The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 76: Nicholas Kaldor

A.P. Thirlwall


Nicholas Kaldor (1908–1986) was Hungarian, and a student and teacher at the London School of Economics (LSE) from 1927 to 1947. He was one of the first academics at the LSE to be converted to Keynesian economics. When Kaldor was appointed to Cambridge in 1949, he took on the mantle shed by Keynes, and was one of the foremost post-Keynesian economists, along with Joan Robinson, Richard Kahn and Luigi Pasinetti, who became joint architects of post-Keynesian growth and distribution theory in strong opposition to neoclassical theory. Kaldor was also involved in many other areas of economics. He pioneered the structural approach to growth; he became one of the world’s leading tax experts; he led a worldwide the attack on the doctrine of monetarism; he was a fierce critic of general equilibrium theory, and, above all, he never lost faith in the basic Keynesian messages of how capitalist economies function in the real world.

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