Nicholas Kaldor after Thirty Years
DOI:
https://doi.org/10.13133/2037-3643_69.277_1Keywords:
Kaldor, Economic Policies, InflationAbstract
The article analyses Kaldor’s ideas on economic policy, his interest in policy issues, and his contribution on specific policies. It underlines Kaldor’s strong and cogent views on three main topics: monetary and fiscal policy, the control of cost inflation, and the stabilisation of commodity prices. The author suggests how Kaldor might have reacted to the most important economic policy questions that still face Britain and the European Union, thirty years after his death. Kaldor was a prominent opponent of Britain’s entry into the then Common Market in the 1970s: not on the basis of any emotive English nationalism, but rather because he believed that the British economy would be damaged by an exposure to unlimited competition from more successful European industries. Perhaps he would have argued that, by 2016, the damage has already been done, and that Britain should now remain in the Union to continue the fight for more sensible macroeconomic policies. He would certainly have been pleased that his adoptive country had refused to join the Eurozone.
JEL: B31; E61; E52
References
Bertocco G. (2001), “Is Kaldor’s Theory of Money Supply Endogeneity Still Relevant?”, Metroeconomica, vol. 52, n. 1, pp. 95-120.
Blinder A.S. (1997), “Is There a Core of Practical Macroeconomics That We Should All Believe?”, American Economic Review, vol. 87, n. 2, pp. 240–243.
Clegg H. (1971), How to Run an Incomes Policy, and Why We Made Such a Mess of the Last One, London: Heinemann.
Desai M. (1989), “The Scourge of the Monetarists: Kaldor on Monetarism and on Money”, Cambridge Journal of Economics, vol. 13, n. 1, pp. 171–182.
Friedman M. (1968), “The Role of Monetary Policy”, American Economic Review, vol. 58, n. 1, pp. 1–17.
Hart A.G., Kaldor N., Tinbergen J. (1964), “The Case for an International Commodity Reserve Currency”, Geneva: U.N. Conference on Trade and Development.
Hewitson G. (1993), “An Intellectual History of Monetary Endogeneity Theory”, History of Economics Review, n. 20, pp. 140–160.
Joseph M.F.W., Kaldor N. (1942), Economic Reconstruction after the War, London: English University Press for the Association for Education in Citizenship.
Kaldor N. (1936), “Wage Subsidies as a Remedy for Unemployment”, Journal of Political Economy, vol. 44, n. 6, pp. 745–753.
Kaldor N. (1937), “Prof. Pigou on Money Wages in Relation to Unemployment”, Economic Journal, vol. 47, n. 188, pp. 745–753.
Kaldor N. (1939a), “Speculation and Economic Stability”, Review of Economic Studies, vol. 7, n. 1, pp. 1–27.
Kaldor N. (1939b), “Review of A.W. Marget, The Theory of Prices”, Economic Journal, vol. 49, n. 195, pp. 495–498.
Kaldor N. (1939c), “Principles of Emergency Finance”, The Banker, n. 163, pp. 149–156.
Kaldor N. (1940), “A Model of the Trade Cycle”, Economic Journal, vol. 50, n. 197, pp. 78–92.
Kaldor N. (1941), “Review of A.C. Pigou, Employment and Equilibrium – A Theoretical Discussion”, Economic Journal, vol. 51, n. 204, pp. 458–473.
Kaldor N. (1944), “Appendix C. The Quantitative Aspects of the Full Employment Problem in Britain”, in W.H. Beveridge (ed.), Full Employment in a Free Society: A Report, London: Allen & Unwin, pp. 344–401.
Kaldor N. (1950), “A Positive Policy for Wages and Dividends”, in N. Kaldor (ed.), Essays on Economic Policy, pp. 111–127, vol. I, London: Duckworth.
Kaldor N. (1951), “Employment Policies and the Problem of International Balance”, Review of Economic Studies, vol. 19, n. 1, pp. 42–49.
Kaldor N. (1952), “A Reconsideration of the Economics of the International Wheat Agreement”, in N. Kaldor (ed.), Essays on Economic Policy, vol. II, London: Duckworth.
Kaldor N. (1955), “The Lessons of the British Experiment since the War: Full Employment and the Welfare State”, in N. Kaldor (ed.), Essays on Economic Policy, vol. I, London: Duckworth, pp. 96–108.
Kaldor N. (1958a), “Memorandum of Evidence Submitted by Mr. Nicholas Kaldor”, in Committee on the Working of the Monetary System (Radcliffe Committee) (ed.), Principal Memoranda of Evidence, Vol. 3, London: HMSO, pp. 146–153.
Kaldor N. (1958b), “The Growing Gulf Between Rich and Poor Countries”, in Problems of United States Economic Development, vol. 1, New York: Committee for Economic Development, pp. 34–36.
Kaldor N. (1960a), “Oral Examination”, in Committee on the Working of the Monetary System (Radcliffe Committee) (ed.), Minutes of Evidence, London: HMSO, pp. 712–718.
Kaldor N. (1960b), “The Radcliffe Report”, Review of Economics and Statistics, vol. 42, n. 1, pp. 15–19.
Kaldor N. (1964a), “Contribution to ‘Panel: Fiscal and Financial Policies’”, in I. Bear, W. Kerstenetsky (eds.), Inflation and Growth in Latin America, Homewood (IL): Iriwn, pp. 499–501.
