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KALDOR's WAR J.E. King*
DEPARTMENT OF ECONOMICS ISSN 1441-5429 DISCUSSION PAPER 25/07 KALDOR’S WAR * J.E. King * Department of Economics and Finance, La Trobe University, Victoria 3086, Australia Email: [email protected] © 2007 J.E. King All rights reserved. No part of this paper may be reproduced in any form, or stored in a retrieval system, without the prior written permission of the author. Introduction In the 1930s the young Nicholas Kaldor (1908-1986) established himself as one of the world’s leading economic theorists (King 2007). As with so many lives, Kaldor’s was turned around by the Second World War. This was not the result of enemy action. Although his family in Hungary suffered grievously at the hands of the Nazis, Nicky himself was not called to arms. While he had become a British citizen in 1934, and made enquiries about joining the Civil Service as an economic advisor, he was told that his Hungarian origins would disqualify him from anything other than menial duties in Whitehall. He therefore decided to stay in academia, and relocated to Cambridge with his remaining LSE colleagues in September 1939, when the Ministry of Works took over the School’s Aldwych site in central London .1 Now based at Peterhouse, Kaldor was able to deepen old friendships and develop new ones. A ‘war circus’ of economists began to operate, named by analogy with the ‘Cambridge circus’ of young theorists who had interrogated Keynes in 1930- 1 after the publication of the Treatise on Money and helped to focus his mind on the revolutionary breakthrough of the General Theory (Moggridge 1995, pp. -
RICHARD STONE 13 Millington Road, Cambridge, U.K
THE ACCOUNTS OF SOCIETY Nobel Memorial Lecture, 8 December, 1984 RICHARD STONE 13 Millington Road, Cambridge, U.K. CONTENTS 1. The role of accounting systems 2. Precursors 3. Concepts and definitions 4. The national economic accounts 5. Statistical problems 6. Regional accounts 7. Demographic accounts 8. Concluding remarks 9. A list of works cited THE ACCOUNTS OF SOCIETY 1. The Role of Accounting Systems This morning I shall discuss how accounting can be useful in describing and understanding society. The three pillars on which an analysis of society ought to rest are studies of economic, socio-demographic and environmental phenom- ena. Naturally enough, accounting ideas are most developed in the economic context, and it is to this that I shall devote much of my time, but they are equally applicable in the other two fields. By organising our data in the form of accounts we can obtain a coherent picture of the stocks and flows, incomings and outgoings of whatever variables we are interested in, whether these be goods and services, human beings or natural resources, and thence proceed to analyse the system of which they form part. The function of the national accounts in this process can perhaps be better understood if I illustrate it with a diagram. In the first box of diagram 1 we have our facts, organised as far as possible into a coherent set of accounts. Given this quantitative framework, we can formulate some hypotheses, or theories, about the technical and behavioural relationships that connect them. By combining facts and theories we can construct a model which when translated into quantitative terms will give us an idea of how the system under investigation actually works. -
Robert Fogel Interview
RF Winter 07v43-sig3-INT 2/28/07 11:13 AM Page 44 INTERVIEW Robert Fogel In the early 1960s, few economic historians engaged RF: I understand that your initial academic interests in rigorous quantitative work. Robert Fogel and the were in the physical sciences. How did you become “Cliometric Revolution” he led changed that. Fogel interested in economics, especially economic history? began to use large and often unique datasets to test Fogel: I became interested in the physical sciences while some long-held conclusions — work that produced attending Stuyvesant High School, which was exceptional in some surprising and controversial results. For that area. I learned a lot of physics, a lot of chemistry. I had instance, it was long believed that the railroads had excellent courses in calculus. So that opened the world of fundamentally changed the American economy. science to me. I was most interested in physical chemistry and thought I would major in that in college, but my father said Fogel asked what the economy would have looked that it wasn’t very practical and persuaded me to go into like in their absence and argued that, while important, electrical engineering. I found a lot of those classes boring the effect of rail service had been greatly overstated. because they covered material I already had in high school, so it wasn’t very interesting and my attention started to drift elsewhere. In 1945 and 1946, there was a lot of talk about Fogel then turned to one of the biggest issues in all whether we were re-entering the Great Depression and the of American history — antebellum slavery. -
Ten Nobel Laureates Say the Bush
