火曜日, 7月 10, 2018

Correspondence between Keynes and Kalecki

Correspondence between Keynes and Kalecki

ミハウ・カレツキ (Michal Kalecki):マクロ経済学の知られざる英雄

宇野とカレツキ 栗田論考

カレツキ展望 鍋島直樹論考



   投 資 の
  |。  。  限 界
  |       。  効 
  |__________。____ 利子率+リスク率
  |          | 。率
  |b         |
  |          |  。
  |p         |
       k0    k

  |             。利子率+リスク率
  | 投資の限界効率    。
  |        。 | 
  |  。  。    |
  |     b    |  
  |     p    |
       k0    k

危険逓増の原理 カレツキ The Principle of Increasing Risk ,Kalecki ,1937


3. Correspondence between Keynes and Kalecki

The Keynes Papers and the Kalecki Papers between them contain
fifteen letters that were exchanged between the two men over the
period 1937-44. Almost all of them (and in particular those reproduced
below) were first published (in Polish translation) in Jerzy Osiatyński's
editorial notes to volume I of Kalecki's Dzieła [Works]. One of these
letters-a most interesting one from December 1944 in which Keynes
expresses his favorable reaction to Kalecki's contribution to the Ox-
ford institute volume Economics of Full Employment (1944)-has now
been reproduced in JMK XXVII, pp. 381-83. I hope that the rest of the
Keynes-Kalecki correspondence will be published in its entirety in future
volumes of Keynes' Collected Writings [see p. xiv above]
 Relying on this hope, I have largely restricted myself in this Appendix to reproducing those letters-or excerpts thereof-which refer to
writings of Kalecki discussed in chap. 3 above. The letters are in their
original English form, and I am greatly indebted to Jerzy Osiatyński,
Austin Robinson, and Mrs. Ada Kalecki for providing me with photo-
copies of them and permitting their reproduction here
 The Kalecki letters are reproduced from the originals which he sent
to Keynes. Most of these contain handwritten notes which Keynes
jotted down in their margins after receipt and which in most cases he
subsequently elaborated upon and incorporated in his replies; these
marginal notes have not been reproduced here. All of Kalecki's
letters-except for the first-are typewritten. Keynes' letters have
been reproduced from the typewritten carbon copies he retained
Words or phrases italicized in the following were so emphasized in the
original correspondence. As before, my explanatory comments appear
in square brackets and in notes.

12. The original is handwritten. This seems to have been the first letter that passed
Dear Mr. Keynes,
between Kalecki and Keynes.


              London, February 4th, 1937(12)
I beg ta send you enclosed my paper The commodity tax, income tax and capital tax in the light of the Keynesian theory(13 and
to ask whether it might be published in the "Economic Journal."
               Yours sincerely,
             [signed] M. Kalecki
P.S. I tried to do my best as concerns the English but the curve of
my "marginal productivity" in this "production" is steeply falling.

              [Cambridge.] February 16th, 1937
Dear Kalecki
 I am happy to accept the enclosed, which I find very interesting,
for the Economic Journal. The English is not bad, and the correc-
tions required mainly affect the order of the words. The argument
would be easier for an English reader to follow if the sentences were
somewhat rearranged into our more habitual order. Could you, do
you think, pass the article on to some English friend to get him to
dictate from it in a more flowing order.
 There is only one small suggestion I have to make in the text. I
think it would be advisable, in the first part, to make quite explicit
your assumption that the consumption of the capitalists is entirely
directed to goods other than wage-goods. It is clear to a careful
reader that you are assuming this, but since the assumption is a very
unrealistic one, it is desirable to make it clearly.
 I have been conscious for some time of the relevance of the theory
you refer to to the choice between income tax and a capital tax, but I
had not myself worked out the conclusions as rigorously as you have
  I return the article herewith for revision. You are too late for the
March Journal and in plenty of time for the June one.
             Yours sincerely
               [copy initialed] JMK

                London, March 20th. 1937
Dear Mr. Keynes,
I beg to send you the revised version of my paper. The style was
corrected by one of my friends according to your kind advice. I also
acted on your suggestion to state explicitly that the capitalists consume 
only goods other than wage-goods in putting the footnote on
page 4. I consider there besides the probable effect of this assumption's not being fulfilled
I enclose the reprint of my paper "A Theory of the Business
Cycle(14 and I should like very much if possible to hear your opinion on it.
                   Yours sincerely,
                   [signed] M. Kalecki

13. Subsequently published under the title "A Theory of Commodity, Income, and
Capital Taxation 1937).
14. The reference is to Kalecki's 1937 Review of Economic Studies paper.

P.S. I use the opportunity to thank you for the reprint of your article
The General Theory of Employment.(15 

                [Cambridge,] March 30, 1937
Dear Kalecki,
 Thank you for the revised version of your article, which I now find
quite clearly written. .. . [Keynes then provides some detailed cr
cisms of Kalecki's article which concludes with the following para
 Now my impression is that your assumption about the consump-
tion of capitalists, whilst technically convenient for the particular
method of exposition you have adopted, is not really required to
establish your main conclusions about the effect of various taxes on
output. It is required, on the other hand, to establish your con-
clusions as to the effect of the taxes on the distribution of real
income between capitalists and workers. The latter, however, is a
matter in which you are only secondarily interested. Will you think
this over? My impression is that your conclusions as to the effect of
taxes on output could be established without such special assump-
tions. I am inclined to think that the very pretty technique which you
use in the section on short-period equilibrium in your article in the
[1937] Review of Economic Studies(16 would serve your purpose.
You ask me whaI think of the above-mentioned article. The first
two sections I like very much. But I am not convinced by the section
on The Inducement to Invest," particularly pages 84 and 85.
 In the second complete paragraph on page 84 you seem to be
assuming not merely that the current rise of prices will have a dis-
proportionate effect on expectations as to future prices, but that
future prices will be expected to rise in exactly the same proportion.
Surely this is an extravagant over-emphasis of the effect of the im
mediate situation on long-term expectations? It appears to me that it
is only if future prices are expected to rise in the same proportion as
present prices that you have established the result that "equilibrium
is not reached and the investment continues to rise."
 In the same way on page 85 you point out that the current increase
of wealth does something to diminish the marginal risk. But to
establish your conclusion you appear to be making some quantia
tive assumption that the effect will be just of the right degree,(17
which appears to be unjustified. I might mention, in passing, that the
risk relating to prospective profit is already allowed for in my for-
mula for the marginal efficiency of capital.
In general, therefore, I do not feel that you have sufficiently
established the conclusion italicized at the bottom of page 85.'*
                Yours sincerely,
                [copy initialed] JMK
a gap between the marginal efficiency of the various assets and the rate of
interest, the investment per unit of time will rise until the increase of the prices
of investment goods caused by this will reduce the marginal efficiency of all
assets to the level of the rate of interest
  There are two things lacking in this conception. First it tells us nothing
about the rate of investment decisions taken by entrepreneurs faced with givern
market prices of investment goods. It indicates only that unless the marginal
efficiencv of all assets calculated on the basis of this level of prices of investment
goods is equal to the rate of interest, a change of investment will take place
which will transform the given situation into a new one, in which the marginal
efficiency of various assets is equal to the rate of interest
  But a new trouble now arises. Let us assume that the rate of investment
has really, say, risen so much that the new level of investment prices and
he initial state of expectations give a marginal efficiency equal to the rate o
interest. The increase of investment, however, will cause not only the prices
of investment goods to rise, but also a rise of prices (or, more precisely, the
upward shift of marginal revenue curves) and employment in all branches of
trade. Thus, because " the facts of the existing situation enter, in a sense
dispsoportionately, into the formation of our long-term expectations," 1 the
state of expectations will improve and the marginal efficiency of assets appear:s
again higher than the rate of interest. Consequently " equilibrium" is not
reached and the investment continues to rise
  We see now that the Keynesian conception, which tells only how great
investment will be if the given " disequilibrium " changes into an "equilibrium
encounters a difficulty in this respect also, for it appears that the rise of
investment does not lead to " equilibrium" at all (in any case, not to
immediate “ equilibrium ,,). I shall further try to give an outline of a different
conception of inducement to invest which endeavours to find factors determining
he amount of investment decisions corresponding to every definite state of
long-term expectations, prices of investment goods, and rate of interest.

