In any case of the budget deficit the private sector of the… - Michał Kalecki

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In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes.

Michał Kalecki

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About Michał Kalecki

Michal Kalecki (June 22, 1899, in Łódź – April 18, 1970, in Warsaw) was a Polish Marxist economist who specialized in macroeconomics of a broadly-defined Keynesian sort. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics as well as an economic advisor to governments of Cuba, Israel, Mexico and India.

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It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.

An increase in the number of paupers does not broaden the market.

It should be noticed that the whole approach is in contradiction to generally accepted views.

In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes. - Michał Kalecki

About Michał Kalecki

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