Kalecki (Michal Kalecki)

Michal Kalecki was a Polish economist known for his work on economic theory, especially regarding business cycles and income distribution. He emphasized the role of investments and profitability in driving economic growth and emphasized that full employment could be achieved through government policies, like public spending. Kalecki's ideas challenged classical economics by highlighting how income distribution between workers, capitalists, and the government influences economic stability and growth. His work provides a more dynamic understanding of how economies function, stressing the importance of effective demand and policy interventions in maintaining full employment and economic stability.