It is indeed paradoxical that, while the apologists of capi… - Michał Kalecki

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It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteristic feature of the socialist economy.

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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Additional quotes by Michał Kalecki

The most important prerequisite for becoming an entrepreneur is the ownership of capital.

It should first be stated that a joint-stock company is not a 'brotherhood of shareholders' but is managed by a controlling group of big shareholders while the rest of the shareholders do not differ from holders of bonds with a flexible rate of interest.

Generally speaking, changes in the prices of finished goods are "cost determined" while changes in the prices of raw materials inclusive of primary foodstuffs are "demand determined".

It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist … - Michał Kalecki

About Michał Kalecki

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