Abstract
It has been claimed that before the publication of the General Theory (Keynes, 1936) Kalecki ‘was concerned with investment cycles and not unemployment equilibrium’ (Patinkin, 1982, p. 85), and that his explicit recognition and use of the short-period equilibrium concept was only after his exposure to Cambridge, i.e. only in Kalecki’s review of the General Theory and in his 1937 theory of the business cycle (Asimakopulos, 1986; Kalecki, 1936, 1937). In fact, already in 1934 Kalecki not only made the concept of short-period equilibrium central to his argument, but, moreover, he introduced there a notion of ‘quasi-equilibrium’ which is strikingly similar to Keynes’s ‘unemployment equilibrium’ concept (Kalecki, 1934a).
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References
Asimakopulos, A. (1986) ‘Patinkin on Kalecki and Keynes on the Principle of Effective Demand: A Comment, contribution to the conference ‘Kalecki’s Relevance Today’, held in Perugia, Italy, 22–24 April 1986, mimeo.
Kalecki, M. (1933) Essay on Business Cycle Theory (in Polish), as in M. Kalecki, Dzieła, vol. 1, PWE, Warszawa 1979.
Kalecki, M. (1934a) ‘Three Systems’ (in Polish), as in M. Kalecki, Dzieia, vol. 1.
Kalecki, M. (1934b) ‘Rejoinder’ (in Polish), as in M. Kalecki, Dzieia, vol. 1.
Kalecki, M. (1936) ‘Some Remarks on Keynes’s Theory’, English translation in Australian Economic Papers, vol. 21, no. 39.
Kalecki, M. (1937) ‘A Theory of the Business Cycle’, The Review of Economic Studies, vol. 4, no. 2.
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Keynes, J. M. (1936) The General Theory of Employment, Interest and Money, as in The Collected Writings of John Maynard Keynes, vol. VII (London: Macmillan).
Osiatynski, J. (1985) ‘Don Patinkin on Kalecki and Keynes’, Oeconomica Polona, no. 1.
Patinkin, D. (1982) Anticipations of the General Theory? And Other Essays on Keynes (University of Chicago Press).
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© 1992 Mario Sebastiani
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Osiatyński, J. (1992). A Note on Kalecki’s and Keynes’s Unemployment Equilibrium. In: Sebastiani, M. (eds) The Notion of Equilibrium in the Keynesian Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22086-1_15
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DOI: https://doi.org/10.1007/978-1-349-22086-1_15
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