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.
- ISBN10 0678060010
- ISBN13 9780678060018
- Publish Date January 1978 (first published September 1965)
- Publish Status Out of Print
- Out of Print 5 February 2002
- Publish Country GB
- Imprint A. M. Kelley
- Edition New edition
- Format Hardcover
- Pages 178
- Language English