Nicholas Kaldor
Hungarian-British economist · Hungary · On the map · Academics · Lived 1908 to 1986 · aged 78
Nicholas Kaldor, Baron Kaldor, born Káldor Miklós, was a Hungarian-born British economist.
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Non-linear I and S functions generated by different behavior at different parts of the cycle
Non-linear I and S functions lead to multiple, shifting equilibria.
Shifting, multiple equilibria lead to six-stage business cycle in which the economy oscillates around optimal income growth and generates phases of boom and bust.Awards
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He developed the "compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated.
