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(IN)-STABILITY IN KALECKI’S EARLY MACROECONOMICS

Published online by Cambridge University Press:  19 December 2016

Michaël Assous ,
Amitava Dutt ,
Paul Fourchard  and
Antonin Pottier
Michaël Assous
Affiliation:
Université Paris 1, Panthéon-Sorbonne, PHARE
Amitava Dutt
Affiliation:
University of Notre Dame and FLACSO-Ecuador;
Paul Fourchard
Affiliation:
Université Paris 1 Panthéon-Sorbonne, PHARE;
Antonin Pottier
Affiliation:
MINES ParisTech, PSL Research University et l’orthographe de Poincaré.
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Abstract

It is now almost eighty years since Michal Kalecki published his formal mathematical model of the business cycle. In this paper, we want to examine the vision embedded in that early model and the writings he published at around the same time. Sections II and III center on Kalecki’s approach to local and global (in)-stability, and section IV suggests a simplified model designed to pinpoint key aspects of Kalecki’s thinking related to the issue of endogenous cycles, ‘class struggle,’ and growth.

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Type
Articles
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Journal of the History of Economic Thought , Volume 39 , Special Issue 1: Special Issue: Business Cycles and Economic Growth , March 2017 , pp. 69 - 87
Copyright
Copyright © The History of Economics Society 2016 

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