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Change, Continuity, and Originality in Kaldor’s Monetary Theory

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Nicholas Kaldor and Mainstream Economics

Abstract

For Harry G. Johnson, perhaps the most famous Canadian economist, Nicholas Kaldor and John Hicks were ‘illiterate monetary policy amateurs’ (1978, p. 126). It is well known that Milton Friedman (1970) in his response to Kaldor’s ‘New Monetarism’, called him a Johnny-come-lately. In much more diplomatic terms, this was also James Tobin’s more recent assessment of Kaldor’s involvement in the monetarist debates (1983, p. 36). On the other hand, British authors, such as A. P. Thirlwall (1983, p. 43) and Grahame Thompson (1981, p. 68), have claimed that Kaldor’s memoranda on money presented the most effective repudiation of key monetarist assumptions.

This paper was also presented at the 1988 meeting of the History of Economics Society in Toronto. I made use of comments by V. Chick (London), A. B. Cramp (Cambridge), D. Laidler (Western Ontario), F. Petri (Siena) and T. K. Rymes (Carleton).

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Authors
  1. M. Lavoie
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Editors and Affiliations

  1. New School for Social Research, New York, USA

    Edward J. Nell (Professor of Economics) & Willi Semmler (Associate Professor of Economics) (Professor of Economics) &  (Associate Professor of Economics)

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© 1991 Edward J. Nell and Willi Semmler

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Lavoie, M. (1991). Change, Continuity, and Originality in Kaldor’s Monetary Theory. In: Nell, E.J., Semmler, W. (eds) Nicholas Kaldor and Mainstream Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10947-0_15

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