Kaldor–Kalecki Business Cycle Model: An 80-Year Multidisciplinary Retrospective

Marking 80 years of the Kaldor–Kalecki business cycle model, this retrospective validates its mathematical evolution against real US GDP data using recurrence quantification analysis (RQA), PCA, and wavelet entropy.

Transitions from laminar to turbulent phases in simulations are shown to be indistinguishable from historical downturns (1949, 1953, 1958), establishing the model’s enduring relevance and opening a research agenda for complex-systems approaches to macroeconomic policy.