John Maynard Keynes. ...

In his study of Marxian-type unemplyment and Business cycle he blamed government inefficiency for unemplyment. The Great Depression, shown here in Dorothea Langes Migrant Mother, caused a massive surge of cyclical unemployment Economists distinguish between five major kinds of unemployment, i. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ...

In Cost-of-production theory of value, he distinguished between sectors with "cost-determined prices" (such as manufacturing and services) and those with "demand-determined prices" (such as agriculture and raw material extraction). In economics, the cost-of-production theory of value is the belief that the value of an object is decided by the resources that went into making it. ...

Publications

1. "Mr Keynes's Predictions", 1932, Przeglad Socjialistyczny.
2. An Essay on the Theory of the Business Cycle, 1933.
3. "Essai d'une theorie du mouvement cyclique des affaires", 1935, Revue d'economie politique.
4. "A Macrodynamic Theory of Business Cycles", 1935, Econometrica.
5. "The Mechanism of Business Upswing", 1935, Polska Gospodarcza.
6. "Some Remarks on Keynes's Theory", 1936, Ekonomista.
7. "A Theory of the Business Cycle", 1937, RES.
8. "A Theory of Commodity, Income and Capital Taxation", 1937, EJ.
9. "The Principle of Increasing Risk", 1937, Economica.
10. "The Determinants of Distribution of the National Income", 1938, Econometrica.
11. Essays in the Theory of Economic Fluctuations, 1939.
12. "A Theory of Profits", 1942, EJ.
13. Studies in Economic Dynamics, 1943.
14. "Political Aspects of Full Employment", 1943, Political Quarterly.
15. "Professor Pigou on the Classical Stationary State", 1944, EJ.
16. "Three Ways to Full Employment", 1944 in Economics of Full Employment.
17. "A Note on Long Run Unemployment", 1950, RES.
18. Theory of Economic Dynamics: An essay on cyclical and long- run changes in capitalist economy, 1954.
19. "Observations on the Theory of Growth", 1962, EJ.
20. Studies in the Theory of Business Cycles, 1933-1939, 1966.
21. "The Problem of Effective Demand with Tugan-Baranovski and Rosa Luxemburg", 1967, Ekonomista.
22. "The Marxian Equations of Reproduction and Modern Economics", 1968, Social Science Information.
23. "Trend and the Business Cycle", 1968, EJ.
24. "Class Struggle and the Distribution of National Income", 1971, Kyklos.
25. Selected Essays on the Dynamics of the Capitalist Economy, 1933-1970, 1971.
26. Selected Essays on the Economic Growth of the Socialist and the Mixed Economy, 1972.
27. The Last Phase in the Transformation of Capitalism, 1972.
28. Essays on Developing Economies, 1976.

See also

• Neo-Ricardianism

External links

• Biography
• Kalecki Distribution Cycle
• Peter Kriesler's Keynes, Kalecki and the General Theory"
• Peter Kriesler's "Microfoundations: A Kaleckian perspective"
• Malcolm Sawyer's "The Kaleckian Analysis and the New Mellium"
• Review (by Gary Dymski) of Sebastiani's book, Kalecki and Unemployment Equilibrium in JEL