Great Thinkers in Economics

By: John Edward King

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Hardcover | 17 December 2008 | Edition Number 1

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264 Pages

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Nicholas Kaldor spent his childhood in Hungary before settling in London and absorbing the influences of Hayek and Keynes, among others. By the end of the 1930s, he had risen to the peak of his profession, and his work on equilibrium, welfare economics, trade cycles, growth theory, and the economics of 'total war' were seminal. His wartime writings influenced the creation of the huge social democratic majority that resulted in the Labour landslide of 1945, and his work on postwar reconstruction looked forward to the possibility of a genuinely new and better form of society. In 1949 Kaldor moved to Cambridge and was one of the architects of the post-Keynesian growth and distribution theory. The decades after the Second World War saw Kaldor play a central part in British economic policy. In the 1980s he proved to be a powerful opponent of monetarism, and his arguments found an audience both inside and outside the economics profession.
This book explores the life and work of Nicholas Kaldor, examining the influences that shaped and inspired his writings and opinions, and looking in detail at the crucial part he played in twentieth-century economics, from both a theoretical and a policy perspective. Offering a comprehensive intellectual portrait, the book explains this great economist's importance in his own time and in ours.

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List of Illustrations	p. vii
Acknowledgements	p. viii
An Economist from Hungary	p. 1
The Kaldor plan to save the world	p. 1
Budapest, Berlin, London and Cambridge	p. 3
Public figure and private citizen	p. 8
Sixty years of economics	p. 12
Not the Devil's Decade	p. 16
Macroeconomics, capital and prices	p. 16
Equilibrium (1934)	p. 20
Welfare (1939)	p. 23
Speculation (1939)	p. 27
Cycles (1940)	p. 30
Kaldor's War	p. 36
From London to Cambridge	p. 36
How to pay for the war	p. 37
Accounting for macroeconomists	p. 40
Unless we plan now à	p. 45
Beveridge I: The welfare state	p. 47
Beveridge II: Full employment in peacetime	p. 49
After the war	p. 55
A Return to Theory	p. 58
Generalising the General Theory	p. 58
Trend and cycle revisited	p. 60
Alternative theories of income distribution	p. 62
Kaldor on growth: Mark I	p. 66
Kaldor on growth: Mark II	p. 69
Kaldor on growth: Mark III	p. 71
Theory, history and policy	p. 75
The end of high theory	p. 79
The British Economic Disaster, 1964-1979	p. 81
In the beginning (1945-1951)	p. 81
Kaldor's socialism	p. 89
æThirteen wasted years' (1951-1964)	p. 93
The first Wilson Government (1964-1970)	p. 96
Theory and pratice	p. 99
The Wilson and Callaghan Governments (1974-1979)	p. 106
The verdict	p. 108
Kaldor and the Third World	p. 110
Problems of underdevelopment	p. 110
The development economist	p. 113
The policy analyst	p. 118
The tax adviser	p. 123
The great stagflation and the North-South model of instability and growth	p. 126
What development taught Kaldor	p. 132
The Scourge of Monetarism	p. 134
What's wrong with the Quantity Theory?	p. 134
The new monetarism	p. 140
Monetarism Mark I and Mark II	p. 144
An angry old man	p. 149
Limitations of the General Theory	p. 154
A Pyrrhic victory	p. 158
The Irrelevance of Equilibrium Economics	p. 160
Economics in crisis	p. 160
The irrelevance of equilibrium economics	p. 162
Kaldor on method	p. 166
Economics without equilibrium	p. 171
Kaldor and the Post Keynesians	p. 176
From insider to outsider	p. 182
Kaldor in His Time - and Ours	p. 184
What the other said	p. 184
Strengths and weakness	p. 189
Kaldor in his time - and ours	p. 198
Notes	p. 201
Bibliography	p. 215
Index	p. 239
Table of Contents provided by Ingram. All Rights Reserved.

Great Thinkers in Economics

At a Glance

Hardcover

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How to return your order

Defective items

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