Hundreds of economists across the nation agree. Henry Aaron, The Brookings Institution; Katharine Abraham, University of Maryland; Frank Ackerman, Global Development and Environment Institute; William James Adams, University of Michigan; Earl W. Adams, Allegheny College; Irma Adelman, University of California – Berkeley; Moshe Adler, Fiscal Policy Institute; Behrooz Afraslabi, Allegheny College; Randy Albelda, University of Massachusetts – Boston; Polly R. Allen, University of Connecticut; Gar Alperovitz, University of Maryland; Alice H. Amsden, Massachusetts Institute of Technology; Robert M. Anderson, University of California; Ralph Andreano, University of Wisconsin; Laura M. Argys, University of Colorado – Denver; Robert K. Arnold, Center for Continuing Study of the California Economy; David Arsen, Michigan State University; Michael Ash, University of Massachusetts – Amherst; Alice Audie-Figueroa, International Union, UAW; Robert L. Axtell, The Brookings Institution; M.V. Lee Badgett, University of Massachusetts – Amherst; Ron Baiman, University of Illinois – Chicago; Dean Baker, Center for Economic and Policy Research; Drucilla K. Barker, Hollins University; David Barkin, Universidad Autonoma Metropolitana – Unidad Xochimilco; William A. Barnett, University of Kansas and Washington University; Timothy J. Bartik, Upjohn Institute; Bradley W. Bateman, Grinnell College; Francis M. Bator, Harvard University Kennedy School of Government; Sandy Baum, Skidmore College; William J. Baumol, New York University; Randolph T. Beard, Auburn University; Michael Behr; Michael H. Belzer, Wayne State University; Arthur Benavie, University of North Carolina – Chapel Hill; Peter Berg, Michigan State University; Alexandra Bernasek, Colorado State University; Michael A. Bernstein, University of California – San Diego; Jared Bernstein, Economic Policy Institute; Rari Bhandari, University of California – Berkeley; Melissa Binder, University of New Mexico; Peter Birckmayer, SUNY – Empire State College; L. -
Has Universal Development Come of Age?
Transforming Development Knowledge Volume 48 | Number 1A | October 2017 HAS UNIVERSAL DEVELOPMENT COME OF AGE? Editor Richard Longhurst Vol. 48 No. 1A October 2017: ‘Has Universal Development Come of Age?’ Contents Introduction: Universal Development – Research and Practice Richard Longhurst Article first published October 2017, IDSB48.1A Editorial: Britain: A Case for Development? Richard Jolly and Robin Luckham Article first published December 1977, IDSB9.2 Back to the Ivory Tower? The Professionalisation of Development Studies and their Extension to Europe Dudley Seers Article first published December 1977, IDSB9.2 Redistribution with Sloth – Britain’s Problem? Richard Jolly Article first published December 1977, IDSB9.2 Keynes, Seers and Economic Development H.W. Singer Article first published July 1989, IDSB20.3 Poverty and Social Exclusion in North and South Arjan de Haan and Simon Maxwell Article first published January 1998, IDSB29.1 Comparisons, Convergence and Connections: Development Studies in North and South Simon Maxwell Article first published January 1998, IDSB29.1 Poverty, Participation and Social Exclusion in North and South John Gaventa Article first published January 1998, IDSB29.1 Introduction: New Democratic Spaces? The Politics and Dynamics of Institutionalised Participation Andrea Cornwall Article first published April 2004, IDSB35.2 Power, Participation and Political Renewal: Issues from a Study of Public Participation in Two English Cities Marian Barnes, Helen Sullivan, Andrew Knops and Janet Newman Article first published April 2004, IDSB35.2 Development Research: Globalised, Connected and Accountable Lawrence Haddad Article first published March 2007, IDSB38.2 Singer Keynes, Seers and Economic Development DOI: 10.19088/1968-2017.140 bulletin.ids.ac.uk Three Dudley Seers Memorial Lectures H. -
Nicholas Kaldor
PROFILES OF WORLD ECONOMISTS 26 NICHOLAS KALDOR NICHOLAS KALDOR – ONE OF THE FIRST CRITICS OF MONETARISM doc. Ing. Ján Iša, DrSc. Known in economic circles as one of the thought in several fields, but it was his work founders of Post-Keynesianism, Nicholas on the theory of distribution and economic Kaldor (1908–1986) ranks among the worl- growth that stirred the greatest reaction. d's foremost economists of the second half Less well-known, however, is Kaldor's con- of the 20th century. Kaldor contributed to tribution to monetary theory, which has long the development of modern economic been standing quietly in the background. Nicholas Kaldor was born in Budapest on 12 May 1908. rous Third World countries, as well as an advisor to central His father was a lawyer and his mother came from wealthy banks and to the United Nations Economic Commission for business family. Although his father had wanted him to Latin America. Most significant, however, was his role as an study law, Kaldor opted for economics. He began his studi- advisor to Labour finance ministers from 1964 to 1968 and es at the University of Berlin in 1925 and then after two 1974 to 1976. After completing his two-year mission in years moved to the London School of Economics (LSE), Geneva in 1949, Kaldor began to work at Cambridge Uni- from which he graduated in 1930. He remained at the LSE versity and became, as John Maynard Keynes had been, a as lecturer until 1947, during which time his colleagues inc- fellow of King's College, Cambridge. -
Gary Becker and the Art of Economics by Aloysius Siow, Professor of Economics, University of Toronto May 24, 2014