  2. We start from the problem of uncertainty, which is also involved in
Keynes' arguments. It can be gathered from his exposition that a certain
amount has to be subtracted from the marginal efficiency of assets (calculated
on the basis of the current prospective returns) to cover risk before comparing
it with the rate of interest. We can express the same point in this manner:
the gap between the marginal efficiency of assets calculated on the basis of the
prospective current returns of these assets, which we shall call the prospective
rate of profit, and the rate of interest, is equal to the risk incurred. But here
we wish to draw attention to a point not considered by Keynes
  The rate of risk of every investment is greater the larger is this investment
If the entrepreneur builds up a factory he incurs a certain risk of unprofitable
business, and these losses, if any, will be more significant for him the greater
. But besides this
in "sacrificing" his reserves (consisting of deposits or securities) or taking
credits, he exhausts his " sources of capital," and if he should need this
proportion the investment considered bears to his wealth

1 General Theory, p. 148」

capital " in the future he may be obliged to borrow at a high rate of interest
because he has overdrawn the amount of credit considered by his creditors as
normal." Thus both these aspects of risk incurred by investment show that
e rate of risk must grow with the amount invested
 Now, I think we have the key to the problem of amount of investment
decisions in a given economic situation in a certain period of time, for instance
in our T-period. This amount is just so much as will equate the marginal risk
to the gap between the prospective rate of profit and the rate of interest, both
being given by the economic situation of the period in question. The greatei
the "gap" the greater is the sum of investment decisions in the period, and
his for two reasons. First the number of people undertaking investment
increases, including the more timid entrepreneurs; and, secondly, each of
them invests more

  3. In all this conception, however, an obscure point still remains. The
entrepreneurs in the T-period considered have taken so many investment
decisions that any additional investment decision does not seem to thenm
sufficiently attractive because of the growing risk. Will there, then, be no
investment decision at all in the next T-period if the gap between the prospec
tive rate of profit and rate of interest remains at the same level as before?
Certainly this is not the case. For the value of the investment in the second
period-as we know from the preceding chapter-corresponds to the invest
ment decisions in the first r-period; further, the saving in the second period
is equal to the investment in the second period; thus the capitalists as a body
save in the second τ-period just the amount which they decided to invest in
the first T-period. To the money-flow of investments there corresponds an
equal money-flow of savings, and if investment decisions of an equal amount
should not be taken, an improvement in the security of wealth and liquidity
for the entrepreneurs would result (who accumulate reserves or repay debts)
at the end of the period; hence, the marginal risk would be less than the gap
between prospective rate of profit and the rate of interest In this way if
the gap remains as supposed on the same level, a steady reinvestment of the
same amount will take place. The flow of investment decisions continuously
imposes the burden of risk on some capitalists, but the equal flow of savings
relieves other capitalists from this burden.
   If the gap between the prospective rate of profit and the rate of interest
increases, the investment decisions in a T-period will be pushed to the point at
which the marginal risk is equal to the increased gap. If this gap does not
change further, reinvestment of the new higher amount will take place in the
following periods.
  Thus we can now say that the rate of investment decisions is an increasing
function of the gaþ between the prospective rate of profit and the rate of interest

1 This can also be deduced as follows. It can be concluded from the above that the burden
of risk is created only by the existence of unrealised investment decisions. Thus this burden
is, caeteris paribus, higher the larger the "stock" of uncompleted orders at the end of a given
T-period, which (see p. 82) is equal to Dt. Or the marginal risk increases with the rate of invest
ment decisions D and, consequently, so must the gap between the prospective rate of profit and
the rate of interest needed to cover the risk.」

15. The reference is to Keynes' contribution to the symposium on his book which
appeared in the February 1937 Quarterly Journal of Economics.
16. The reference is presumably to Kalecki's diagrammatic analysis on p. 78 of the article.
17. This is Keynes' handwritten correction of the word "kind" which was originally
typed here. (I am indebted to Donald Moggridge and Judith Allen for this reading of
Keynes' correction.)

equipment is essential. The objection is often raised that it is wrong to assume
a given capital equipment within a period, because the investment changes
the equipment during this perod. The answer is very simple: this period can
be made so short that the change in the equipment is small enough not to
affect the formation of output and income. For output and income are
quantities measured per unit of time and thus are not dependent on the length
of the period taken into consideration, whilst the change of equipment is
caeteris paribus, proportionate to this length.


 1. Output with a given capital equipment depends on the quantity of
labour employed and on its distribution among the various sections of this
equipment. In every enterprise the employment is pushed to the point at
which marginal revenue is equal to the marginal prime cost
 We shall represent the point of intersection of the marginal revenue and
the marginal prime cost curves as follows. We subtract from both price and
prime costs the cost of raw materials, and thus we obtain so-called value added
and labour costs respectively. We can now say that the output of an enterprise
is given by the intersection of the curves of marginal value added and of mar
ginal labour-cost (see Fig. 1). Marginal value added and marginal labour-cost
are both expressed here in wage units.1 We shall call short-time equilibrium
a state in which the marginal labour-cost curves and marginal value-added
curves do not move. With a given capital equipment the curves of marginal
labour-cost are fixed. The establishment of short-time equilibrium with a given
equipment will thus consist in the shift of marginal value-added curves.
 The area OABC is the value added of the enter
prise expressed in wage-units, the hatched area is
the income of the capitalists obtained from this
enterprise, while the unhatched area is the income
of the workers. Thus the sum of OABC-areas of
all enterprises- is the national income expressed in
wage-units, while the sum of the hatched areas is
the total income of the capitalists, and that of the
unhatched areas the total income of the workers
he national income is also equal to the value of
total consumption and total investment and, as we
have assumed that the workers do not save, the sum
of the unhatched areas covers the value of the consumption of the workers, while the sum of the

1 Keynes defines the wage-unit as follows
in so far as different grades and kinds of
labour and salaried assistance enjoy a more or less fixed relative remuneration, the quantity
of employment can be sufficiently defined for our purpose by taking an hour's employment of
ordinary labour as our unit and weighting an hour's employment of special labour in proportion
to its remuneration; i.e. an hour of special labour remunerated at double ordinary rates will
count as two units. We shall call the unit in which the quantity of employment is measured the
labour-unit; and the money-wage of a labour-unit we shall call the wage-unit." The General
Theory of Employment, Interest and Money, p. 41.」

