Michał Kalecki

"In a sense the budget deficit can be considered as an artificial export surplus."

"It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on t…"

"Generally speaking, changes in the prices of finished goods are "cost determined" while changes in the prices of raw materials inclusive of primary foodstuffs are "demand determined."

"It should be noticed that the whole approach is in contradiction to generally accepted views."

"Armaments and wars, usually financed by budget deficits, are also a source of this kind of profits."

"In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes."

"It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteri…"

"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."