"The regime of the political business cycle would be an artificial restoration of the position as it existed in nineteenth-century capitalism. Full employment would be reached only at the top of the boom, but slumps would be relatively mild and short-lived.'
in particular:
"slumps .. relatively mild and short-lived."
unless this word relatively has some dynamic self adjustment rachet effect
this suggests eisenhower recessions ...right ?
but the reagan volcker dammerung ?
the present "great recesion"
can we call these relatively mild ?
at least compared to the correct coresponding pre kalecki-keynes era slumps ?
i suggest kalecki and keynes wouldn't be shocked or even surprised much
once they got up to speed on the contemporary global market and funds flow dynamics
in short
the end of bretton woods ended the accuracy of the kalecki mid war forecast
