Nicholas Kaldor and Mainstream Economics Confrontation or Convergenc
An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to cyclical growth in a Kaldorian model, to Nicholas Kaldor as advocate of commodity reserve currency.
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Also by Edward J. Nell KEYNES AFfER SRAFFA: The Reconstruction of Political Economy EFFECTIVE DEMAND AND TRANSFORMATIONAL GROWTH: Economics after the Capital Critique FREE MARKET CONSERVATISM: A Critique of Theory and Practice GROWTH, PROFITS AND PROPERTY BEYOND THE STEADY STATE: The Revival of Growth Theory (with Joseph Halevi and David Laibman) RATIONAL ECONOMIC MAN (with Martin Hollis) PROSPERITY AND PUBLIC SPENDING: Transformational Growth and the Role of the State
Also by Willi Semmler COMPETITION, INSTABILITY AND NONLINEAR CYCLES (editor) COMPETITION, MONOPOLY AND DIFFERENTIAL PROFIT RATES FINANCIAL DYNAMICS AND BUSINESS CYCLES (editor)
Nicholas Kaldor and Mainstreant Econontics Confrontation or Convergence? Edited by
Edward J. Nell
Professor of Economics New School for Social Research, New York and
Willi Semmler
Associate Professor of Economics New School for Social Research, New York
Palgrave Macmillan
ISBN 978-1-349-10949-4 ISBN 978-1-349-10947-0 (eBook) DOI 10.1007/978-1-349-10947-0 ©Edward J. Nell and Willi Semmler, 1991 Softcover reprint of the hardcover 1st edition 1991 978-0-333-49473-8 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1991 ISBN 978-0-312-05356-7 Library of Congress Cataloging-in-Publication Data Nicholas Kaldor and mainstream economics: confrontation or convergence?/edited by Edward J. Nell and Willi Semmler. p. em. ISBN 978-0-312-05356-7 1. Kaldor, Nicholas, 1908-1986. 2. Economics. I. Nell, Edward J. II. Semmler, Willi. HB 103.K36N53 1991 330.1--dc20 ~893 CIP
In memory of Nicholas Kaldor: dedicated to those working to solve the problems of the Third World
on the nature of time:
It seems clear that if we are to get out of the present impasse we must
begin by constructing a different kind of abstract model, one that recognizes from the beginning that time is a continuing and irreversible process; that it is impossible to assume the constancy of anything over time, such as the supply of labor or capital, the psychological preferences for commodities, the nature and number of commodities, or technical knowledge. All these things are in a continuous process of change but the forces that make for change are endogenous not exogenous to the system.
- Economics Without Equilibrium
Contents Acknowledgements
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xi
Notes on the Contributors Editors' Introduction: Alternative Theories
1
PART I NICHOLAS KALDOR: AN OVERALL EVALUATION 1 Nicholas Kaldor 1908--86 A. P. Thirlwall 2 Nicholas Kaldor Remembered J. K. Galbraith
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PART II METHODOLOGY AND BASIC APPROACH 3 Kaldor between Hayek and Keynes, or: Did Nicky Kill Capital Theory? M. Desai 4 A Sweeping New Non-substitution Theorem: Kaldor's Discovery of the von Neumann Input-Output Model P. A. Samuelson 5 Equilibrium and Stability in Classical Theory D. J. Harris 6 On the Resolution of Conflicts by Compensation U. Krause 7 The Impact of the Division of Labor on Market
T. Sci
