This volume presents an alternative macroeconomic theory based on the contributions of Michal Kalecki. Kalecki's importance as a pioneer of post-Keynesian theory has long been recognized by such prominent economists as Joan Robinson and Lawrence Klein. While in the U.S. post-Keynesian economics...

In this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have 'rigorous microfoundations'. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the...