Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301870 
Year of Publication: 
2024
Series/Report no.: 
ZÖSS Discussion Paper No. 110
Publisher: 
Universität Hamburg, Zentrum für Ökonomische und Soziologische Studien (ZÖSS), Hamburg
Abstract: 
Mainstream Macroeconomics has withdrawn completely from its remote origins in Keynes and Kalecki, replacing the principle of effective demand (P.E.D.) with supply economics, investment with savings, and dynamics with equilibrium as a norm This article discusses, in the event of Kalecki's centenary, the importance of his contribution for the reconstruction of a macroeconomic theory capable of (i) explaining, through P.E.D., the basic causal relations amongst economic variables without any reference to equilibrium; (ii) thus invalidating the false relevant role ascribed to savings; and (iii) bringing macrodynamics back to the core of the analysis of the capitalist economy.
Subjects: 
Macroeconomic dynamics
Kalecki
Effective demand
Investment and savings
Document Type: 
Working Paper

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