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Keynes, Kalecki and the Question of Priority

Aditya Bhattacharjea and N. Raghunathan
Economic and Political Weekly
Vol. 23, No. 27 (Jul. 2, 1988), pp. 1383-1393
Stable URL: http://www.jstor.org/stable/4378706
Page Count: 11
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Keynes, Kalecki and the Question of Priority
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Abstract

It is argued here that a better understanding of the respective contributions of Kalecki and Keynes largely renders the discussion of priority meaningless. The issue of priority makes sense only with regard to the areas of overlap, and when Kalecki and Keynes advance essentially the same solution. The authors, on the other hand, emphasise the important differences between Kalecki and Keynes, both before and after the publication of the General Theory: in the handling of investment and in Kalecki's continued adherence to dynamic analysis; also in the treatment of finance and the monetary sector, in assumptions regarding the structure of product markets and pricing behaviour, in the types of aggregation employed. What we have are two basically different ways of approaching the aggregate behaviour of the capitalist economy and it is more profitable to begin with this recognition rather than get distracted from it by discussions of priority.

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