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Kalecki's contribution to the emergence of endogenous cycle theories: an interpretation of his 1939 «Essays»

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  • Michael Assous

    (University of Cergy-Pontoise and University of Paris I and Paris X Thema-Phare)

Abstract

The aim of this paper is to focus on Kalecki’s contribution to the emergence of endogenous business cycle theories, of which Kaldor (in Kaldor 1960, pp. 177-192) is the first. More precisely, I want to demonstrate that this new type of theory is the result of a two-step process of which Kalecki’s 1939 Essays (in Kalecki 1990, pp. 223- 318) form the first one and Kaldor’s model the second one. From this study, it appears that Kalecki’s contribution is altogether puzzling. Indeed, after his 1933 unsuccessful attempt to explain the business cycle endogenously, Kalecki changed the course of his research and adopted Frisch’s cycle explanation. As his work was reaching its highest point, he put together the essential elements Kaldor would use to construct the first endogenous business cycle theory. In order to develop this idea I shall proceed in three points. First I shall deal with the origin of Kalecki’s Essays. Then, after showing how Kalecki introduced a non-linear function to his system I will discuss the degree of endogeneity of his business cycle theory. Finally, I will study how Kaldor, in reference to Kalecki’s system achieved his aim: building an endogenous cycle theory.

Suggested Citation

  • Michael Assous, 2003. "Kalecki's contribution to the emergence of endogenous cycle theories: an interpretation of his 1939 «Essays»," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 11(1), pages 113-128.
    • Handle: RePEc:hid:journl:v:11:y:2003:1:6:p:113-128
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