Concerning Kalecki, it should be noted that he had a great influence on the young Paul Sweezy. Kalecki's Marxist/Keynesian way of analyzing modern capitalism is basically, in modified form, the approach that was adopted by the the Monthly Review school.
BTW Kalecki back, when he was a little known economist in Poland, had arrived independently at an economic analysis that was very similar to Keynes's. His papers, at that time, drew little attention because they were published in Polish economic journals, in Polish. Nevertheless, word reached Keynes about Kalecki, so Keynes invited him to Cambridge, giving him the opportunity to become well known in the anglophone world.
Jim Farmelant http://independent.academia.edu/JimFarmelant
---------- Original Message ---------- From: Doug Henwood <dhenwood at panix.com> To: lbo-talk at lbo-talk.org Subject: Re: [lbo-talk] Michal Kalecki Date: Wed, 31 Mar 2010 21:36:30 -0400
On Mar 31, 2010, at 9:28 PM, Mike Beggs wrote:
> In the end full employment turned out to be _economically_ impossible
> and not only politically distasteful for capital.
But the contradiction appears less sharp if you have a political theory of inflation - a stalemate in the class struggle, in which neither side gets the upper hand. Driving the unemployment rate up over 10% in the U.S. certainly made it clear who was on top, and inflation fell dramatically.
Doug ___________________________________ http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
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