                 April 4. 1937
Dear Mr. Keynes
 Thank you very much for yours of March 30.... [After discussing
the criticisms Keynes had made in this letter of the article he had
submitted to the Economic Journal, Kalecki turns to Keynes' cri
cisms of his Review of Economic Studies article:]
 May I yet make some remarks on your criticism of my paper in the
"Review"? I think that my statement in the second complete para
graph on page 84 you refer to is independent of how much expecta-
tions improve under the influence of the present rise of prices. I state
in this paragraph only that the increase of prices of investment goods
which equates the marginal efficiency based on the initial state of
expectations to the rate of interest, does not create an "equilib-
rium"; for at the same time expectations improve to some extent
and thus investment increases further. I do not deny that this in
crease may be convergent and then the point A in the Fig. 3 corre
sponding to this "equilibrium" may be reached without increase of
the rate of interest (see the bottom of the page 88); whilst if the
reaction of the entrepreneurs to the present state of affairs" is
strong enough full employment will be reached and then the rise in
the rate of interest would perform the task of stopping "inflation"
and create the "eqilibrium" represented by point A
In any case however, the process of reaching this equilibrium will
be in general spread over many 7 periods. Thus it is interesting to
know what determines the rate of investment decisions during the
process. I sought [sic] of solving this problem by introducing the
principle" of increasing risk and this enabled me to describe the
course of reaching point A (Fig. 6)
  I think however that the reference to increasing risk (or something
like that) is necessary also for adequate explanation of various posi-
tions of "equilibrium" (positions in which the rate of investment has
no tendency to change). For the facts show the prices of new in
vestment goods are relatively rigid. It follows from the statistics of
Mr. Kuznets about gross capital formation that the prices of new
investment goods have fallen in U.S.A. between 1929 and 1932 only
by 15%. Thus it is clear that the gap between prospective rate of
profit and the rate of interest was much lower in the depression than
in the prosperity. But then something besides the prices of invest-
ment goods is required for the formation of equilibrium."

18. This conclusion reads, "the rate of investment decisions is an increasing function
of the gap hetween the prospective rate of profit and the rate of interest.”

 You question also my explanation of why it is the rate of investment decisions which is dependent on the gap between prospective
rate of profit and the rate of interest. If in first τ period all capitalists
have decided to invest, say, £l.000.000.000 the savings of second T
period will be £ too. Thus precisely this amount can be
freely reinvested in the second r period-if the gap between pro-
spective rate of profit is the same as in the first r period-because the
investment of new accumulated capital does not increase the risk
(The existence of pure rentiers creates some complication but does
not affect the argument; if the relation of the net indebtedness of ar
entrepreneur to his wealth is δ and his saving during a given period
s-he can invest without increasing risk the amount s(1 + δ), The
sum of this [sic] amounts is Σ(1 +8) Ss + Σ6s where Ss is the
total saving of entrepreneurs and Σ8s is the total saving of"pure"
rentiers, or the sum of amounts to be invested without increasing
the risk is the total saving S)
I am very sorry for troubling you with this long discussion.
                     Yours sincerely,
                   [signed] M. Kalecki


art lies below OL. In other words, there exists
» a value of investment IA to which corresponds a
value of investment decisions DA equal to 1A, while
for investment lower than 1A we have D>1, and
or investments higher than Ia the opposite, i.e.
D<I. There are, a priori, three possible positions
of the curve ф besides that shown in Fig. 3 (see
Fig. 4). We shall show that they are unrealistic. It
is easy to show that if the curve lies entirely above
OL, or, which is the same, if D is always greater than
I, we shall have an unlimited cumulative upward
process. For if in a certain r-period there corresponds
to investment I a higher amount of investment decisions D, then in the next
7-period the investment will be higher; but because the curve ф lies above
.OL the investment decisions in the second r-period are again higher than the
investment, and so on. In that way the investment would increase auto-
matically without limit. 

FiG. 3
Fig. 4

 This is, however, impossible, for the limited amount of available labour
does not permit investment and income to pass a certain level. What is the
mechanism by which the cumulative process is stopped? In the neighbourhood
of full employment the rise of nominal wages corresponding to every small
increase of investment (measured in wage-units) will be very sharp. It will
cause a rapid rise of nominal income, of demand for money, and thus of the
rate of interest. In that way the latter will soon reach the level at which
investment decisions are equal to investment and thus there will be no tendency
for a further rise of investment. But it all amounts to nothing more than the
demonstration of the feature in question of the function φ. Because of the
rapid rise of the rate of interest with the increased investment in the neighbour-
hood of full employment, the shape of this function must be such that the
curve MAN cuts the straight line OL in a point, which cannot lie above the
investment level corresponding to full employment. But it is clear that it
may lie lower. For the investment in successive r-periods may form a con-
vergent series even without the restraining influence of the rate of interest.」

                 Cambridge,] April 12, 1937
Dear Kalecki
 I have your letter of April 4th. We have now got to the point where
I must distinguish between what I am entitled to say to you as editor,
and my remarks I am moved to make as a private critic. [Keynes
then provides comments under both these headings and then turns to
Kalecki's discussion in his letter of his Review of Economic Studies
 One word about pages 4 and 6 of your letter. On page 419 your
argument seems to me a version of Achilles and the tortoise, and you
are telling me at the bottom of the page that even though Achilles
does catch the tortoise up, it will only be after many periods have
passed by. At the bottom of page 520 I feel that you are making too
much of a discontinuity between your periods. I quite agree, how
ever, that the amount of unexecuted decisions which the entrepre-
neurs are ready, so to speak, to have at risk, is an important element
in holding up the pace of investment and cannot be neglected. It is
only the precision of your conclusion which I was criticising
 Meanwhile I return the article in the hope that you will preface it
with a catalogue of your assumptions. For it is not fair to the reader
that he should be forced to disentangle them for himself and then
wonder whether or not you really are making them.
                 Yours sincerely,
                 [copy initialed] JMK

19. The reference is to the paragraph beginning "May I yet make in Kalecki's
letter. and to its third sentence in particular-opposite which Keynes had jotted down
Achilles and the tortoise" (see p. 96 above)
20. The reference is to the paragraph beginning "You question also. .." in Kalecki's

 I do not know whether or not there was any further correspondence
on Kalecki's 1937 Economic Journal paper; in any event, none has
survived. The next letter related to chapter 3 above is the one in which
Keynes acknowledged the receipt of the proofs of Kalecki's Essays in
the Theory of Economic Fluctuations (1939):

