Titlebook: Economic Crisis and Political Economy; Volume 2 of Essays i Riccardo Bellofiore (Professor of Economics),Ewa K Book 2014 Palgrave Macmillan

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,Net Private Savings in Relation to the Government’s Financial Balance, private sector, T. is the disposable income of the government (all taxes net of all monetary transfers to the private sector) and M is the income of the rest of the world (RoW) from imports of the national economy in question (the left-hand side of (7.1)). On the right-hand side of (7.1) we have pr

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,Kalecki’s Macroeconomic Analysis and the ‘Great Recession’,was a sharp contrast with the preceding decade with its years of depression, often seen as following the Wall Street crash of 1929 and bank collapses in the early 1930s. Kalecki also looked ahead to the post-war world, where he saw the potential return of depression and unemployment. The recovery fr

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,‘The Accumulation of Capital’ of Rosa Luxemburg, and Systemic and Structural Reasons for the Presenc economies. The explanation of the reasons and causes of the present financial and economic crisis that we find in so-called main- stream economics focuses mainly on the organisational, technical and subjective sources of the crisis.

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,Trend and Cycle: On the Timeliness of Grossman’s Breakdown Theory,siness cycle as a normal feature of capitalism and predicts an inherent limit to this social system’s development — a ‘breakdown,’ in Grossmann’s words. On the one hand, thanks to factors counter- acting the tendency of the rate of profit to fall that Marx put at the centre of his theory of capitali

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Macroeconomic Paradoxes with Kalecki and Kaleckians,ith micro-foundations. Among these paradoxes is Michal Kalecki’s paradox, which we can define as the claim that higher govern- ment deficits generate larger profits for the capitalists. Kalecki’s paradox can be derived straight from the national accounts, with a couple of simple behavioural assumpti

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