tag:blogger.com,1999:blog-26706564.post3094929360371469073..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Kaldor's Contributions: An Impressionistic SurveyRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-26706564.post-42673437589962289972010-03-13T09:43:11.893-05:002010-03-13T09:43:11.893-05:00Is the Kaldorian model on industrial and General p...Is the Kaldorian model on industrial and General productivity in an economy applicable in understanding economic development in LDC's like Zambia?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-31930404389456270352008-11-07T12:43:00.000-05:002008-11-07T12:43:00.000-05:00What about Balance of Payment Constrains and Dual ...What about Balance of Payment Constrains and Dual Economies models of the late 70s-80s?<BR/><BR/>GualraEmilianohttps://www.blogger.com/profile/02184687935121352413noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-68660746885575736232008-10-22T01:02:00.000-04:002008-10-22T01:02:00.000-04:00I agree that refuting Hayek and Friedman at differ...I agree that refuting Hayek and Friedman at different points in his career is an important aspect of Kaldor's work. But I wanted to note how wide-ranging and varied his contributions were.<BR/><BR/>The theory of endogenous money is important for understanding the economy, independent of refuting Friedman. One idea I get out of both Kaldor and Minsky is that we'll never have a final set of regulations and institutions for capitalism. In particular, financial institutions will evolve such that what was a good set of regulations some time ago will need to be changed.Robert Vienneauhttps://www.blogger.com/profile/14748118392842775431noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-35479277044213020162008-10-21T04:47:00.000-04:002008-10-21T04:47:00.000-04:00"I want to mention Kaldor's theory of endogenous m...<I>"I want to mention Kaldor's theory of endogenous money."</I><BR/><BR/>I think that this aspect of his ideas are very important, given the central place banks and credit creation have in any modern economy. That the experiment in Monetarism confirmed his analysis is also significant. <BR/><BR/>Thatcher's government could NOT control the money supply, try as they might. They raised interest rates to reduce the demand for credit, deepening the recession, raising unemployment and so, eventually, lowering inflation by weakening labour's ability to resist the real wage cuts caused by inflation. <BR/><BR/>Truly an "economic miracle" (which, like all Friedmanite economic miracles, promptly imploded).<BR/><BR/>So Kaldor managed to expose the flaws in two winners of the so-called Nobel Prize in Economics. In the case of von Hayek, it was precisely for what he got the prize for! In the case of Friedman, it was the centre piece of his ideological framework.<BR/><BR/>Still, I guess being right in an unorthodox way is far worse than being proved wrong within the orthodoxy!<BR/><BR/>Iain<BR/><A HREF="http://www.anarchistfaq.org" REL="nofollow">An Anarchist FAQ</A>Anonymousnoreply@blogger.com