“[C]apitalist savings 'lead' profits. This result may appear paradoxical. 'Common sense' would suggest the opposite sequence—namely, that savings are determined by profits. This, how ever is not the case.”

—  Michał Kalecki

Source: Theory of Economic Dynamics (1965), Chapter 4, Profits and Investments, p. 55

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Michał Kalecki photo
Michał Kalecki 16
Polish economist 1899–1970

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