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Keynes versus Kalecki: Responses to Lopez and Kriesler

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  • Paul Davidson

Abstract

López and Kriesler have argued that Kalecki not only discovered the principle of effective demand independently of Keynes, but in Kalecki’s theory of price, distribution, investment, and money andfinance is superior to Keynes’s General Theory. These claims of superiority may hold against Old (neoclassical synthesis) and New Keynesian macrotheories. This paper explicates why Keynes, however, is clearly superior not only to Kalecki, but also to Old and New Keynesian analysis. The advantages of Keynes’s General Theory analysis of price and distribution, investment, and money and finance are explained.

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  • Paul Davidson, 2002. "Keynes versus Kalecki: Responses to Lopez and Kriesler," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(4), pages 631-641, July.
    • Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:631-641
    DOI: 10.1080/01603477.2002.11490348
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    Cited by:

    1. A Heise, 2020. "Wage-led and profit-led regime research – promising scientific research programme or scientific cul-de-sac?," Economic Issues Journal Articles, Economic Issues, vol. 25(2), pages 31-49, September.
    2. Claudio Sardoni, 2011. "Unemployment, Recession and Effective Demand," Books, Edward Elgar Publishing, number 13837.
    3. J E King, 2006. "Imperfectionism in Macroeconomics: New Light on an Old Controversy," Economic Issues Journal Articles, Economic Issues, vol. 11(2), pages 39-50, September.

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