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Michał Kalecki

Michał Kalecki (1899-1970) was a brilliant Polish economist. Kalecki studied at several universities: the Warsaw University of Technology, the University of Warsaw, and the Gdańsk University of Technology, but he did not graduate from any of them – mainly for financial reasons. He explored economics on his own. In 1929, he started working at the Institute of Research on Business Cycles and Prices (Instytut Badania Koniunktur Gospodarczych i Cen). In 1933, he published a visionary study Próba teorii koniunktury [An Essay on the Theory of the Business Cycle] in which he presented the theory of effective demand. After receiving the Rockefeller Foundation grant, he went to Sweden in 1936. Then, he settled in the UK, where he collaborated with several academic centres. He translated his theory into English and the work was published in 1939. Kalecki also made the acquaintance of John Maynard Keynes.

During the war, Kalecki was employed at the Oxford Institute of Statistics. From 1946, he held the post of deputy director of the Division of Economic Stability and Development in the Department of Economic Affairs of the UN Secretariat. He returned to Poland in 1955 and devoted himself primarily to academic work. He lectured at the Main School of Planning and Statistics (today SGH Warsaw School of Economics). He served as an adviser to the governments of several countries. He was a candidate for the Nobel Prize in Economics in 1970, but the scientist’s death closed the way to this award.

fields. Kalecki dealt with the theory of the business cycle, problems of economic planning, as well as issues of national income. In his research he explored the theory of economic development. He paid particular attention to the question of ensuring full employment. He formulated his main concepts three years before Keynes. All of Kalecki’s works were published in English. Among the more important contributions of the scientist, the following works should be mentioned: Próba teorii koniunktury [An Essay on the Theory of the Business Cycle], Essays in the Theory of Economic Fluctuations, Płace nominalne i realne [Nominal and Real Wages], Teoria dynamiki gospodarczej [Theory of Economic Dynamics], Polityczne aspekty pełnego zatrudnienia [Political Aspects of Full Employment]. The reverse of the coin features the image of Michał Kalecki, the dates of his birth and death and the titles of his selected works.

The obverse features – in addition to the regular elements such as the image of the Eagle established as the state emblem of the Republic of Poland, the face value and the designation of the year of issue – a quotation from his monograph Kapitalizm. Koniunktura i zatrudnienie [Capitalism. The Business Cycle and Employment].

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