Kaldor was the son of a lawyer. After successfully attending a grammar school in Budapest, Kaldor went to Berlin to study there. In 1927 he moved to the London School of Economics and Political Science . He was later a professor at the University of Cambridge . He was accepted into the British Academy in 1963 , the American Academy of Arts and Sciences in 1977, and the Hungarian Academy of Sciences in 1979. He also received honorary doctorates from the University of Dijon (1962) and the Goethe University Frankfurt am Main (1982).
Nicholas Kaldor died in Cambridge in 1986 at the age of 78 .
The consumption function
Kaldor assumed that the workers would consume a higher proportion of their income than the recipients of profit or profit income. The consumption depends not just as simple Keynesian models of income Y total, but also on the distribution of income in wage income and profit income L P (Engl. "Profit").
Gesamtwirtschaftliches Einkommen Y:
Konsum C: wobei
and are the constant propensity to consume of wage and profit earners.
Harrod Domar model
In this growth model, the economy grows at the satisfactory or desired rate if the overall economic savings rate s is equal to this growth rate g multiplied by the capital coefficient v = K / Y technically given by Domar. The capital coefficient v indicates which capital stock K is technically necessary to achieve a certain production Y.
It would be a coincidence if s had exactly this value. The consumption function of Kaldor now at least theoretically allows a solution to this problem (whereas other theories suggest other solutions), since the macroeconomic consumption rate c, which complements the macroeconomic savings rate s to 1, can be changed by changing the income distribution to wages and profits . If the savings rate is too low, the share of profits in total income must be increased; if it is too high, this share must be reduced.
The technical progress function
Another contribution from Kaldor to the theory of growth is the function of technical progress , the technical progress function . It establishes a relationship between the rate of increase in labor productivity as a function of the rate of increase in capital intensity . The capital intensity is the capital stock (factories, buildings, etc.) in relation to the number of employees.
- The essential Kaldor . - London: Duckworth, 1989. - ISBN 0-7156-2282-X
- Paths to Prosperity : Economic Issues and Reconstruction Plans. - Cologne: Staufen-Verl., 1948
- Allen, RGD: Macro-Economic Theory : A Mathematical Treatment. - London, Melbourne, Toronto: Macmillan, 1968.
- Peuker, Axel: The Theories of Nicholas Lord Kaldor : A Contribution to the Post- Keynesian Paradigm. - Marburg: Metropolis-Verl., 1997. - ISBN 3-89518-039-4
- Targetti, Ferdinando: Nicholas Kaldor : the economics and politics of capitalism as a dynamic system. - Oxford: Clarendon, 1992. - ISBN 0-19-828348-2
- Nicholas Kaldor 1908–1986 . In: Proceedings of the British Academy . 73, 1987, pp. 517-566.
- Literature by and about Nicholas Kaldor in the catalog of the German National Library
- Newspaper article about Nicholas Kaldor in the 20th century press kit of the ZBW - Leibniz Information Center for Economics .
- Kaldor Business Cycle Model by Elmer G. Wiens
|ALTERNATIVE NAMES||Kaldor, Nicholas Kaldor Baron (full name)|
|BRIEF DESCRIPTION||Hungarian economist|
|DATE OF BIRTH||March 12, 1908|
|PLACE OF BIRTH||Budapest|
|DATE OF DEATH||September 30, 1986|
|Place of death||Papworth Everard, Cambridgeshire|