An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics

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Michael Kalecki (1899-1970) was one of the most important economists of the 20th century. In the 1930s he made a series of fundamental contributions to macroeconomic theory which anticipated, complemented, and in some ways surpassed those of Keynes. Almost entirely self-educated in economics, and influenced as much by Marxism as by mainstream theory, Kalecki very largely escaped the fatal embrace of pre-Keynesian orthodoxy, which blunted the thrust of the general theory.