Burma, America, The World, Art, Literature, Political Economy through the eyes of a Permanent Exile. "We must take sides. Neutrality helps the oppressor, never the oppressed. Sometimes we must interfere. . . There is so much injustice and suffering crying out for our attention . . . writers and poets, prisoners in so many lands governed by the left and by the right." Elie Wiesel, Nobel Peace Prize Speech, 1986, Oslo. This entire site copyright Kyi May Kaung unless indicated otherwise.
Sunday, September 14, 2025
I'm reading a biography of Keynes' and this is from Kalecki wiki--with a quote from Joan Robinson.
In Warsaw in 1968-9 I heard of a Ph.D. student of Kalecki (Jewish) who was having trouble with her thesis--Michal Kalecki this wiki says--died in 1970.
Actually,I am looking for a Polish man's name--for fiction--and of course I can't use the names of any famous persons, though I might be able to get away with a surname of one of the magnate families who went extinct.
In Warsaw I was walking around with my sister, who is more extrovert that I, and she said the Polish guy (tutor) with us pointed out the Radziwill Palace to her. Polish winter, very very cold--and we knew very little Polish,so difficult to evesdrop.
well--here's what wiki says:
Revolution of Kalecki and Keynes: 1933–1939
In 1933 Kalecki wrote Próba teorii koniunktury ('An Attempt at the Theory of the Business Cycle'), an essay that brought together many of the issues that dominated his thought for the rest of his life. In the essay Kalecki for the first time developed a comprehensive theory of business cycles. The foundations of his macroeconomic theory of effective demand presented in the paper anticipated similar ideas published three years later by John Maynard Keynes in The General Theory of Employment, Interest and Money.[7] According to Lawrence Klein (1951), Kalecki "created a system that contains everything of importance in the Keynesian system, in addition to other contributions".[7] In an introduction to the essay's 1966 English translation, Joan Robinson wrote: "Its sharp and concentrated statement provides a better introduction to the general theory of employment, interest and money than any that has yet been produced."[7]
Except for a small number of economists (in particular econometricians) familiar with his work, Kalecki's contributions, originally in Polish, failed to gain recognition.[4] In October 1933 he read his essay to the International Econometrics Association in Leiden and in 1935 published it in two major journals: Revue d'Economie Politique and Econometrica.[4] Readers of neither journal were particularly impressed, but the article received favourable comments from such leading economists as Ragnar Frisch and Jan Tinbergen.
In 1936 Kalecki protested the politically motivated actions taken by the Institute of Research against his colleagues, including Landau. Kalecki resigned, and having been granted a Rockefeller Foundation's Traveling Fellowship, proceeded to work abroad.[4]
Trinity College, Cambridge
The scholarship enabled Kalecki to travel with his wife to Sweden, where followers of Knut Wicksell were trying to formalize a theory similar to Kalecki's. In Sweden in 1936 he learnt of the publication of Keynes's General Theory. Kalecki was working on a comprehensive elaboration of the economic ideas he had previously developed, but having found in Keynes's book much of what he was going to say, he interrupted his work and traveled to England.[7] He first visited the London School of Economics and afterward went to Cambridge.[4] Thus began his friendships with Richard Kahn, Joan Robinson and Piero Sraffa, which left an indelible mark on all of them. In 1937 Kalecki met Keynes. The meeting was cool and Keynes kept aloof. Although the conclusions they had reached in their work were very similar, their characters could not have been more different. Kalecki graciously neglected to mention that he had a priority of publication. As Joan Robinson stated:
"Michal Kalecki's claim to priority of publication is indisputable. With proper scholarly dignity (which, however, is unfortunately rather rare among scholars) he never mentioned this fact. And, indeed, except for the authors concerned, it is not particularly interesting to know who first got into print. The interesting thing is that two thinkers, from completely different political and intellectual starting points, should come to the same conclusion. For us in Cambridge it was a great comfort."[8]
Later Kalecki always acknowledged that the "Keynesian Revolution" was an appropriate name for the movement in economics, as he realized the importance of Keynes's established position, the recognition Keynes enjoyed and his decisive role in the promotion and causing eventual acceptance of the ideas that Kalecki pioneered.[7]
In 1939 Kalecki wrote one of his most important works, Essays in the Theory of Economic Fluctuations. Although his conception changed through the years, all the essential elements of Kaleckian economics were already present in this work: in a sense his subsequent publications would consist of mere elaborations on the ideas propounded here.
While Kalecki was generally enthusiastic about the Keynesian Revolution, in his article Political Aspects of Full Employment, which Anatole Kaletsky called one of the most prescient economic papers ever published, he predicted it would not endure.[9] Kalecki believed that the full employment delivered by Keynesian policy would eventually lead to a more assertive working class and weakening of the social position of business leaders, causing the elite to react to the erosion of their political power and force a displacement of that policy, in spite of profits being higher than under a laissez-faire system.[9][10][a]
end quote.
And I saw Nobel Laureate Lawrence Klein coming out of van Pelt library with a stack of books 3 feet high in his arms--he knew I recognized him and had that celebrity look in his eyes, which I think were blue--but actually I am not a fan of econometrics and his Wharton Economic Associates had trouble because some predictions were wrong.
Anyway, --and also Joan Robinson came to Burma, yes indeed, and my late mentor Ronald E.Findlay met her--he had written an article for a famous journal. I used to proof read his work.
Kyi May Kaung.
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