In his Essays in the Theory of Business Cycle published in Polish
in 1933, Kalecki clearly stated the principle of effective demand
in mathematical form. By 1935 he outlined his theory of employment,
demolished the then-orthodox remedy for a depression-that is, wage
cutting-and pinpointed the importance of investment for economic
dynamics. Thus, although his training had been in Marxist
economics, he succeeded in anticipating the Keynesian system, and,
as Joan Robinson has pointed out, his claim to priority of
publication is indisputable although he never mentioned this fact.
General
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