                   King's College,
                  January 7th, 1939
My dear Kalecki,
 Thank you very much indeed for sending me proofs of your book
I have not compared them with the original articles to see how much
you have modified them. But I get the impression of immensely
improved lucidity. I have found them exceedingly clear and in-
telligible and most agreeable (and almost easy) reading. It will be a
most valuable work
 The article which I am writing for the March Journal21 is mainly
concerned with matter you discuss in your first essay.22 I had been
making several references to the [1938] Econometrica version of
that, and will now correct these so as to refer to the book. I am also
dealing, to a certain extent, with what you discuss in your new essay
on Real and Money Wages. But in actual fact, what I am writing
does not overlap with that essay nearly so much as the titles suggest.
You are considering what happens to real wages when money wages
are reduced, so to speak on purpose, other things being equal;
whereas I am considering what happens to real wages when there is
a change in the output which is what you are dealing with much more
in your first essay.
 There is, by the way, one small statistical point where perhaps
you can help me. On page 14 you mention that according to Bowley
the labour share was 41.4 per cent in 1880. In the Table on page 16
you give a figure comparable to more recent figures for 1911. Is it
safe to add the 1880 figure to this table, or does that require some
modification in order to be comparable?
                  Yours sincerely,
                 [signed] J. M. Keynes

In(23 the last essay I don't really [?] follow why the fact that only
21. "Relative Movements of Real Wages and Output 1939). This was Keynes' reply
to Dunlop's (1938) and Tarshis' (1939) empirical criticisms of his statement in the General
Theory (p. 10) that "the change in real wages associated with a change in money wages
so far from being usually in the same direction, is almost always in the opposite direction.

22. Entitled "The Distribution of National Income."
23. Handwritten postscript. The misprints Keynes lists here remain in the published
version of the book, which suggests that Kalecki sent the proofs at too late a stage for any
changes to be made in them. Accordingly, I find it difficult to accept Osiatyński's state-
ment (editorial note in Kalecki, Dzieta [Works], vol. I, p. 517) that the proofs were sent to
the entrepreneurs save makes the system trendless.
         Misprints p. 127 sequencies-delete the i
             p. 145 cracs (under the diagram)-what is this, it sounds more Polish than English!
If Kalecki wrote a reply to this letter, it has not survived.
 That is all of the surviving Keynes-Kalecki correspondence that
refers to writings discussed in chapter 3 above. I cannot however
resist the temptation to go beyond the bounds of that chapter and
reproduce the following correspondence between Keynes and Kalecki
on a subject that has long interested me: namely, what I first
called the "Pigou effect" of a declining price level, and subsequently
relabeled the "real-balance effect:

               [Cambridge,] February 22, 1944
Dear Kalecki,
 Looking through your note on Pigou again,24 the following point
occurs to me. Is there anything in it? I offer it to you, for what it is
worth, as a possible addition
 On Pigou's assumption, the real rate of interest in Irving Fisher's
sense would be constantly rising. This would have two effects
  (a) People would save more, and not less, as Pigou assumes
  (b) If the real value of money is constantly increasing, there will
be a strong pressure to repay debts. Thus, at the limit, it would
become impossible for the banks to keep the stock of money con-
stant except in so far as it was backed by gold.25 Thus, in effect,
Pigou is assuming simultaneously two contradictory hypotheses
And would even the creation of more national debt help, since this
would increase personal incomes pari passu?
                    Yours sincerely,
                    [copy initialed] K

Keynes because he was supposed to write a foreword to the book, and that illness
prevented his doing so. Nor is there any indication in Keynes letter that this was the
purpose for which the proofs were sent to him.
24. The reference is to Kalecki's Professor Pigou on the 'Classical Stationary
State' "(1944), which was a comment on the article by Pigou (1943) in which the "Pigou
effect was first presented. Both of these articles appeared in the Economic Journail
25. Keynes does not seem to realize that this is precisely the point of Kalecki's note
as the latter makes clear in paragraph (2) of his reply, which follows.

                   University of Oxford
                   Institute of Statistics
                   28th February 1944
Dear Lord Keynes,
 Thank you very much for your letter. May I make the following
observations on your points?
 (1) Your point on the rising real rate of interest is valid only in the
period of adjustment. Once new equilibrium is achieved the wages
and prices stop falling. In the course of adjustment the factor you
mention will tend to reduce employment, but an even more impor-
tant influence in this direction will be exerted by whosesale
bankruptcy and the resulting "crisis of confidence" which I mention
in my note.
 (2) The repayment of bank debts will not affect the situation after
the correction I suggest has been introduced: in any case it is only
the increase in the real value of gold that matters.
 (3) If in the initial situation there exists a large National Debt this
makes Pigou's adjustment easier because the increase in the real
value of the National Debt does mean an increase in the real wealth
of firms and persons. (If the interest on Debt is financed by taxation
its existence does not affect the aggregate disposable income.26)
                   Yours sincerely,
                   [signed] M. Kalecki

                 [Cambridge,] March 8, 1944
Dear Kalecki
 I agree that the real rate of interest would not go on rising for ever
But I should have supposed that at the time when it reached its
equilibrium level substantially all bank loans would have been paid
off. Thus, I do not see how the banking system is going to maintain
the quantity of money constant unless it is prepared to issue national
debt as a backing for it. Assuming that interest is paid on this out of
taxation, it cannot affect the wealth of the community one way or
another. Thus, it seems to me that Pigou is in reality depending
entirely on the increase in the value of gold.
 The whole thing, however, is really too fantastic for words and
scarcely worth discussing.
                  Yours sincerely,
                  [copy initialed] K

It is not clear whether "the whole thing" in this last paragraph refers to
the specific point which Keynes raises in these letters or to Pigou's
analysis in general. If the latter, then it supports my conjecture that
even if Keynes had taken account of the real-balance effect in the
General Theory, it would not have affected his basic conclusions
(KMT, p. 110; see also my "Price Flexibility and Full Employment"
[1951], p. 281, and Money, Interest, and Prices, chap. XIV:1).

26. Note Kalecki's view (with which Keynes in the reply which follows concurs) that
government debt serviced by taxation is not part of wealth. In the last two decades this
question has received increasing attention: thus see, e.g., chap. XII:4 of my Money
Interest, and Prices (1965) and Barro (1974).


Kalecki, Michal, "A Theory of the BusinessCycle." Review of Economic Studies, Vol. 4, No.2, February 1937, pp. 77-97, revised and reprintedin [14], pp. 116-49.

p.87We can now discover some further features of the function T which is represented here in Fig. 3. We shall try to show that the curve MAN representing this function must cut the straight line OL, drawn at 450 through the zero point 0, and that the left part MA lies above, whilst the right part AN lies below OL. …

