Polish economist Michał Kalecki argued that capitalists would always resist full employment because it increases the confidence and bargaining power of workers. He was right — so right that even the Fed has now begun citing his ideas.
Jan Toporowski is professor of economics and finance at SOAS, University of London. His works include Michał Kalecki: An Intellectual Biography.
Polish economist Michal Kalecki is often linked with the “Keynesian revolution,” but Kalecki’s view of capitalism was much more radical than Keynes’s. His ideas are a vital tool for understanding how the system works, and how it might be overcome.
Polish economists like Oskar Lange and Michał Kalecki produced highly creative models of how a socialist system could work, balancing equality and efficiency. But Poland’s Communist government neglected their ideas, sowing the seeds of its eventual demise.