By J. King
This ebook explores the lifestyles and paintings of Nicholas Kaldor, interpreting the impacts that encouraged his writings and the the most important half he performed in twentieth-century economics.
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Extra info for Nicholas Kaldor (Great Thinkers in Economics)
22) the state should step in, ‘forcing industries to sell at truly competitive prices – and at prices at which only the efficient, and not the inefficient firms can survive’.
Here the amplitude is determined by endogenous factors and the assumption of ‘initial shocks’ is itself unnecessary. (Kaldor 1940c, pp. 91–2) These features of the 1940 Kaldor model were important. They opened up an important new area of trade cycle research, in which regular endogenous fluctuations could be generated without the need to rely on time-lags or erratic shocks (Matthews 1959). However, the article received little critical attention on publication, appearing as it did only months before the end of the ‘phoney war’ and the start of the Battle of Britain.
Pp. 85–6). If the first condition is not met, the economy will be stable, and there will be no trade cycle. If the second condition is not met, the economy will be unstable downwards (and capitalism will collapse). , p. 87). All this was set out without any mathematics. When the model was eventually subjected to formal analysis it proved to have serious weaknesses. The necessary and sufficient conditions for cyclical fluctuations that are specified by Kaldor are defective, and the persistence of cycles depends crucially on parameter values, the speed of adjustment, initial disturbances and the exact position of the S and I functions (Chang and Smyth 1971).