KALECKI (Michal).
Introduction to the Theory of Growth in a Socialist Economy.
The Polish economist Michal Kalecki is undoubtedly most famous for discovering ‘many of the basic elements of the Keynesian system three years before Keynes published his General Theory, and he went beyond Keynes in embedding those elements in a model that incorporated the phenomena of imperfect competition’ (Blaug). Less well-known, however, is Kalecki’s studies concerned with the problems of planning in socialist economies in general and the theory of growth in particular. Kalecki’s approach to growth under socialism can be illustrated by reference to the basic relationship in which the growth of output is equal to the impact on productive potential of new investment minus the loss of the production through depreciation plus the change in the utilization of productive capacity. Much of Kalecki’s theoretical work stemmed from this equation for the growth of output, with modifications for foreign trade, limited labour supply and technical progress. The emphasis was on the identification, and then pushing back, of the effective constraints on economic growth’ (New Palgrave).
From the library of the British Marxist economist Ron Bellamy (1917-2009) with his neat ownership inscription to the front free endpaper and pencilled marginal annotations throughout. From July 1945 to August 1946, Bellamy was as a researcher at the Oxford University Institute of Statistics where Kalecki also worked during the war years.
