There Are Major Differences between Kalecki’s Theory of Employment and Keynes’s General Theory of Employment Interest and Money
Author(s)
Davidson, Paul
Abstract
This paper demonstrates that the claims that Michal Kalecki independently discovered Keynes’s General Theory of Employment, Interest and Money are not correct. This paper is not merely an exercise in the history of economic thought. Instead it demonstrates that an understanding of the differences in Kalecki’s and Keynes’s underlying analysis of the principle of effective demand is essential to comprehending how recent financial market events such as the East Asian currency crisis and Russian debt default affect unemployment in the global economy.
