At his blog today, Paul Krugman<http://krugman.blogs.nytimes.com/2013/05/16/the-smithkleinkalecki-theory-of-austerity/> cited Michael Kalecki's 1943 essay, "Political Aspects of Full Employment":
Two and a half years ago Mike Konczal<http://rortybomb.wordpress.com/2011/01/21/kristol-kalecki-and-a-19th-century-economist-defending-patriarchy-all-on-political-macroeconomics/> reminded us of a classic 1943 (!) essay by Michal Kalecki, who suggested that business interests hate Keynesian economics because they fear that it might work — and in so doing mean that politicians would no longer have to abase themselves before businessmen in the name of preserving confidence. Sandwichman serialized Kalecki's essay<http://econospeak.blogspot.ca/2009/05/political-aspects-of-full-employment.html> on EconoSpeak in 14 installments *four years ago*. One thing Krugman didn't mention today about Kalecki's essay. In it, Kalecki also singled out an important exception to the businessmen's fear of full employment: spending on armaments. See also:Krugman of Mass Destruction<http://econospeak.blogspot.ca/2011/10/krugman-of-mass-destruction.html>, October 30, 2011 and Krugman, Ike, Keyserling, Keynes and Kalecki: "Siphoning Off a Part of the Annual Increment of GNP,"<http://ecologicalheadstand.blogspot.ca/2011/10/krugman-ike-keyserling-keynes-and.html> October 31, 2011. http://econospeak.blogspot.ca/2013/05/krugman-vs-sandwichman-economics-of.html -- Cheers, Tom Walker (Sandwichman)
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