CONTINUITY, AND ORIGINALITY
IN KALDOR'S MONETARY THEORY
called Kaldor a Johnny-come-lately. British authors have claimed
that Kaldor presented the most effective repudiation of key monetarist
assumptions. My intent is to throw some light on these somewhat
divergent opinions. Kaldor's views went through three stages, each
distant in time by about ten years, from 1958 to 1982. I shall study
these three periods in turn. In a further section I shall have a
look at the monetary ideas of other Cambridgian economists, such
as Joan Robinson and Richard Kahn, from the 1950s to the early 1970s.
Finally I will survey the importance accorded to the notion of endogenous
money by other economists, particularly with respect to the Friedmanian
attack on mainstream economics.