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CHANGE, CONTINUITY, AND ORIGINALITY
IN KALDOR'S MONETARY THEORY


Abstract

Milton Friedman 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.

 

 
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