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Macroeconomic Paradoxes with Kalecki and Kaleckians

In: Economic Crisis and Political Economy

Author

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  • Marc Lavoie

    (University of Ottawa)

Abstract

Post-Keynesian economics is known for the several paradoxes that it uncovers by taking macroeconomics as something else than some aggre- gated model with micro-foundations. Among these paradoxes is Michal Kalecki’s paradox, which we can define as the claim that higher govern- ment deficits generate larger profits for the capitalists. Kalecki’s paradox can be derived straight from the national accounts, with a couple of simple behavioural assumptions.

Suggested Citation

  • Marc Lavoie, 2014. "Macroeconomic Paradoxes with Kalecki and Kaleckians," Palgrave Studies in the History of Economic Thought, in: Riccardo Bellofiore & Ewa Karwowski & Jan Toporowski (ed.), Economic Crisis and Political Economy, chapter 13, pages 198-211, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-33575-3_14
    DOI: 10.1057/9781137335753_14
    as

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