Gary Becker and the Art of Economics by Aloysius Siow, Professor of Economics, University of Toronto May 24, 2014. Gary Becker, an American economist, died on May 3, 2014, at the age of 83. His major contribution was the systematic application of economics to the analysis of social issues. He used economics to study discrimination, criminal behavior, human capital, marriage, fertility and other social issues. Becker won the Nobel Prize in economics in 1992. He also won the John Bates Clark medal, awarded to the best American economist under 40, in 1967; and the Presidential Medal of Freedom, the highest honor award by the US president to a civilian, in 2007. Becker's father, Louis William Becker, migrated from Montreal to the United States at age sixteen and moved several times before settling down in Pottsville, Pennsylvania. Becker's mother was Anna Siskind. He was born in Pottsville in 1930. At age five, Gary and his family moved to Brooklyn. He graduated from James Madison High School and went to Princeton University for college. He did his PhD at the University of Chicago where he met Milton Friedman who would have an enormous influence on his intellectual development. After he obtained his PhD, Becker spent a few years as an assistant professor at the University of Chicago and then moved to Columbia University. In 1970, Becker returned to the University of Chicago where he remained as a professor until his death. While impressive, a list of what he wrote on does not explain why he is so intellectually influential. His mentor, Friedman, always said that "There is no such thing as a free lunch" and applied it widely in market environments. -
Putting Auction Theory to Work
Putting Auction Theory to Work Paul Milgrom With a Foreword by Evan Kwerel © 2003 “In Paul Milgrom's hands, auction theory has become the great culmination of game theory and economics of information. Here elegant mathematics meets practical applications and yields deep insights into the general theory of markets. Milgrom's book will be the definitive reference in auction theory for decades to come.” —Roger Myerson, W.C.Norby Professor of Economics, University of Chicago “Market design is one of the most exciting developments in contemporary economics and game theory, and who can resist a master class from one of the giants of the field?” —Alvin Roth, George Gund Professor of Economics and Business, Harvard University “Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression.” —Evan Kwerel, Federal Communications Commission, from the Foreword For Robert Wilson Foreword to Putting Auction Theory to Work Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression. In August 1993, President Clinton signed legislation granting the Federal Communications Commission the authority to auction spectrum licenses and requiring it to begin the first auction within a year. With no prior auction experience and a tight deadline, the normal bureaucratic behavior would have been to adopt a “tried and true” auction design. But in 1993 there was no tried and true method appropriate for the circumstances – multiple licenses with potentially highly interdependent values. -
Nobel Memoir
Memoir JOSEPH E. STIGLITZ I was born in Gary, Indiana, at the time, a major steel town on the southern shores of Lake Michigan, on February 9, 1943. Both of my parents were born within six miles of Gary, early in the century, and continued to live in the area until 1997. I sometimes thought that my perignations made up for their stability. There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists. (Paul allegedly once wrote a letter of recommendation for me which summarized my accomplishments by saying that I was the best economist from Gary, Indiana.) Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them. I grew up in a family in which political issues were often discussed, and debated intensely. My mother’s family were New Deal Democrats—they worshipped FDR; and though my uncle was a highly successful lawyer and real estate entrepreneur, he was staunchly pro-labor. My father, on the other hand, was probably more aptly described as a Jeffersonian democrat; a small businessman (an independent insurance agent) himself, he repeatedly spoke of the virtues of self-employment, of being one’s own boss, of self-reliance. He worried about big business, and valued our competition laws. I saw him, conservative by nature, buffeted by the marked changes in American society during the near-century of his life, and adapt to these changes. -
Welfare Goal in Antitrust Journals.Sagepub.Com/Home/Abx
