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vol.87 issue348Why do Latin American countries suffer a long-term economic stagnation? A study from the cases of Argentina, Brazil and MexicoJulio López Gallardo (1941-2020). Some memories author indexsubject indexsearch form
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El trimestre económico

On-line version ISSN 2448-718XPrint version ISSN 0041-3011


LOPEZ G., Julio. Recollecting Kalecki’s studies of the US economy. El trimestre econ [online]. 2020, vol.87, n.348, pp.1133-1157.  Epub Mar 05, 2021. ISSN 2448-718X.

Michał Kalecki wrote an article on government expenditures financed by taxes on profits, which set forth an interesting debate between him and Keynes, the latter being the editor of the journal in which Kalecki’s article was published. Later, in 1950s, Kalecki wrote a few empirical studies to substantiate his theory. Two of these papers dealt with the US economy, in which he adopted a novel method of analysis. However, his methodology did not have the deserved impact, even amongst his followers. This article revisits Kalecki’s analysis to understand the recent evolution of the US economy.

Keywords : Kalecki; Keynes; effective demand; fiscal policy; United States; government expenditures; crisis of 2008.

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