Kalecki a „złota reguła akumulacji”
Kalecki and “The Golden Rule of Accumulation”

Summary/Abstract: The concept of the “golden rule of accumulation” appeared in economic debates in mid-1950s, has been analytically developed and popularized by Edmund Phelps and much discussed in the early 1960s, but it is rooted in Harrod-Domar growth models. The central proposition of the rule is that among a continuum of economies each of which represents ever greater capital-output ratio, there is only one capital-output ratio at which consumption is the highest. Both in the case of golden rule of accumulation and in Kalecki’s analysis of the acceleration of economic growth through increasing capital-output ratio, the central idea is similar. The golden rule requires that the economy moves along a trajectory of growth with a capital-output ratio that offers the highest consumption volume. Much of the same is the task of the central planner who seeks to optimize consumption in the long-run. Under the golden rule of accumulation long-run equilibria at different capital-output ratios are compared to select the one offering the highest volume of consumption. Not much attention is given, however, to processes of moving from one to another capital-output ratio. Kalecki, on the other hand, focuses attention precisely on those transition processes and the consequent variations in consumption not only in the long-run but also in the short-run. This difference of approach explains Kalecki’s skepticism regarding practical relevance of the golden rule since limitations regarding the share of consumption in national income in the short-run may exclude golden-rule optimum choices.

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