Kalecki (1976) also pointed out the importance of investment and
technological advances in agriculture for the rapid development of industry.
Emphasizing agricultural development as essential for a successful
industrialization, Kalecki remarked that „balanced investment in the
production of wage goods and capital goods forms the basis of the sustainable
long-run growth path‟. However, unlike Lewis, Kalecki assumes the existence
of excess capacity in the industrial sector, and thus, cost-determined industrial prices (Jha, 2010), due to which the Lewisian conclusions are radically altered in
Kalecki model.