Una riconsiderazione degli studi di Kalecki sull’economia statunitense.(A Reconsideration of Kalecki’s Studies on the US Economy)

Julio López Gallardo

Abstract


Kalecki devised a novel method of  analysis, which was also used by some of his collaborators. Unfortunately however, that method has not had the impact it deserves on applied research, not even among his followers. The objective of the present paper is to revisit Kalecki’s 
applied studies. I will in the first place explain and discuss Kalecki’s outlook and methodology. In the second place, I will use it to see how much it can help to understand the recent evolution of the US economy. In the current US crisis, monetary policy, in the shape of quantitative easing and historically low rates of interest, has been hailed 
by publicists and pundits as the solution to confront the decline of private spending  and the business downswing. The results of have been rather disappointing. Using Kalecki’s approach and methodology, I have verified that it has been public spending that has played the key role to avoid a deeper crisis than the one that actually took place.

 

 

 

JEL: E12, B31, G01, B50


Keyword


Kalecki, applied research, crisis, USA

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Reg. Tribunale di Roma n.377/2009 del 19/11/2009