Kaldor N. (1964b), “Prospects of a Wages Policy for Australia”, Economic Record, vol. 40, n. 90, pp. 145–155.
Kaldor N. (1966), Causes of the Slow Rate of Economic Growth of the United Kingdom: An Inaugural Lecture, Cambridge: Cambridge University Press.
Kaldor N. (1970), Further Essays in Applied Economics, London: Duckworth.
Kaldor N. (1971a), “Conflicts in National Economic Objectives”, Economic Journal, vol. 81, n. 321, pp. 1–16.
Kaldor N. (1971b), “The Dynamic Effects of the Common Market”, New Statesman, 12 March. Reprinted in N. Kaldor (1978), Collected Economic Essays, vol. 6, London: Duckworth, pp. 187–220.
Kaldor N. (1975), “Preface”, in L. St. Clare Grondona (ed.), Economic Stability is Attainable, London: Hutchinson Benham, pp. 15–17.
Kaldor N. (1977), “The Nemesis of Free Trade’”, in N. Kaldor (ed.), Further Essays in Applied Economics, London: Duckworth, pp. 234–241.
Kaldor N. (1978a), “Introduction”, in N. Kaldor (ed.), Further Essays on Economic Theory. Vol. I, London: Duckworth, pp. vii–xxix.
Kaldor N. (1978b), “Introduction”, in N. Kaldor (ed.), Further Essays in Applied Economics, London: Duckworth, pp. vii–xxix.
Kaldor N. (1981), Origins of the New Monetarism, Cardiff: University College Cardiff Press.
Kaldor N. (1982), The Scourge of Monetarism, Oxford: Oxford University Press.
Kaldor N. (1983), The Economic Consequences of Mrs. Thatcher, London: Duckworth.
Kaldor N. (1985), Economics Without Equilibrium, Cardiff: University College of Cardiff Press.
Kaldor N. (1986a), “Recollections of an Economist”, BNL Quarterly Review, vol. 39, n. 156, pp. 3–26.
Kaldor N. (1986b), “The Role of Commodity Prices in Economic Recovery”, World Development, vol. 15, n. 5, pp. 551–558.
Kaldor N. (1996), Causes of Growth and Stagnation in the World Economy, Cambridge: Cambridge University Press.
Kaldor N., Mirlees J. (1962), “A New Model of Economic Growth”, Review of Economic Studies, vol. 29, n. 3, pp. 174–192.
Kalecki M. (1939), Essays in the Theory of Economic Fluctuations, ed. 1990, J. Osiatýnski (ed.), Oxford: Clarendon Press.
Keynes J.M. (1940), How to Pay for the War. A Radical Plan for the Chancellor of the Exchequer, London: Macmillan.
King J.E. (2009), Nicholas Kaldor, Basingstoke: Palgrave Macmillan.
King J.E. (2013), “Wages Policy’”, in G.C. Harcourt, P. Kriesler (eds.), New York: Oxford University Press, pp. 510–522.
Lavoie M. (1991), “Change, Continuity and Originality in Kaldor’s Monetary Theory”, in E.J. Nell, W. Semmler (eds.), Nicholas Kaldor and Mainstream Economics, London: Macmillan, pp. 259–278.
Marget A.W. (1938), The Theory of Prices: An Examination of the Central Problems of Monetary Policy, New York: Prentice-Hall.
Minsky H.P. (1991), “The Endogeneity of Money”, in E.J. Nell, W. Semmler (eds.), Nicholas Kaldor and Mainstream Economics, London: Macmillan, pp. 207–224.
Moore B.J. (1988), Horizontalists and Verticalists: The Macroeconomics of Endogenous Money, Cambridge: Cambridge: Cambridge University Press.
Moore B.J. (1991), “Marx, Keynes, Kalecki and Kaldor on the Rate of Interest as a Monetary Phenomenon”, in E.J. Nell, W. Semmler (eds.), Nicholas Kaldor and Mainstream Economics, London: Macmillan, pp. 225–242.
Musella M., Panico C. (1993), “Kaldor on Endogenous Money and Interest Rates”, in G. Mongiovi, C. Ruhl (eds.), Macroeconomic Theory: Diversity and Convergence, Brookfield (VT): Edward Elgar, pp. 37–64.
Peston M.H. (1987), “Balanced Budget Multiplier”, in J. Eatwell, M. Milgate, P. Newman (eds.), The New Palgrave: A Dictionary of Economics, Basingstoke: Macmillan, pp. 177–178.
Pollin R. (1991), “Two Theories of Money Supply Endogeneity: Some Empirical Evidence”, Journal of Post Keynesian Economics, vol. 13, n. 3, pp. 366–395.
Rochon L.-P. (2000), “1939-1958: Was Kaldor an Endogenist?”, Metroeconomica, vol. 51, n. 2, pp. 191–220.
Targetti F. (1992), Nicholas Kaldor: the Economics and Politics of Capitalism as a Dynamic System, Oxford: Clarendon Press.
Targetti F., Thirlwall A.P. (1989), The Essential Kaldor, London: Duckworth.
Thirlwall A.P. (1986), Nicholas Kaldor, Brighton: Wheatsheaf.
Ussher L.J. (2009), “Global Imbalances and the Key Currency Regime: The Case for a Commodity Reserve Currency”, Review of Political Economy, vol. 21, n. 3, pp. 403–421.
Downloads
Published
How to Cite
Issue
Section
License
