Michal Kalecky ant the theory of effective demand
Abstract
The purpose of this essay is the presentation of a general view of the theory of
the functioning and dynamics of advanced capitalism of Kalecki. After analyzing the general
relationship between effective demand and the levels of economic activity and employment,
the author studies the logic of Kalecki’s cyclical model of growth. Along with the presentation
of Kalecki’s ideas, the author takes issue with some criticisms of the theory of effective
demand.
JEL Classification: E11; B24; O40.
Keywords: Kalecki effective demand economic growth history of economic thought