                       ( 経済学リンク::::::::::
Ivar Jantzen 1939 「45度線分析」の創始者
NAMs出版プロジェクト: ケインジアンの交差図


カレツキの貨幣経済論 :ケインズとの対比において


一橋論叢 第104巻 第6号

 Ⅳ 投資制約要因としての「信用の利用可能性」

 さて, カレツキは「危険逓増の原理」によって投資量の決定を説明したのだ
が, これに対してケインズはどのような態度を示したのか, そして両者の貨幣
および経済メカニズムの理解にはどのような相違が存在するのか, とりあ
 ケインズは1937年3月30日のカレツキあての手紙において, Kalecki[1937
効率についての私の定式化においてすでに考慮されています」(Keynes [1983]
p. 793) と語っている. そして,投資の限界効率の概念によっては投資量を決
想される, とあなたは想定しているように思われます. まさに, これは長期期
待に対する即時的状態の影響の法外な過度の強調ではないでしょ うか」(同上,
p. 793, 〔 〕内は引用者のもの) と答えている. さらに同年4月12日の手紙
では,「あなたの議論は, アキレスと亀の説明のように私には思われます. あ
なたは私に, たとえアキレスが亀に追いつくとしても, それは多くの期間
が経過した後にのみであろうと語っているのです」(同上, p.798)としてカレ
ツキの見解に反論を加えているもちろん, ここで「アキレス」とは投資量を,
「亀」とは一般物価水準のことを指している. ともかく も, ケインズはカレッ
キの自らに対する批判は当たらないとし, 自らはすでに資本の限界効率概念の
うに, ケインズは『一般理論』第11章において,投資量の決定について, (1)
資本の限界効率と利子率の均等, (2)投資財の需要価格と供給価格の均等, と
いう 2通りの解決を提示した(1)では資本の限界効率の低下を生産物供給量
(2)では「借手のリスク」と「貸手のリスク」に言及し, この2種類のリスク
るとされている. そしてケインズ自身はこれら2通りの解決を事実上同じもの
点がミンスキーのtwo-price-level model 16〕において中心的な役割を果たして


(17) ミンスキーは,「借手のリスクおよぴ貸手のリスクという用語は,カレツキの造語である」(Minsky[1986〕邦訳262員)としているが,管見の隈りではカレツキの文献にそのような用語は見当たらない一ただしいくつかの文猷においてそのような概念が用いられていることは確かである.たとえばKalecki[1937a]では「貸り手の確信」(lender’s confidence)という周語が使用されており,事業の状態に対 する銀行の判断を指している一これは貸手のリスクに対応するものと考えてよい.この論文では,2種類のリスクのうち主に貸手のリスクに注目している.またKalecki[1937b]では,第III節において見たように,危険逓増を(1)事業の失敗の場合の富の状態の危険性,およぴ(2)「非流動性」の危険性,によって説明したが,(1)は明らかに事業者の側にかかるもので,借手のリスクとみなされうるし,(2)についても主に借手のリスクに関係するものと恩われるが,カレツキ自身は,「もし企業者が投資活動において注意深くなけれぱ,自らの計算に基づき,利子率を引き上げることによって一定量を超える信用の継続部分に危険逓増の負担を課するのは債権者である」(同上,p.442)として貸手のリスクにも注意を払っている.このように,カレツキは「借手のリスク」「貸手のリスク」という用語こそ使っていないものの,実質的にそれと同じ概念を用いることによって投資決定理論を展開している。しかしながら,これら2種類のリスクが明確に分類されていないことも事実であり,そのどちらを重視しているのかも文猷によってまちまちである.この点において,カレツキの「危険逓増の原理」はケインズの「資本化モデル」あるいはミンスキーのtwo-price-leve-modelに比べると,やや未発達の感がある.


Minsky, H. P. 
 [1975], John Maynard Keynes, New York: Columbia University
Press (堀内昭義訳『ケインズ理論とは何か』岩波書店,1988年)
[1982], Can "It" Happen Again?_Essays on Instability and Finance
Armork, New York : M. E. Sherpe (岩佐代市訳『投资と金融-資本主義経済
の不安定性』日本経済評論社, 1988年)
[1986], Stabilızing an Unstable Economy, New Haven, Connecticut: Yale
Universiy Press (吉野·浅田·内田訳『金融不安定性の経済学-歴史·理論
政策』, 多賀出版, 1989年).
[1989], Financial Structures: Indebtness and Credit', in Barrère, A
(ed.), Money, Credit and Prıces in Keynesian Perspective, London: Macmillan

Kahn, R. F. [1984], The Makrng of Keylees' General Theory, Cambridge : Cam-bridge University Press
                      ( 経済学リンク::::::::::

ミハウ・カレツキ (Michal Kalecki):マクロ経済学の知られざる英雄

ヒックスが『価値と資本』#17(邦訳文庫下67,73頁参照)で用例を借りたという以下のカレツキの論文は未邦訳のようだ。 追記:1944年に邦訳あり。


   投 資 の
  |。  。  限 界
  |       。  効 
  |          | 。率
  |b         |
  |          |  。
  |p         |
       k0    k

  |             。
  | 投資の限界効率    。
  |        。 | 
  |  。  。    |
  |     b    |  
  |     p    |
       k0    k

危険逓増の原理 カレツキ The Principle of Increasing Risk ,Kalecki ,1937
《カレツキによるとリスク率σは投資量とともに増大するという(図(b)).そしてその理由として次の2つが挙げられている.第1は,投資量が大きくなるほど事業の失敗における富の状態が危険になるといることであり,第2は,「非流動性」の危険性の存在, すなわち投資量の増大にしたがい,その主体の資産ポートフォリオに占める実物資産の割合が高まるということである.》
《…投資量の増大にしたがってその危険が逓増する場合には, 投資量はMEI[投資の限界効率]が一定のρおよび投資量とともに増大するσの総和に等しくなる点k0に決まる。そして企業の内部蓄積の増加(減少)は限界リスク曲線を右(左)にシフトさせるので、単一企業の投資決意率は,その資本蓄積と限界収益性の変化の速度に依存する」(Kalecki[1937b]p.447)ということになる。また以上から、同一産業における企業規模の相違の存在を説明することも可能となる。企業者はそれぞれ異なる量の白己資本を保有し,異なる規模で生産活動を開始する。だが自己資本の小さい企業者ほど投資の増加に伴う危険逓増にさらされやすい。彼らにとって生産規模の拡張は大企業者に比べると困難であり、よって企業規模の格差は温存されることになる.すなわち、「〈ビジネス・デモクラシー〉〔という仮定〕は誤りである.自己資本は〈投資の一要因〉となる」(同上,p.443,〔〕内は引用者のもの)。》鍋島


The Money Market

|         |              _________
|         |             |         |
|    _____⬇︎___       ___⬇︎__       |
|   | 「未拘束」預金 |     |      |      |
|   |_________|     |      |      |
|         |         |      |      |
|        I1         |  信用  |      |
A1   _____⬇︎___      |      |     A2
|   |    投資準備 |←   →|      |      |
|   |_________| | | |      |      |
|         |     | | |______|      |
|             I1 I2              |
|    _____⬇︎___                    |
|   |    流通貨幣 |                   |
|   |_________|                   |
|_______|  |______________________|

1990 Collected Works of Michal Kalecki. Volume 1. Capitalism: Business Cycles and Full Employment, ed. 
by Jerzy Osiatynski, Oxford: Oxford University Press.


