Theme: Political Economy | Content Type: Journal article

Political Aspects of Full Employment

Michał Kalecki


Mari Helin

| 0 mins read

A solid majority of economists is now of the opinion that, even in a capitalist system, full employment may be secured by a Government spending programme, provided there is in existence adequate provided adequate supplies of necessary foreign raw materials may be obtained in exchange for exports. If the Government undertakes public investment (e.g. builds schools, hospitals, and highways) or subsidises mass consumption (by family allowances, reduction of indirect taxation, or subsidies to keep down the prices of necessities), if, moreover, this expenditure is financed by borrowing and not by taxation (which could affect adversely private investment 2nd consumption), the effective demand for goods and services may be increased up to a point where full employment is achieved.

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  • Michał Kalecki

    Michał Kalecki was a Polish Marxian economist (22 June 1899 – 18 April 1970). He is widely regarded as one of the leading theorists in the Post-Keynesian tradition.

    Articles by Michał Kalecki