27 Facts About Nicholas Kaldor

Nicholas Kaldor, Baron Kaldor, born Kaldor Miklos, was a Cambridge economist in the post-war period.

Myrdal concentrated on the social provisioning aspect of development, while Nicholas Kaldor concentrated on demand-supply relationships to the manufacturing sector.

Nicholas Kaldor coined the term "convenience yield" related to commodity markets and the so-called theory of storage, which was initially developed by Holbrook Working.

Nicholas Kaldor Miklos was born in Budapest, son of Gyula Nicholas Kaldor, lawyer and legal adviser to the German legation in Budapest, and Jamba, an accomplished linguist and "a well-educated, cultured woman".

Nicholas Kaldor subsequently became an assistant lecturer and, by 1938, lecturer and reader in economics at the LSE.

Between 1943 and 1945, Nicholas Kaldor worked for the National Institute of Economic and Social Research and in 1947 he resigned from the LSE to become Director of Research and Planning at the Economic Commission for Europe.

Nicholas Kaldor was elected to a Fellowship at King's College, Cambridge and offered a lectureship in the Economics Faculty of the University in 1949.

Nicholas Kaldor became a Reader in Economics in 1952, and Professor in 1966.

From 1964, Nicholas Kaldor was an advisor to the Labour government of the UK and advised several other countries, producing some of the earliest memoranda regarding the creation of value added tax.

On 9 July 1974, Nicholas Kaldor was made a life peer as Baron Nicholas Kaldor, of Newnham in the City of Cambridge.

Nicholas Kaldor went to India's Centre for Development Studies in 1985 to inaugurate and deliver the first Joan Robinson Memorial Lecture.

Nicholas Kaldor had actually invented a fully coherent and highly realistic account of the business cycle in 1940.

Nicholas Kaldor's theory was similar to Samuelson's and Hicks' as it used a multiplier-accelerator model to understand the cycle.

Nicholas Kaldor was in effect integrating Roy Harrod's ideas about unbalanced growth into his theory.

Nicholas Kaldor's model modified this to include a negative coefficient for the capital stock:.

Nicholas Kaldor then assumed that the investment and savings functions are non-linear.

Nicholas Kaldor argued that at the peaks and troughs of the cycle the marginal propensity to save shifts in opposite ways.

Nicholas Kaldor argued that at the peaks and troughs of the cycle the marginal propensity to invest shifts.

When Nicholas Kaldor combines these components we get a clear six-stage model of the business cycle.

Nicholas Kaldor noted the importance of income distribution in his theory of the business cycle.

Nicholas Kaldor assumed that savings out of profits were higher than savings out of wages; that is, he argued that poorer people tend to save less than richer people.

Nicholas Kaldor believed that the business cycle had an inherent mechanism built into it that redistributed income across the cycle and that these mitigated "explosive" results.

Nicholas Kaldor assumed that those who set prices have more power than those who set wages and so prices will tend to rise faster than wages.

Nicholas Kaldor argued that due to the different savings propensities of capitalists and workers this will lead to higher savings.

Nicholas Kaldor makes strong assumptions about how wages and prices respond in both inflations and depressions.

The ignorance on the part of the American economists' knowledge of Nicholas Kaldor's model explains why the Cambridge Post-Keynesian economists found the ISLM model favoured by the American Neo-Keynesians to be crude and lacking.

Nicholas Kaldor was married to Clarissa Goldsmith, a prominent figure in Cambridge city life and a history graduate from Somerville College, Oxford.