抄録
Although it is often said that Kalecki discovered the General Theory independently, his economics seems to ignore monetary factors. But monetary economics in Keynes's sense does not depend on whether there is so-called money in an economic theory. Keynes shows that, when contracts of debt are circulated socially, they will become money. Kalecki also remarked this endogeneity of money. In the actual economy, however, contracts of debts will be restricted because of uncertainty. Kalecki insisted that a firm's investment may be restricted by their own savings because of increasing risk. Monetary economics must address this kind of decision-making under the condition of an uncertain economy. In this area, Kalecki has made important contributions.
Kalecki emphasised that “Capitalists earn what they spend, and workers spend what they earn.” We show that Kalecki's asymmetry is based on differences in financial constraints between capitalists and workers. Because of their more relaxed financial constraints, capitalists can spend without earning, while because of their tight financial constraints, workers' consumption restricted by their wages. We can develop a Kaleckian economics through integrating monetary factors. Kalecki's asymmetry also suggests that, in the monetary economy, economic agents with relatively relaxed financial constraints can play an active role. Therefore, monetary economics in terms of Kalecki's economics must include class distinctions.
