(IN)-STABILITY IN KALECKI’S EARLY MACROECONOMICS

Abstract

It is now almost eighty years since Michal Kalecki published his formal mathematical model of the business cycle. In this paper, we want to examine the vision embedded in that early model and the writings he published at around the same time. Sections II and III center on Kalecki’s approach to local and global (in)-stability, and section IV suggests a simplified model designed to pinpoint key aspects of Kalecki’s thinking related to the issue of endogenous cycles, ‘class struggle,’ and growth.