The Scourge of the Monetarists: Kaldor on Monetarism and on Money

Meghnad Desai

Cambridge Journal of Economics, 1989, vol. 13, issue 1, 171-82

Abstract: Nicolas Kaldor's critique of monetarism from 1970 until his death is described and evaluated. It is argued that subsequent events, as well as empirical research, vindicate his critique. Kaldor's critique of John Maynard Keynes's monetary theory is then seen as an extension of his "Radcliffe" views and this paper argues that, in this matter, Kaldor was mechanical in his modeling of the endogeneity of money supply. It is suggested that the work of Hyman Minsky and Victoria Chick has the potential for further work in this area. Copyright 1989 by Oxford University Press.

Date: 1989
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