BTW most of the text of Kalecki's famous 1943 paper, "Political Aspects of Full Employment" can be found online here.
I suspect that DeLong has not read it, or if he has, that must have been quite a long time ago. As has already been pointed out, Kalecki argued that business interests will resist full-employment policies even when it's manifestly clear that such policies will boost profits because business fears the loss of social status and political power even more than it fears the loss of profits. Hence, the formation of political alliances between business which fears the loss of social status and power and rentiers, whose incomes would be directly threatened by full-employment policies.
Jim F.
---------- Original Message ---------- From: Doug Henwood <dhenwood at panix.com> To: lbo-talk at lbo-talk.org Subject: Re: [lbo-talk] DeLong repents Date: Thu, 5 Nov 2009 20:46:58 -0500
On Nov 5, 2009, at 7:34 PM, Mike Beggs wrote:
> I don't think DeLong knows much about Kalecki.
Nope. He doesn't know much about Marx, either - but that's never stopped him.
Doug ___________________________________ http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
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