Tony Thirlwall (21 April 1941 – 8 November 2023)


  • Esteban Pérez Caldentey UN Economic Commission for Latin America and the Caribbean (ECLAC)
  • Juan Carlos Moreno-Brid Universidad Nacional Autónoma de México (UNAM)



Balance-of-payments constrained growth, Keynes, open economy, Tony Thirlwall, Thirlwall’s law


The departure of Tony Thirlwall, a pioneer, renowned scholar, and a generous mentor, is a major loss to economics. This article reviews his main contributions to economics. The article focuses on his approach and method to economics and on his research output in the theory and empirics of growth and development.


Blecker R. (2021), “New advances and controversies in the framework of balance-of-payments-constrained growth”, Journal of Economic Surveys, 36 (2), pp. 429-467.

Harrod R.F. (1933), International Economics, New York: Harcourt, Brace and Company.

Harrod R.F. (1973), Economic Dynamics, New York: St. Martin’s Press.

Kaldor N. (1989), “Limitations of the General Theory”, in Targetti F. and Thirlwall A.P. (eds.), Further Essays on Economic Theory and Policy (pp. 764-789), New York: Holmes and Meier.

Keynes J.M. (1922), “Introduction”, in (id.), Cambridge Economic Handbooks, Vol. I. New York: Harcourt Brace and Company.

Keynes J.M. (1924), “Alfred Marshall, 1842-1924”, The Economic Journal, 34 (135), pp. 311-372.

Keynes J.M. ([1936] 1964), The General Theory of Employment, Interest, and Money, London: Harcourt Brace Jovanovich Publishers.

McCombie J.S.L. and Thirlwall A.P. (1999), “Growth in an international context: a post Keynesian view”, in J. Deprez and J.T. Harvey (eds.), Foundations of International Economics. Post Keynesian Perspectives, New York: Routledge.

Nell K.S. and Thirlwall A.P. (2018), “Explaining differences in the productivity of investment across countries in the context of ‘new growth theory’”, International Review of Applied Economics, 32 (2), pp. 163-194.

Pérez Caldentey E. and Moreno-Brid J.C. (2021), “Thirlwall’s law and the terms of trade: a parsimonious extension of the balance of-payments-constrained growth model”, in Palley T., Pérez Caldentey E., and Vernengo M. (eds.), Thirlwall’s Law at 40 (pp. 37-59), Cheltenham (UK) and Northampton (MA, USA): Edward Elgar.

Prebisch R. (1949), El desarrollo económico de la América Latina y algunos de sus principales problemas (E/CN.12/89), Santiago de Chile: Comisión Económica para América Latina y el Caribe (CEPAL).

Prebisch R. (1959), “Commercial Policy in the Underdeveloped Countries”, American Economic Review, Papers and Proceedings, 49 (2), pp. 251-273.

Prebisch R. (1963), “El falso dilema entre desarrollo económico y estabilidad monetaria en CEPAL”, Ortodoxia Monetaria e Inflación. Suplemento de la Revista BCV, XX (1), pp. 1-26. Available at

Rodriguez O. (1977), “Sobre la Concepción del Sistema Centro-Periferia”, Revista de La CEPAL, first semester, pp. 203-248.

Thirlwall A.P. (1979), “The Balance of Payments Constraint as an Explanation of International Growth Rates Differences”, Banca Nazionale del Lavoro Quarterly Review, 32 (128), pp. 45-53.

Thirlwall A.P. (1987), Nicholas Kaldor. New York: New York University Press.

Thirlwall A.P. (1987b), “Keynes, economic development and developing countries”, in (id.), Keynes and Economic Development, London: MacMillan. Reprinted in Thirlwall (2015), pp. 149-177.

Thirlwall A.P. and Keynes J.M. (1999), “A ‘Second Edition’ of Keynes’ General Theory”, Journal of Post Keynesian Economics, 21 (3), pp. 367-386.

Thirlwall A.P. (2003), The Nature of Economic Growth, Northampton: Edward Elgar.

Thirlwall A.P. (2013), Economic Growth in an Open Developing Economy: The Role of Structure and Demand, Northampton: Edward Elgar.

Thirlwall A.P. (2015), Essays on Keynesian and Kaldorian Economics, New York: Palgrave Macmillan.

Thirlwall A.P. (2018), “A Life in Economics”, PSL Quarterly Review, 71 (284), pp. 9-39.




How to Cite

Pérez Caldentey, E., & Moreno-Brid, J. C. (2024). Tony Thirlwall (21 April 1941 – 8 November 2023). PSL Quarterly Review, 76(307), 393–396.