Kaldor on Commodities

John Spraos

Cambridge Journal of Economics, 1989, vol. 13, issue 1, 201-22

Abstract: Nicholas Kaldor's commodity concerns were wide and persistent; they encompassed a number of micro and macro issues, some of which are still prominent in both academic and policy agendas and are capable of generating new insights. This paper, while attempting comprehensiveness, pays special attention to the welfare economics of schemes for countering price instability and to the macroeconomic destabilization attributed to commodity price fluctuations. The micro subheadings include: the rationale for intervention; efficiency-preserving intervention, distributional neutrality, and income stability; and market failures. Macro subheadings include: intersectoral asymmetries; flexible commodity prices and demand deficiency; commodity reserve currency; and severing the first link of an inflationary chain. Copyright 1989 by Oxford University Press.

Date: 1989
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