Tracy Mott’s understanding of Kalecki’s economics

Abstract

Following his death in 1970, interest in Kalecki’s economics has come to be confined to Post-Keynesian circles and discussions of political economy. In general, these have provided partial accounts of Kalecki’s ideas, to supplement gaps in the theories of Keynes, Marx and their followers. Tracy Mott’s work departs from this by placing Kalecki’s economic theories around their foundation point in the financing of capitalist business. This provides a more systematic approach to Kalecki’s account of capitalism. It also points to a monetary interpretation of Kalecki’s Principle of Increasing Risk that was central to Mott’s understanding of Kalecki’s economics and an original interpretation of debt structures.