Nicholas Kaldor

Nicholas Kaldor
Nicholas Kaldor
Post-Keynesian economics
Nicholas Kaldor.jpg
Born 12 May 1908(1908-05-12)
Budapest, Hungary
Died 30 September 1986(1986-09-30) (aged 78)
Papworth Everard, Cambridgeshire, England
Nationality Great Britain
Field Political economy
Influences John Maynard Keynes
Influenced Joan Robinson, Tony Thirlwall
Contributions Kaldor–Hicks efficiency
Kaldor's growth laws

Nicholas Kaldor, Baron Kaldor (born Káldor Miklós) (12 May 1908 - 30 September 1986) was one of the foremost Cambridge economists in the post-war period. He developed the famous "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the famous cobweb model and argued that there were certain regularities that are observable as far as economic growth is concerned (Kaldor's growth laws)-Kadlor.[1] .Kaldor worked alongside with Gunnar Myrdal to develop the key concept Circular Cumulative Causation , a multi-causal approach where the core variables and their linkages are delineated. Both Myrdal and Kaldor examine circular relationships, where the interdependencies between factors are relatively strong, and where variables interlink in the determination of major processes. Kaldor also coined the term "convenience yield"[2] related to commodity markets and the so called theory of storage, which was initially developed by Holbrook Working.



He was born Káldor Miklós in Budapest, and was educated there, as well as in Berlin, and at the London School of Economics, where he subsequently became a lecturer. After service in World War II, he held a senior post with the Economic Commission for Europe. From 1964, he was an advisor to the Labour government of the UK and also advised several other countries, producing some of the earliest memoranda regarding the creation of value added tax. Inter alia, Kaldor was considered, with his fellow-Hungarian Thomas Balogh, one of the intellectual authors of the 1964-70 Harold Wilson's government's short-lived "selective employment tax (SET)" designed to tax employment in service sectors while subsidising employment in manufacturing. In 1966, he became professor of economics at the University of Cambridge. In 1974, Kaldor was made a life peer as Baron Kaldor, of Newnham in the City of Cambridge.

Married to Clarissa Goldsmith, a prominent figure in Cambridge city life, he had four daughters, including Frances Stewart, Professor of Economic Development at the University of Oxford, and Mary Kaldor, Professor of Human Security at the London School of Economics.

He died in Papworth Everard, Cambridgeshire.


  • The Case Against Technical Progress, 1932, Economica
  • The Determinateness of Static Equilibrium, 1934, RES
  • The Equilibrium of the Firm, 1934, EJ
  • Market Imperfection and Excess Capacity, 1935, Economica
  • Pigou on Money Wages in Relation to Unemployment, 1937, EJ
  • 1939, Welfare propositions of economics and interpersonal comparisons of utility. Economic Journal 49:549–52.
  • Speculation and Economic Stability, 1939, RES
  • Capital Intensity and the Trade Cycle, 1939, Economica
  • A Model of the Trade Cycle, 1940, EJ
  • Professor Hayek and the Concertina Effect, 1942, Economica
  • The Relation of Economic Growth and Cyclical Fluctuations, 1954 EJ
  • An Expenditure Tax, 1955.
  • Alternative Theories of Distribution, 1956, RES
  • A Model of Economic Growth, 1957, EJ
  • Monetary Policy, Economic Stability, and Growth, 1958.
  • Economic Growth and the Problem of Inflation, 1959, Economica.
  • A Rejoinder to Mr. Atsumi and Professor Tobin, 1960, RES
  • Keynes's Theory of the Own-Rates of Interest, 1960, in Kaldor, 1960.
  • Essays on Value and Distribution, 1960.
  • Essays on Economic Stability and Growth, 1960.
  • Capital Accumulation and Economic Growth, 1961, in Lutz, editor, Theory of Capital
  • A New Model of Economic Growth, with James A. Mirrlees, 1962, RES
  • The Case for a Commodity Reserve Currency, with A.G. Hart and J. Tinbergen, 1964, UNCTAD
  • Essays on Economic Policy, 1964, two volumes.
  • Causes of the Slow Rate of Economic Growth in the UK, 1966.
  • The Case for Regional Policies, 1970, Scottish JE.
  • The New Monetarism, 1970, Lloyds Bank Review
  • Conflicts in National Economic Objectives, 1970, EJ
  • The Irrelevance of Equilibrium Economics, 1972, EJ
  • What is Wrong with Economic Theory, 1975, QJE
  • Inflation and Recession in the World Economy, 1976, EJ
  • Equilibrium Theory and Growth Theory, 1977, in Boskin, editor, Economics and Human Welfare.
  • Capitalism and Industrial Development, 1977, Cambridge JE
  • Further Essays on Economic Theory, 1978.
  • The Role of Increasing Returns, Technical Progress and Cumulative Causation..., 1981, Economie Appliquee
  • Fallacies on Monetarism, 1981, Kredit und Kapital.
  • The Scourge of Monetarism, 1982.
  • The Role of Commodity Prices in Economic Recovery, 1983, Lloyds Bank Review
  • Keynesian Economics After Fifty Years, 1983, in Trevithick and Worswick, editors, Keynes and the Modern World
  • Economics Without Equilibrium, 1985.

See also


  1. ^ Kaldor, N. (1967) Strategic Factors in Economic Development, New York, Ithaca
  2. ^ Kaldor, N. (1939) "Speculation and economic stability, The Review of Economic Studies

Further reading

  • Thirlwall, Anthony P. (1987). Nicholas Kaldor. New York: New York University Press. 
  • Memorandum on the value added tax, Labour NEC archives, 1963

External links

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Look at other dictionaries:

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