Studies in the Theory of Business Cycles, 1933-1939.

£200 · Offered by Maggs Bros Ltd

Published initially in Polish in 1933, this work by Polish economist Michal Kalecki clearly states the principle of effective demand in mathematical form three years prior to John Maynard Keynes in The General Theory. Kalecki discovered ’many of the basic elements of the Keynesian system three years before Keynes published his General Theory, and he went beyond Keynes in embedding those elements in a model that incorporated the phenomena of imperfect competition’ (Blaug). ‘The interesting thing is that two thinkers, from completely different political and intellectual starting points, should come to the same conclusion… That this could happen in economics was a reassurance to the iconoclastic theorists of the 1903s in Britain that what they had discovered was really there.’ (preface) From the library of the British Marxist economist Ron Bellamy (1917-2009) with his neat ownership inscription to the front free endpaper and pencilled marginal annotations throughout. From July 1945 to August 1946, Bellamy was a researcher at the Oxford University Institute of Statistics, where Kalecki also worked during the war years.

• Binding: Hardcover

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