[C]apitalist savings 'lead' profits. This result may appear… - Michał Kalecki

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[C]apitalist savings 'lead' profits. This result may appear paradoxical. 'Common sense' would suggest the opposite sequence—namely, that savings are determined by profits. This, how ever is not the case.

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

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.

Thus, even with relatively heavy damping such shocks generate fairly regular cycles.
The result is of considerable importance.

We have found that the degree of monopoly is likely to increase somewhat during depressions.

[C]apitalist savings 'lead' profits. This result may appear paradoxical. 'Common sense' would suggest the opposite sequence—namely, that savings are … - Michał Kalecki

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