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First Published in 1994. Nicholas Kaldor was born in Hungary in 1908 and died as Baron Kaldor of Newnham in the City of Cambridge, England, in 1986. The years between revealed no hint of scandal or psychological problems that might make Kaldor the subject of a novel. His life was, instead, a straight line of growth and achievement, of intellectual enjoyment and strong values. Kaldor's struggles were intellectual-namely, his efforts to comprehend the economics of the real world, to fit this understanding into economic theory, and to convince his fellow citizens and economists of the accuracy of his perceptions. Kaldor forces us to ponder what the relationship between economic theory and practice should be.
'This is one of those rare technical books which has an importance outside its own field' The Daily Telegraph. 'One of the most stimulating post-war books on public finance' The Guardian. Part 1 examines the issue of Expenditure Tax in principle and includes chapters on the following: * Income, Expenditure and Taxable Capacity * The Concept of Income in Economic Theory * Taxation and Savings * Taxation and risk-bearing * Taxation and the Incentive to Work * Company Taxation * Taxation and Economic Progress Part 2 examines the issue of Expenditure Tax in practice, asking whether personal expenditure tax is practicable and putting forward a proposal for Surtax Reform.
An engaging, important text calling for the reform of economics and pushing for the discipline to become an honest and effective tool for democracy.
“I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New Yorker As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.
Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
There is a real security gap in the world today. Millions of people in regions like the Middle East or East and Central Africa or Central Asia where new wars are taking place live in daily fear of violence. Moreover new wars are increasingly intertwined with other global risks the spread of disease, vulnerability to natural disasters, poverty and homelessness. Yet our security conceptions, drawn from the dominant experience of World War II and based on the use of conventional military force, do not reduce that insecurity; rather they make it worse. This book is an exploration of this security gap. It makes the case for a new approach to security based on a global conversation- a public debate among civil society groups and individuals as well as states and international institutions. The chapters follow on from Kaldors path breaking analysis of the character of new wars in places like the Balkans or Africa during the 1990s. The first four chapters provide a context; they cover the experience of humanitarian intervention, the nature of American power, the new nationalist and religious movements that are associated with globalization, and how these various aspects of current security dilemmas have played out in the Balkans. The last three chapters are more normative, dealing with the evolution of the idea of global civil society, the relevance of just war theory in a global era, and the concept of human security and what it might mean to implement such a concept. This book will appeal to all those interested in issues of peace and conflict, in particular to students of politics and international relations.
Collection of articles on macroeconomics economic theories of economic growth - presents models of income distribution, capital accumulation and growth capable of explaining the features of the economic process in reality, and discusses the causes of the slow growth rate in the UK, the importance of industrial production for overall economic growth, objectives of national level economic policy, the irrelevance of the theory of value, inflation and economic recession, etc. References and statistical tables.
This book explores the life and work of Nicholas Kaldor, examining the influences that shaped and inspired his writings, and looks in detail at the crucial part he played in twentieth-century economics. Offering a comprehensive intellectual portrait of Kaldor, this book explains this great economist's importance in his own time and in ours.
An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to cyclical growth in a Kaldorian model, to Nicholas Kaldor as advocate of commodity reserve currency.