nicholas kaldor

The Kaldor-Verdoorn Effect

26 August 2015

Brian Romanchuk has a nice post on how the case for productivity is something which is overstated by economists. There’s less discussion in the econoblogosphere on this. Here I’ll add a few things with a slightly different perspective. Sometime in the historic past, nations’ economies started diverging. Some nations’ fortunes rose while others lagged behind. […]


Kaldor’s Vision Of The Growth And Development Process According To Thirlwall

25 May 2015

Anthony Thirlwall’s new book Essays on Keynesian and Kaldorian Economics is out. It has a nice chapter (chapter 11) originally written by Thirlwall himself from 1991 titled Kaldor’s Vision Of The Growth And Development Process. The description from introduction (pdf from Palgrave’s website) is a good summary: Essay 11 outlines Kaldor’s vision of the growth and development process […]


Anthony Thirlwall’s New Book On Keynesian And Kaldorian Economics

28 January 2015

During the global economic and financial crisis Keynes became popular again but Nicholas Kaldor’s ideas and the mention of the man himself didn’t take off as much. It’s unfortunate, as Kaldor played a huge role in the development of Keynesian economics itself. Kaldor’s own ideas are a subject of its own. Anthony Thirlwall is releasing […]


Sergio Cesaratto’s Debate With Marc Lavoie On Whether The Euro Area Crisis Is A Balance-Of-Payments Crisis

22 December 2014

Sergio Cesaratto has a new paper Balance Of Payments Or Monetary Sovereignty? In Search Of The EMU’s Original Sin – A Reply To Lavoie. (html link, pdf link) I obviously agree with Sergio Cesaratto. As long as there is no supranational fiscal authority, a Euro Area nation’s economic success is more restricted by its exports than otherwise […]


IMF’s World Economic Outlook On Global Imbalances

30 September 2014

The IMF has released a couple of chapters from its upcoming World Economic Outlook. There is one chapter Are Global Imbalances At A Turning Point, which talks of not just “flow imbalances” (current account deficits/surpluses) but also “stock imbalances” (international investment positions). There is a nice table with a lot of information (although it is interested […]


Nicholas Kaldor On Rational Expectations

29 March 2014

I was recently re-reading an article by Nicholas Kaldor and J. Trevithick [1] and I came across this fine description of rational expectations: The main plank of the monetarist school has hitherto been that inflation is invariably ‘demand induced’: it can result only from an excessive demand for goods which, however, can manifest itself in […]


Bank Of England On Money Creation

12 March 2014

In the natural sciences, controversies are settled in a few months, or at a time of crisis, in a year or two, but in the social so-called sciences, absurd misunderstandings can continue for sixty or a hundred years without being cleared up. – Joan Robinson, 1981 (1979), What Are The Questions And Other Essays – Further Contributions To […]


Nicholas Kaldor’s Collected Economic Essays

6 February 2014

A lot of commenters on this blog have asked me about a list of papers of Nicholas Kaldor. I have scanned the covers and the table of contents of his Collected Economic Essays (Volumes 1-9) for the list. These papers are of course not exhaustive but the most important. The volumes are out of print […]


Goodbye Global Imbalances?

13 January 2014

In an article A Requiem for Global Imbalances for Project Syndicate, Barry Eichengreen writes as if global imbalances are a thing of the past and international trade in one less thing to worry about for the world economy. This follows some articles a few months back charting Euro Area current account balances which claimed Euro Area imbalances […]


Interest Rates And Investment

11 January 2014

There is a new interesting Federal Reserve paper The insensitivity of investment to interest rates: Evidence from a survey of CFOs. Abstract: A fundamental tenet of investment theory and the traditional theory of monetary policy transmission is that investment expenditures by businesses are negatively affected by interest rates. Yet, a large body of empirical research offer […]