“It may thus be concluded that in the absence of 'development factors' the system lapses into a stationary state. These factors thus appear to be a prerequisite of a steady growth.”

—  Michał Kalecki

Source: Theory of Economic Dynamics (1965), Chapter 14, The Process of Economic Development, p. 155

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Michał Kalecki photo
Michał Kalecki16
Polish economist 1899–1970

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