nicholas kaldor

Nicholas Kaldor On Floating Exchange Rates

25 April 2013

Martin Wolf has a nice new column on imbalances creating troubles for the UK economy in the Financial Times: What a floating currency gives and what it does not. Why are current account deficits a haemorrhage in the flow of circular income? Weak external trade performance implies a drain in demand and hence pressure on the [...]

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… One Funeral At A Time?

8 April 2013

Eine neue wissenschaftliche Wahrheit pflegt sich nicht in der Weise durchzusetzen, daß ihre Gegner überzeugt werden und sich als belehrt erklären, sondern vielmehr dadurch, daß ihre Gegner allmählich aussterben und daß die heranwachsende Generation von vornherein mit der Wahrheit vertraut gemacht ist. Translation: A new scientific truth does not triumph by convincing its opponents and making [...]

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The Heavenly Walrasian Auctioneer

9 March 2013

When an economist talks of the “price mechanism”, it can be assumed that his theory is bunkum. Of course, it doesn’t mean that prices don’t play a role but the role played is entirely different than what the raw intuition of a normal person or the learned intuition for neoclassical economists says. Economists – neoclassical [...]

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Mario Draghi – Euro Saviour?

26 January 2013

Recently Mario Draghi, the European Central Bank President, has been going around telling everyone that “fiscal consolidation” is the absolutely essential to resolve the Euro Area crisis, given some positive developments. Although, this view of his is known and this has had a big influence on policy, he has become more and more vocal about [...]

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Origins Of The Sectoral Balances Identity

29 November 2012

I thought I should share what I found recently about who was to state the sectoral balances identity first – since it comes across as enlightening to say the least. I found the identity in Nicholas Kaldor’s 1944 article Quantitative Aspects Of The Full Employment Problem In Britain. It was published as Appendix C to Full Employment [...]

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Joe Stiglitz’s Presentation On Global Imbalances

19 November 2012

I came across this presentation of Joe Stiglitz (from INET earlier this year) today as someone referred to it on Facebook. I think I may have referred to it earlier. Stiglitz is certainly one of the better economists in mainstream. The presentation is at Business Insider with the title Joe Stiglitz’s Presentation On Why The Entire [...]

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Happy Diwali!

11 November 2012

Happy Diwali to my Indian (and also non-Indian) readers! Diwali is a celebration of the triumph of good over evil. Reminds of this: I think I had best begin by making my own position clear – I regard ‘monetarism’ as a terrible curse, a visitation of evil spirits, with particularly unfortunate, one could say devastating, [...]

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Nicholas Kaldor On European Political Union

6 November 2012

It is sometimes said that a fiscal union would be the best solution to the Euro Area crisis – perhaps it is the only solution. Indeed while the German leaders Angela Merkel and Wolfgang Schäuble have been trying to promote “more Europe” to achieve this objective, their plan is still defective since it is likely to [...]

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Nicholas Kaldor On The Common Market

16 August 2012

… Some day the nations of Europe may be ready to merge their national identities and create a new European Union – the United States of Europe. If and when they do, a European Government will take over all the functions which the Federal government now provides in the U.S., or in Canada or Australia. [...]

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Kaldor’s Growth Plan

8 August 2012

Dani Rodrik has a Project Syndicate article titled No More Growth Miracles and in my view rightly identifies problems of the world economy, although has less to say how to resolve the crisis. These were most well understood by Nicholas Kaldor (who was touched by genius in Wynne Godley’s words). In the previous post How To Find Nicholas Kaldor’s Works, [...]

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