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Lectures in Macroeconomics: A Capitalist Economy Without Unemployment provides a systematic account of the principle of aggregate demand based on the work of Polish economist Michał Kalecki, best known as one of the originators of the Keynesian Revolution in macroeconomics.The lectures demonstrate the importance of aggregate demand in determining total output and employment in the capitalist economy. They show how the investment decisions of firms affect economic growth, arguing that due to the unstable nature of investment it is important that the government has a central role in stabilizing the economy. This English translation of Kazimierz Łaski's final work brings up to date fundamental concepts to give a picture of the twenty-first capitalist economy, and the obstacles that must be overcome in bringing it to full employment. It introduces the role of money and finance in the contemporary capitalist economy, as well as the central role of the labour market and wages. The analysis is illustrated with statistics and discussion around the evolution of capitalist economies and the rise of economic inequality since the Second World War, culminating in the 2008 crisis and the economic deflation affecting Europe since that crisis. Lectures in Macroeconomics remarks critically upon the neo-classical approach to economics that has brought about slow economic growth, unemployment, and inequality.
This work investigates the mechanisms of aggregate demand and the potential for achieving full employment within a capitalist framework. Kazimierz Łaski, a prominent economist, synthesizes the theories of Michał Kalecki to challenge contemporary neo-classical economic orthodoxy. By examining the instability of private investment and the necessity of state intervention, the author constructs a framework for understanding modern economic growth, inequality, and the structural causes of unemployment.
What You Will Find
Scope Limits
Experts recognize this text as a significant contribution to post-Keynesian literature and a vital resource for understanding the work of Michał Kalecki. Readers frequently note the academic density of the prose, which is best suited for students and professionals familiar with macroeconomic principles.
Page Count:
228
Publication Date:
2019-01-01
Publisher:
OUP Oxford
ISBN-10:
0192579401
ISBN-13:
9780192579409
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