負債項目        資産項目
‘unattached’ deposits
investment reserves
money in circulation




Michal Kalecki, Jerzy Osiatynski, Chester Adam Kisiel - 1990 - プレビュー - 他の版
The increase of money in circulation to meet the greater demand resulting from the increase of production and prices takes place — in the case of the constant balance sheet value examined here — in the same way as the replenishment of investment reserves. Some of the unattached depositsare changed into money in ...
The creationof investment reserves and money in circulation takes placehere– without anincrease in bank credits, justbymeans ofa change inthe composition of bank liabilities: credit inflation consists inthe factthat unattached deposits are transformed into investment reserves or money in circulation.16 In a more ...
Zdzislaw Sadowski, Adam Szeworski - 2004 - プレビュー - 他の版
5 When enterprises planto increase investment, they shift funds from the 'unattached' depositstothe investment reserves. ... In reality, the increased demand for investment reserves and money in circulation ismet not onlyby achange ofunattached deposits to deposits ofspecific designation but also byan expansion of the credit ...
Philip Arestis, Malcolm C. Sawyer - 2006 - プレビュー - 他の版
Kalecki then proceeded by dropping the assumption of constant balance sheet value. In reality, the increased demand for investment reserves and money in circulation is met not only by a change of unattached deposits to deposits of specific designation but also by an expansion of the creditoperations of banks, i.e. by credit ...
Paul Davidson, Philip Arestis - 1996 - スニペット表示
INVESTMENT AND THE CREATION OF MONEY It is clear that any expenditure in a monetary economy has to be financed in some way whether by the use of existing money or through the extension of credit (including the creation of credit money). ... for investment reserves and money in circulation is met not only by a change of unattached deposits to deposits of ... 95) Both Kaleckiand Keynes were clear on the potentially crucial role played by the banks in the expansion of the level ...





The Collected Writings of John Maynard Keynes; Volume XII: Economic Articles And Correspondence; Investment and Editorial (Volume 12)
Formal modelling vs. insight in Kalecki's theory of the ... D Besomi 

52 Kalecki to Keynes, 4 April 1937, in Kalecki 1990, p. 525 (the point is also made in Kalecki 1939, p. 140: “It is true that […] the system always moves towards the point B, but it may, of course, take several τ periods to come close to it. Thus the time of adjustment is considerable (τ is more than half a year)”. Keynes did not think much of this approach: “your argument seems to me a version of Achilles and the tortoise, and you are telling me […] that even thought Achilles does catch the tortoise up, it will only be after many periods have passed by. […] I feel that you are making too much of a discontinuity between your periods” (letter to Kalecki, 22 April 1937, in Kalecki 1990, pp. 525– 26).

1990 Collected Works of Michal Kalecki. Volume 1. Capitalism: Business Cycles and Full Employment, ed. by Jerzy Osiatynski, Oxford: Oxford University Press.


栗田康之 :カレツキの資本主義経済論 - 宇野理論を現代にどう活かすか (Adobe PDF) 
www.unotheory.org/files/No8/newsletter_2-8-2.pdf カレツキの経済理論は、そのような学説史的関係も含めて、独占度、有効需要理論、景 ...... し手のリスク」および「借りてのリスク」)を緩和することによっても、投資を拡大させ ..... Kalecki,M.[1937]“The Principle of Increasing Risk”,Economica,vol.4,no.16.


《 いま考察している問題の理解のために,いくらか異なった視角から,上述
値,換言すれば,投資財生産と資本家用消費財生産の価値に等しいだろう. (a)☆
門の生産費は, この部門の生産から得られる利潤が第Ⅰ部門と第Ⅱ部門の賃
第Ⅱ部門の雇用量と生産量は, この部門の生産量からこの部門の労働者が

  第Ⅰ 部門=c1+v1+m1
  第Ⅲ部門 =c3+v3+m3
   v1+v2+v3=c3+v3+m3     (i)


346153759-Macroeconomics-7th-Global-Olivier-Blanchard.pdf ...

評価(評価: 5)評価:5-1件のレビュー
MacroeconoMicsOlivier Blanchard. Boston Columbus Indianapolis New York San Francisco Amsterdam Cape Town ...
  • Blanchard, Olivier (2011). Macroeconomics Updated (5th ed.). Englewood Cliffs: Prentice Hall. ISBN 978-0-13-215986-9.

Legends of the flows:
  • L stands for Labor.
  • W can be used to stand for Wage.
  • T stands for Tax.
  • Tr stands for Transfer payments.
  • G stands for Government expenditures.
  • S stands for Savings made available in financial markets for investment.
  • I stands for Investment from financial markets.
  • IM stands for Import from foreign economies.
  • X stands for eXport to foreign economies.


視角から示しておくことは有益である。マルクスの「再生産表式」(schemes of
I 部門は投資財生産部門であり,第I部門は資本家用消費財生産部門であり,
第Ⅲ部門は労働者用消費財生産部門である。第Ⅲ部門の資本家は, 自らの部門
の雇用量と生産量は, この部門の生産量から同一部門の労働者が賃金で購入す
って決定されるものとすれば,「分配要因」によって決定されるのは, (ここで




New Book: Vol II Of Michał Kalecki’s Intellectual Biography By Jan Toporowski
Posted on April 7, 2018 by V. Ramanan
Leave a reply
The General Theory of Employment, Interest and Money was published in January, 1936.

Meanwhile, … , Michal Kalecki had found the same solution.

His book, Essays in the Theory of Business Cycles, published in Polish in 1933, clearly states the principle of effective demand in mathematical form. At the same time he was already exploring the implications of the analysis for the problem of a country’s balance of trade, along the same lines that I followed in drawing riders from the General Theory in essays published in 1937.

The version of his theory set out in prose (published in ‘Polska Gospodarcza’ No. 43, X, 1935) could very well be used today as an introduction to the theory of employment.

He opens by attacking the orthodox theory at the most vital point – the view that unemployment could be reduced by cutting money wage rates. And he shows (a point that Keynesians came to much later, and under his influence) that , of monopolistic influences prevent prices from falling when wage costs are lowered, the situation is still worse, because reduced purchasing power causes a fall in sales on consumption goods …

Michal Kalecki’s claim to priority of publication is indisputable.

– Joan Robinson, Kalecki And Keynes in Essays In Honour Of Michal Kalecki, 1964. 
Jan Toporowski’s intellectual biography, volume 2 of Michał Kalecki is out now.








もたらした, 1934年の彼の論文を読むことによって(現在初めて英語で入



にではあるが まさにそれと同じ論文を,何回か書いていたのであった.

カレツキーは,ケインズに対し, 1つの重大な強みをもっていた--つま


序は,次のような言葉で終わっている、「著者が, ここに苦心して表明した







《 ケインズは、道徳的および美学的理由から,現代資本主義にまったく嫌気



し, したがって,有益な生産の減少を阻止するであろうということを示した





理解されたならば,資本主義は自ら改革を行うであろう, と信じた.あるい

は,少なくとも彼がそれを望んでいることを認めていた. もし,有用な投資

によって,完全雇用が(人口の大きな増加を伴わずに) 1世代にわたって維








 カレツキーは, それほど快適でない見通しをもっていた。大戦中に書かれ

た論文[完全雇用の政治的側面 原論文1943]において,彼は,次のように予言した.

