Kalecki insights on fiscal, monetary plans

In the Indian context, the important Kaleckian question, different from Keynes, is not how growth is to be financed but at whose expense?

The coordination of fiscal and monetary policy is a difficult challenge for all economies. Coordinating fiscal and monetary policy involves specifying an analytical framework that is shared by the institutions responsible for these policies, namely, the government and the central bank. Without such a framework there is dissonance about individual policy actions, to the detriment of the national economic discourse.

Michal Kalecki provided a useful and relevant analysis of the issues involved 50 years ago, carefully characterising the problem separately for advanced and developed economies, and also considering the problem in the Indian context. Kalecki’s contemporary relevance was brought to my