So, it is to my great discredit that I had not read Kalecki’s Political Aspects of Full Employment (html, pdf) before clicking through from a (characteristically excellent) Chris Dillow post. There is little I have ever said or thought about economics that Kalecki hadn’t said or thought better in this short and very readable essay.Read it at Interfluidity (short)
Michal Kalecki on the Great Moderation
by Steve Randy Waldman
Another reason that DSGE and New Keynesianism was wrong.