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By Nicholas Kaldor

Those lectures comprise a masterful summing up of Nicholas Kaldor's critique of the rules of mainstream financial thought. they supply a really transparent account of his theoretical constructions on nearby variations, fundamental manufacturers and brands, and on differing industry buildings and the most likely process costs and amounts in numerous markets through the years. the 1st 4 lectures are involved in idea, historical past and clarification; the 5th contains an in depth set of built-in coverage proposals.

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2 46 THE PROBLEM OF INTERSEGTORAL BALANCE higher income elasticity of demand for industrial and service output. All these complications could be introduced into a more complex model without destroying its important characteristics though it might weaken some of them. As far as the present model is concerned, the important feature which emerges from it is that the critical factor in continued economic growth is the persistence or continuance of land-saving innovations - man's ability to extract more things, and a greater variety of things, from nature.

As I shall attempt to demonstrate in the next lecture, they arise out of the difficulty of keeping the growth of the availability of primary commodities in line with the growth of the absorptive capacity of the industrial sectors of the world. i. , diminish the sales proceeds of entrepreneurs relatively to the costs incurred, and if they go far enough, they threaten to undermine the foundations of the capitalist system. Hence, to counteract it, capitalist economies develop all kinds of devices for keeping up the propensity to consume of the working classes: modern large-scale advertising, the invention of hire purchase of durable consumer goods, and the provision of mortgage finance for the purchase of houses, are obvious examples.

This is the basic assertion underlying Keynes' principle of effective demand, and it constitutes the essential difference between the Keynesian view, according to which production is governed by demand, and the classical view of Ricardo, Say, and John Stuart Mill (as well as the neo-classicals) according to which demand has no independent role to play in the determination of either the total volume of production or its distribution. To understand the meaning of the Keynesian revolution, as well as the post-Keynesian theories of growth and distribution, it is worth setting out the opposing view, and the hypotheses on which they are built, in some detail.

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