The Antitrust Bulletin 1-39 ª The Author(s) 2018 The Unsound Theory Behind Article reuse guidelines: sagepub.com/journals-permissions the Consumer (and Total) DOI: 10.1177/0003603X18807802 Welfare Goal in Antitrust journals.sagepub.com/home/abx Mark Glick* Abstract This is the first installment of a two-part commentary on the New Brandeis School (the “New Brandeisians”) in Antitrust. In this first part, I examine why the New Brandeisians are correct to reject the consumer welfare standard. Instead of arguing, as the New Brandeisians do, that the consumer welfare standard leads to unacceptable outcomes, I argue that the consumer or total welfare standard was theoretically flawed and unrigorous from the start. My basic argument is that antitrust law addresses the impact of business strategies in markets where there are winners and losers. For example, in the classical exclusionary monopolist case, the monopolist’s conduct is enjoined to increase competition in the affected market or markets. As a result of the intervention, consumers benefit, but the monopolist is worse off. One hundred years of analysis by the welfare economists themselves shows that in such situations “welfare” or “consumer welfare” cannot be used as a reliable guide to assess the results of antitrust policy. Pareto Optimality does not apply in these situations because there are losers. Absent an ability to divine “cardinal utility” from obser- vations of market behavior, other approaches such as consumer surplus, and compensating and equivalent variation cannot be coherently extended from the individual level to markets. The Kaldor-Hicks compensation principle that is in standard use in law and economics was created to address problems of interpersonal comparisons of utility and the existence of winners and losers. -
A Macroeconomic Approach to Optimal Unemployment Insurance: Applications†
American Economic Journal: Economic Policy 2018, 10(2): 182–216 https://doi.org/10.1257/pol.20160462 A Macroeconomic Approach to Optimal Unemployment Insurance: Applications† By Camille Landais, Pascal Michaillat, and Emmanuel Saez* In the United States, unemployment insurance UI is more generous when unemployment is high. This paper examines( ) whether this pol- icy is desirable. The optimal UI replacement rate is the Baily-Chetty replacement rate plus a correction term measuring the effect of UI on welfare through labor market tightness. Empirical evidence suggests that tightness is inefficiently low in slumps and inefficiently high in booms, and that an increase in UI raises tightness. Hence, the cor- rection term is positive in slumps but negative in booms, and optimal UI is indeed countercyclical. Since there remains some uncertainty about the empirical evidence, the paper provides a thorough sensi- tivity analysis. JEL E24, E32, J64, J65 ( ) n the United States, unemployment insurance UI is more generous when ( ) Iunemployment is high. This policy started as an exceptional measure after the 1957–1958 recession and became a permanent program in 1970. Despite its long history, the policy remains debated. This paper examines whether the policy is desir- able from a welfare perspective. We conduct the welfare analysis in a matching model. We extend the static model from a companion paper Landais, Michaillat, and Saez 2018 into a dynamic model ( ) better suited for quantitative applications Section I . The model features most ( ) effects discussed in the policy debate: the effects of UI on job search, on wages, on job vacancies, and on aggregate unemployment.1 The optimal generosity of UI is given by a sufficient-statistic formula: the optimal replacement rate equals the Baily-Chetty replacement rate, a well-researched entity, plus a correction term mea- suring the effect of UI on social welfare through labor market tightness. -
Programme Colloque Pdf En Nicholas Stern Sustainable Development
COLLOQUE organisé par Nicholas STERN chaire Développement durable – Environnement, Énergie et Société et Roger GUESNERIE chaire Théorie économique et organisation sociale Managing Climate Change June 7 - 8, 2010 The conference’s program covers two days. During the first day, discussions will focus on long-term economics. Some of the chief participants in the animated debate that climate policy has generated among economists will be present. At the heart of the debate are the principles of cost-benefit analysis and the question of the long term discount rate. The second day’s discussions will revolve around innovation and institutional choices. As on the first day, leading specialists will present their views. Among the participants will be two Nobel Prize laureates in economics: Sir James Mirrlees on the first day and Thomas. C. Schelling on the second. Program June 7 The Economics of the Long Run June 8 Fostering Innovation and Climate Policy 9h15 Introduction 9h30 Nicholas Stern, College de France & London School 9h30 Martin Weitzman, Harvard University of Economics GHG Targets as Insurance against Catastrophic Low Carbon Growth and the Political Economy Climate Damages of a Global Agreement 10h15 Thomas Sterner, University of Gothenburg 10h15 Ujjayant Chakravorty, University of Alberta Climate Policy, Prudence, and the Role of Can Nuclear Power Supply Clean Energy in the Technological Innovation Long Run? A Model with Endogenous 11h00 Break Substitution of Resources 11h30 Roger Guesnerie, College de France & Paris School 11h00 Break of Economics 11h15 Philippe Aghion, Harvard University Ecological Intuition Versus Economic Reason Climate Change and the Role of Directed 12h15 William Nordhaus, Yale University Innovation Economic Policy in the Face of Severe Tail 12h00 Round Table: Climate Policy and Technological Events Change 13h00 Lunch Roger Guesnerie, Nicholas Stern, Jean Tirole and Henry Tulkens 14h30 Christian Gollier, Toulouse School of Economics Socially Efficient Discount Rate under Ambiguity 12h45 Lunch Aversion 14h15 Thomas C.