Edited by Louis-Philippe Rochon and Sergio Rossi
Chapter 8: Nicholas Kaldor and the war on monetarism
This chapter draws on Nicholas Kaldor’s pre-1960 writings on money, which have received less scholarly attention than his later work. They reveal that Kaldor was always an opponent of monetarism, even if he was not always a consistent critic of exogenous money. They also show that monetary endogeneity was never the central question for him, since his critique of the quantity theory was always much broader than this. Long before Margaret Thatcher made her celebrated declaration, Kaldor was vigorously denying that ‘there is no alternative’ to deflationary monetary policy as a remedy for inflation and affirming instead the case for incomes policy and commodity price stabilization.
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