Michal Kalecki

Michal Kalecki was a Polish economist known for his insights into how economies grow and how income distribution affects economic stability. He emphasized the role of investment, profits, and government policies in driving economic activity, arguing that business cycles and unemployment are influenced by the decisions of investors and policymakers. Kalecki also highlighted the importance of effective demand—the total spending in an economy—in determining output and employment. His work bridges classical and Keynesian economics, offering a nuanced view of capitalism that considers power dynamics and income distribution as central to understanding economic fluctuations.