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Lectures in Macroeconomics - A Capitalist Economy Without Unemployment (Hardcover)
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Lectures in Macroeconomics - A Capitalist Economy Without Unemployment (Hardcover)
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Lectures in Macroeconomics: A Capitalist Economy Without
Unemployment provides a systematic account of the principle of
aggregate demand based on the work of Polish economist Michał
Kalecki, best known as one of the originators of the Keynesian
Revolution in macroeconomics.The lectures demonstrate the
importance of aggregate demand in determining total output and
employment in the capitalist economy. They show how the investment
decisions of firms affect economic growth, arguing that due to the
unstable nature of investment it is important that the government
has a central role in stabilizing the economy. This English
translation of Kazimierz Łaski's final work brings up to date
fundamental concepts to give a picture of the twenty-first
capitalist economy, and the obstacles that must be overcome in
bringing it to full employment. It introduces the role of money and
finance in the contemporary capitalist economy, as well as the
central role of the labour market and wages. The analysis is
illustrated with statistics and discussion around the evolution of
capitalist economies and the rise of economic inequality since the
Second World War, culminating in the 2008 crisis and the economic
deflation affecting Europe since that crisis. Lectures in
Macroeconomics remarks critically upon the neo-classical approach
to economics that has brought about slow economic growth,
unemployment, and inequality.
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