ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Relevance of Michal Kalecki Today

Relevance of Michal Kalecki Today Amit Bhaduri Kazimlerz Laski Both the 'paradox of thrift' and the wage cut controversy point to the critically important role that aggregate demand plays in determining the level of economic activity, output and employment. And yet before Kalecki and Keynes, economic theory was devoid of any theoretically precise formulation of how this aggregate level of demand is generated in a market economy.

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