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Antony Mueller

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American Institute of Economic Research, December 14, 2018, 7 pgs.


Professor Mueller credits the Polish economist, Michal Kalecki with developing this idea . The Wikipedia has a very ineresting and detailed biography and discussion of Kalecki's many significant contrabutions to economic theory. {short description of image}


Kalecki also developed mathematical equations to describe profits, income disribution, and savings in a capitalist economy.


But Mueller writes that: "Few authors have exerted a more disastrous influence on economic policy that Michal Kalecki (1899 - 1970_. This Marxist economist prepared the theoretical ground work for the expansion of government spending, particularly in the countries of the third world."


And further,: "More explicit than the Keynesian theory of aggregate demand, the Kaleckian model postulates that deficit spending is self-financing.


And: "The system of state capitalism is in permanent financial need, and the Kaleckian theory offers the excuse to run high budget deficits".


"Using a similar set of equations as in the model of Kalecki, according to which private savings automatically finance the government's budget deficit, the adherents of the modern monetary theory have become prominent promoters of deficit spending as the motor for economic growth".

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L. Randall Wray - MMT

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Keynesian Economics

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Michael Kalecki - Polish Marxist economist

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Michael Kalecki - economic equations


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