商業的景気循環の原因が理解されたからには, その代わりに政治的景気循環が起こるであろう, と.政府は,財政赤字によって完全雇用政策を行うであろう.完全雇用が普及すれ


 「この状態において, ビッグ・ビジネス[大企業]と金利生活者の利益との間に強力









(4)) JOAN ROBINSON, Michal Kalecki on the Economics of Capitalism' in ÉPRIME ESHAG (ed.), "Michal Kalecki
Memorial Lectures', Oxford Bulletin of Economics and Statistics, Special Issue, February 1977, pp. 7-18.(引用
文は同誌8~9ぺージ); reprinted in JOAN ROBINSON, Collected Economic Papers, vol. V, Oxford: Basil
Blackwell, 1979, pp. 184-96. ( 引用文は同書186ぺージ)。


う。私[ジョーン· ロビンソン]が彼の正当な権利を主張しているのをいぶかしく思う人たちは、現

タイトル  ケインズ『一般理論』の形成
叢書名   岩波モダンクラシックス  
著者名等  リチャード・カーン/〔著〕  
著者名等  浅野栄一/訳  
著者名等  地主重美/訳  
出版者   岩波書店
出版年   2006.10
大きさ等  20cm 387p
注記    The making of Keynes’ general theory./の翻

NDC分類 331.74
件名    ケインズ ジョン・メイナード
要旨    難解なことで知られる『一般理論』はどのように誕生したのか?ケインズの学問上の盟友
目次    第1講 初期ケインズ以前の経済学者への論評;第2講 貨幣数量説;第3講 『貨幣論
』と経済政策問題一九二八‐一九三一年;第4講 「乗数」から『一般理論』へ;第5講
 『雇用・利子および貨幣の一般理論』;第6講 ケインズの個人的交友関係;討論
内容    「一般理論」はどのように誕生したのか。ケインズの学問上の盟友R.カーンが、彼のダ


























Blogger yoji said...

カレツキ - J-Stage (Adobe PDF)
るが)検討するとともに,「景気循環理論概説」が1933. 年時点の『 ...... ─[1933(1990) ]Próba teorii koniunktury, Instytut Ba-.
CiNii 論文 - カレツキ経済学の基本構造の成立過程
論説本稿では, Kalecki(1933)において示された, 有効需要の論理に基づく利潤決定の理論に, Kalecki(1938)による ... of effective demand in Kalecki's 1933 work Próba teorii koniunktury (Essay on the Business ...
Title カレツキ経済学の基本構造の成立過程 Sub Title The economics ... (Adobe PDF)
Kalecki's 1933 work Próba teorii koniunktury (Essay on the Business Cycle Theory) and ... 解を踏まえれば,短期における国民所得の決定の理論が,カレツキ経済学の根底にあることが認め. られる。本稿では, ...
有効需要の理論 - 経済学史学会 (Adobe PDF) -htmlで見る
第 I 部には,ケインズの『一般理論』が出現する以前の 1933 年,1934 年,1935. 年にそれぞれポーランド語で ...... 1933 a. Proba teorii koniunktury(Essays on the Business Cycle Theory). Warsaw: Institute of ...

7:17 午前  
Blogger yoji said...


3:36 午前  
Blogger yoji said...

カレツキの貨幣経済論 :ケインズとの対比において


3:40 午前  
Blogger yoji said...



   投 資 の
  |。  。  限 界
  |       。  効 
  |          | 。率
  |b         |
  |          |  。
  |p         |
       k0    k

  |             。
  | 投資の限界効率    。
  |        。 | 
  |  。  。    |
  |     b    |  
  |     p    |
       k0    k

危険逓増の原理 カレツキ The Principle of Increasing Risk ,Kalecki ,1937

富の状態が危険になるといることであり,第2は,「非流動性」の危険性の存在, すなわち

《…投資量の増大にしたがってその危険が逓増する場合には, 投資量はMEI[投資の限界効率]が

6:10 午後  
Blogger yoji said...




Kahn, R. F. [1984], The Makrng of Keylees' General Theory, Cambridge : Cam-bridge University Press (ケインズ一般理論の形成1987 LP).
ケインズ『一般理論』の形成 (岩波モダンクラシックス) 単行本 – 2006/10/24
リチャード カーン (著), Richard F. Kahn (原著), 浅野 栄一 (翻訳), 地主 重美 (翻訳)
叢書名   岩波モダンクラシックス  ≪再検索≫
著者名等  リチャード・カーン/〔著〕  ≪再検索≫
著者名等  浅野栄一/訳  ≪再検索≫
著者名等  地主重美/訳  ≪再検索≫
出版者   岩波書店
出版年   2006.10
大きさ等  20cm 387p
注記    The making of Keynes’ general theory./の翻

NDC分類 331.74
件名    ケインズ ジョン・メイナード
要旨    難解なことで知られる『一般理論』はどのように誕生したのか?ケインズの学問上の盟友
目次    第1講 初期ケインズ以前の経済学者への論評;第2講 貨幣数量説;第3講 『貨幣論
』と経済政策問題一九二八‐一九三一年;第4講 「乗数」から『一般理論』へ;第5講
 『雇用・利子および貨幣の一般理論』;第6講 ケインズの個人的交友関係;討論
内容    「一般理論」はどのように誕生したのか。ケインズの学問上の盟友R.カーンが、彼のダ
ISBN等 4-00-027146-6

1973], The General Theory and After : Part 11 Defence and Develo-pment, in CW Vol. 14.

ケインズ全集 第14巻 一般理論とその後―第II部 弁護と発展 単行本 – 2016/1/15
ジョン・メイナード・ケインズ (著), ドナルド・モグリッジ (編集), 清水 啓典 (翻訳), 柿原 和夫 (翻訳), 細谷 圭 (翻訳)

タイトル  ケインズ全集 第14巻 一般理論とその後
著者名等  ケインズ/〔著〕  ≪再検索≫
著者名等  中山伊知郎/〔ほか〕編  ≪再検索≫
出版者   東洋経済新報社
出版年   2016.1
大きさ等  22cm 454,198p
注記    The collected writings of John Maynard K
NDC分類 331.74
件名    経済学‐ケンブリッジ学派  ≪再検索≫
要旨    有効需要の原理、流動性選好利子理論、非自発的失業、資本の限界効率―ケインズ理論の
目次    第2部 弁護と発展(一般理論以後);付録 『一般理論』草稿の集注版
内容    有効需要の原理、非自発的失業、資本の限界効率…。ケインズ理論の核心に、ホートリー

6:14 午後  
Blogger yoji said...

Kalecki, M. [1933a], Proba teori koniunktury (Essay on the Business Cycle Theory),
Warsaw: Institute of Reserch on Business Cycles and Prices, partially reprinted in
Kalecki [1966] and Kalecki [197la]; integrally reprinted in Kalecki [1990]

Kalecki, M. [1933], Proba teorti koniunktury, Warsaw : Institute of Reserch on Business Cycles and Prices.
[1935 a], 'Essai d'une th~0rie du mouvenent cyclique des affaires', Revue d'economie politique. Vol. 2.
[1935 b], 'A Macrodynamic Theory of Business Cycle', Econowetrica, Vol. 3.
[1935 c], 'Istota poprawy koniunkturalnej', Polsha Gospodarcza, no. 43.
[1935 d], 'koniunktura a bilance platniczy', Polska Gospodarcz,~, no. 45.
[1936], 'Pare uwag o teorii Keynesa", Ekonomista, no. 3, in Targetti= Kinda-Hass [1982].
[1937 a], 'A Theory of the Business Cycle', Review of Economic Studies, Vol. 4.
[1937 b], 'The Principle of Increasing Risk', Economica, Vol. 3.
[1954], Theory of Economic Dyleamics, London : Allen & Unwin (~~ph~ -(~}~~~~~ ~~~i~i:~~.c4~~la)~~~~~ ~~~p~~, 195S~F)-[1966], Studies iu the Theory of Business Cycle: 7933-39., Oxford : Blackwell. [197l], Sellected Essays on the Dynamics of the Capitalist Economy., Cambridge : Cambridge Universiy Press (j~~EI ' ~~l~~~ ~~~~~;S;~~:i~;~c)~~ii~3~ ~~J R ~;;~~i~:~z~~~i:, 1984 ~p). Keynes, J. M. [1936], The Ge'eeral Theory of Employment, Interest and Money, in

