Rejoinder to Kalecki – a pioneer of modern macroeconomics by Jerzy Osiatyński

The aforementioned article by Jerzy Osiatyński provides the readers with an insight into the achievements of Michał Kalecki, one of the most outstanding Polish economists, whose work appears to be as up to date now as it was in the 1930s, when the Keynesian revolution was planting the roots of modern macroeconomics. Osiatyński focuses mainly on Kalecki’s contribution to macroeconomic studies in the cyclical fluctuations and economic dynamics of the capitalist economy, recalling the impact that these have had on the evolution of heterodox Keynesianism. It seems that this aspect is worth a little more consideration. Kalecki’s works have been a source of inspiration for both Keynesian economists, especially Joan Robinson and Nicholas Kaldor and his numerous intellectual heirs, who brought about the birth of Post-Keynesian economics in the 1970s. Robinson treated Kalecki as a precursor of Keynesian economics. She believed that Kalecki created a much more logical and general version of the demand model than Keynes himself. Kalecki was better at analysing the issues of investment, price formation and income distribution in the short run and addressed the problems of capital accumulation and long-term economic change, which Keynes omitted. The Kaleckian function of consumption and savings included class division and its influence on the principle of effective demand, while Keynes focused on the anti-social behaviour of individuals. Social conflict also became the core of the Kaleckian inflation models, where the real (rather than nomi-