Tuesday, January 15, 2013

Michal Kalecki's 1944 essay on unemployment

seems to making rounds again. The essay "Political Aspects of Full Employment" says among other things: "The reasons for the opposition of the 'industrial leaders' to full employment achieved by government spending may be subdivided into three categories: (i) dislike of government interference in the problem of employment as such; (ii) dislike of the direction of government spending (public investment and subsidizing consumption); (iii) dislike of the social and political changes resulting from the maintenance of full employment.  We shall examine each of these three categories of objections to the government expansion policy in detail."
Earlier, Richard Williamson highlighted another quote from the paper to discuss US unemployment and said "There is little I have ever said or thought about economics that Kalecki hadn’t said or thought better in this short and very readable essay." More recently Aditya Chakraborty has an article in The Guardianm titled "To understand the deepening mess we are in now, it is worth looking to the words of a Polish economist in 1944" 


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