3:33 午前  
Blogger yoji said...

and Social Studies, Vol. 32, No. 3, reprinted in Kalecki [1991].
Kalecki, M. [1962b], "Koniunktura gospodarcza w Stanach Zjednoczonych w okresi
1956-61" (The Economic Situation in the USA, 1956 61), in Kalecki, M., Szkice o
Junkcjonowaniu wspolczesnegi kapitalizmu (Sketches on the Functioning of
Modern Capitalism), Warsaw: Panstwowe Wydawnictwo Naukowe, reprinted in
Kalecki [1991]
Kalecki, M. [1962e], "Observations on the Theory of Growth", Economic Journal, Vol.
72, No. 2, reprinted in Kalecki [1991]
Kalecki, M. [1966], Studies in the Theory of Business Cycle: 1933-39, Oxford: Basi
Kalecki, M. [1967a], "Zagadnienie realizacji u Tugana-Baranowskiego i Rozy Luksem
burg" (The Problem of Effective Demand with Tugan-Baranovsky and Rosa
Luxemburg), Ekonomista, No. 2, reprinted in Kalecki [1971a] and Kalecki [1991].
Kalecki, M. [1967b], “Wietnam przez pryzmat USA" (Vietnam and US Big Business),
Polityka, Vol. 10, No. 3, reprinted in Kalecki [1997]
78, No. 2, reprinted in Kalecki [1971a] and Kalecki [1991].
6, reprinted in Kalecki [1993]
Kalecki, M. [1968], "Trend and Business Cycle Reconsidered", Economic Journal, Vol.
Kalecki, M. [1970], "Theories of Growth in Different Social Systems", Scientia, No. 5
Kalecki, M. [1971a], Selected Essays on the Dynamics of the Capitalist Economy,
Cambridge: Cambridge University Press (浅田統一郎·間宮陽介(訳)「資本主義経
Kalecki, M. [1971b], "The Class Struggle and the Distribution of National Income",
Kalecki, M. [1990], Collected Works of Michal Kalecki, Vol. 1, Capitalism: Business
Kalecki, M. [1991], Collected Works of Michal Kalecki, Vol. 2, Capitalism: Economic
済の動態理論』日本経済評論社, 1984年).
Kyklos, Vol. 24, No. 1, reprinted in Kalecki [197la] and Kalecki [1991].
Cycles and Full Employment, ed. by Osiatynski, J., Oxford: Clarendon Press.
Dynamics, ed. by Osiatynski, J., Oxford: Clarendon Press.
Kalecki, M. [1993]. Collected Works of Michal Kalecki, Vol. 4, Socialism: Economic
Growth and Efficiency of Investment, ed. by Osiatynski, J., Oxford: Clarendon
Kalecki, M. [1997)], Collected Works of Michal Kalecki, Vol. 7. Studies in Ap
nomics, 1940-1967: Miscellanea, ed. by Osiatynski, J., Oxford: Clarendon Press
Kalecki, M. and Kowalik, T. [1971], "Osservazioni sulla 'riforma cruciale" (Observa
tions on the 'Crucial Reform), Politica ed Economia, No. 2-3, reprinted in Kalecki


3:36 午前  
Blogger yoji said...

Kalecki, M. [1966], Studies in the Theory of Business Cycle: 1933-39, Oxford: Basi

Kalecki, M. [1971a], Selected Essays on the Dynamics of the Capitalist Economy,
Cambridge: Cambridge University Press (浅田統一郎·間宮陽介(訳)「資本主義経済の動態理論』日本経済評論社, 1984年).

Kalecki, M. [1990], Collected Works of Michal Kalecki, Vol. 1, Capitalism: Business
Cycles and Full Employment, ed. by Osiatynski, J., Oxford: Clarendon Press.

3:39 午前  
Blogger yoji said...

Kalecki, M. [1933a], Proba teori koniunktury (Essay on the Business Cycle Theory),
Warsaw: Institute of Reserch on Business Cycles and Prices, partially reprinted in
Kalecki [1966] and Kalecki [197la]; integrally reprinted in Kalecki [1990]

Kalecki, M. [1966], Studies in the Theory of Business Cycle: 1933-39, Oxford: Basi

Kalecki, M. [1971a], Selected Essays on the Dynamics of the Capitalist Economy,
Cambridge: Cambridge University Press (浅田統一郎·間宮陽介(訳)「資本主義経済の動態理論』日本経済評論社, 1984年).

Kalecki, M. [1990], Collected Works of Michal Kalecki, Vol. 1, Capitalism: Business
Cycles and Full Employment, ed. by Osiatynski, J., Oxford: Clarendon Press.

3:40 午前  
Blogger yoji said...

Kalecki, M. [1933a], Proba teori koniunktury (Essay on the Business Cycle Theory),
Warsaw: Institute of Reserch on Business Cycles and Prices, partially reprinted in
Kalecki [1966] and Kalecki [197la]; integrally reprinted in Kalecki [1990]

Kalecki, M. [1966], Studies in the Theory of Business Cycle: 1933-39, Oxford: Basil Blackwell.

Kalecki, M. [1971a], Selected Essays on the Dynamics of the Capitalist Economy,
Cambridge: Cambridge University Press (浅田統一郎·間宮陽介(訳)「資本主義経済の動態理論』日本経済評論社, 1984年).

Kalecki, M. [1990], Collected Works of Michal Kalecki, Vol. 1, Capitalism: Business
Cycles and Full Employment, ed. by Osiatynski, J., Oxford: Clarendon Press.

3:41 午前  
Blogger yoji said...

Capitalism, business cycles and full employment / Michał Kalecki ; edited by Jerzy Osiatyński ; translated by Chester Adam Kisiel (Collected works of Michał Kalecki ; v. 1)
図書 Clarendon Press, 1990
outline of the business cycle theory
表紙 / 目次 / 奥付 / 文字、写真が不鮮明になることを了承

5:10 午前  
Blogger yoji said...


5:13 午前  
Blogger yoji said...



利潤 |          / 45度
   |         /
   |        /
   |       /
   |      / 
 A |_____/____ _ーB p/y 資本主義
   |    /    _ー |
 A・|___/__ _ー___|B' (p/y)' 社会主義
   |  /  _ー   _- ̄
   | / _ー |_- ̄  |
   |/_ー_- ̄|_____|______
          C'    C     y 国民所得



Determimtion of National Income and Consumption 1971
(邦訳『経済変動の理論』1958,67頁 新訳『資本主義経済の動態理論』1984もある)

3:02 午後 削除

3:04 午後  


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