Search results

1 – 10 of 259
Open Access
Article
Publication date: 11 April 2023

Keanu Telles

In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium…

1977

Abstract

Purpose

In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis.

Design/methodology/approach

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

Findings

The integration of capital theory into a business cycle theory by the Austrians and its shortcomings – e.g. criticized by Piero Sraffa and Gunnar Myrdal – called attention to the limitation of the theoretical apparatus of equilibrium analysis in dynamic contexts. This was a central element to Kaldor’s emancipation in 1934 and his subsequent conversion to John Maynard KeynesThe General Theory of Employment, Interest, and Money (1936). In addition, it was pivotal to Hayek’s reformulation of equilibrium as a social coordination problem in “Economics and Knowledge” (1937). It also had implications for Kaldor’s mature developments, such as the construction of the post-Keynesian models of growth and distribution, the Cambridge capital controversy, and his critique of neoclassical equilibrium economics.

Originality/value

The close encounter between Kaldor and Hayek in the early 1930s, the developments during that decade and its mature consequences are unexplored in the secondary literature. The author attempts to construct a coherent historical narrative that integrates many intertwined elements and personas (e.g. the reception of Knut Wicksell in the English-speaking world; Piero Sraffa’s critique of Hayek; Gunnar Myrdal’s critique of Wicksell, Hayek, and Keynes; the Hayek-Knight-Kaldor debate; the Kaldor-Hayek debate, etc.) that were not connected until now by previous commentators.

Content available
Book part
Publication date: 8 May 2018

Nigel Culkin and Richard Simmons

Abstract

Details

Mastering Brexits Through The Ages
Type: Book
ISBN: 978-1-78743-897-2

Content available
Book part
Publication date: 28 December 2016

Ken R. Blawatt

Abstract

Details

Marconomics
Type: Book
ISBN: 978-1-78635-565-2

Content available
Book part
Publication date: 9 February 2004

Abstract

Details

Economic Complexity
Type: Book
ISBN: 978-0-44451-433-2

Content available
Book part
Publication date: 19 November 2016

Taranza T. Ganziro and Robert G. Vambery

Abstract

Details

The Exorbitant Burden
Type: Book
ISBN: 978-1-78560-641-0

Content available
Book part
Publication date: 18 August 2020

Piero Formica

Abstract

Details

Econaissance
Type: Book
ISBN: 978-1-80043-517-9

Content available
Book part
Publication date: 26 September 2022

Richard D. Simmons and Nigel Culkin

Abstract

Details

Covid, Brexit and The Anglosphere
Type: Book
ISBN: 978-1-80382-690-5

Open Access
Book part
Publication date: 30 April 2019

S. J. Oswald A. J. Mascarenhas

Abstract

Details

Corporate Ethics for Turbulent Markets
Type: Book
ISBN: 978-1-78756-192-2

Content available
Book part
Publication date: 1 September 2017

Abstract

Details

The Ideological Evolution of Human Resource Management
Type: Book
ISBN: 978-1-78743-389-2

Content available
Book part
Publication date: 5 February 2019

Les Coleman

Abstract

Details

New Principles of Equity Investment
Type: Book
ISBN: 978-1-78973-063-0

1 – 10 of 259