Michal Kalecki in the 21st Century

The 21st century has brought up a number of problems of economic depression, mass unemployment and debt, which have engaged the outstanding Polish economist of the 20th century Michal Kalecki.
In this volume leading experts on Kalecki from around the world have contributed special essays looking at what economists in the 21st century have to learn from the theories of Kalecki and how they relate to the issues raised by John Maynard Keynes. Authors include surviving students of Kalecki, such as Amit Bhaduri, Mario Nuti, Kazimierz Laski and the editor of Kalecki's Collected Works Jerzy Osiatynski, and leading Post-Keynesian economists such as Joseph Halevi, G.C. Harcourt, Marc Lavoie, Edwin Le Heron and Malcolm Sawyer.
Their studies bring together 20th-century economic theory and 21st-century economic problems. It is essential reading for scholars, researchers and students interested in economic history and theory, and would be beneficial to current policy-makers.

Jan Toporowski studied economics at Birkbeck College, University of London, UK, and at the University of Birmingham, UK. He has worked in banking and finance. Since 2004, he has been teaching at the School of Oriental and African Studies, University of London, UK. His most recent book is Michal Kalecki, An Intellectual Biography, Volume 1 Rendezvous in Cambridge 1899-1939 (Palgrave, 2013).

Lukasz Mamica is an Assistant Professor at Cracow University of Economics in Department of Public Economy and Administration, Poland. His research covers fields of innovation and competitive policy. He is co-author of Regional Innovations Strategies. His most recent book is Economic Policy and the Financial Crisis (2014).

Introduction; Lukasz Mamica and Jan Toporowski
PART I: KALECKI AND MACROECONOMICS
1. The Failure of Economic Planning: The Role of the Fel'dman Model and Kalecki's Critique; P. Kriesler and G.C. Harcourt
2. Are Rigid Prices the Cause of Unemployment?; J. Osiatynski
3. Kalecki and Post-Keynesian Economics; M. Lavoie
4. Effective Demand and Path Dependence in Short and Long Run Growth; A. Bhaduri
5. Kaleckian Traverse, Socialist Planning and Hayekian Objections; R. Demirbag and J. Halevi
6. The Impact of Innovations on Investments and Economic Growth in the Thought of Kalecki; L. Mamica
7. 'Dr. Kalecki' and Mr. Keynes; H. Szymborska and J. Toporowski
PART II: KALECKI AND CRISIS IN THE 21ST CENTURY
8. Michal Kalecki's Capitalist Dynamics from Today's Perspective; D.M. Nuti
9. Kalecki's Profit Equation after 80 years; K. Laski and H. Walther
10. Kalecki and Kowalik on the Dilemma of 'Crucial Reform' in the United States and Poland; G.A. Dymski
11. A Kaleckian Perspective on Changes in the Aggregate Income Distribution in the US; T. Mott and M. Evers
12. Addressing the 'Great Recession' Using Kalecki's Macroeconomic Analysis; M.C. Sawyer
13. Economic Policies for Exit From Crisis in a Post-Kaleckian Model; E. Le Heron
14. Firm Heterogeneity, Finance and Development: A Kaleckian Perspective; J. Penrose
15. The Kalecki-Steindl Theory of Financial Fragility; J. Toporowski