Ramanan tweets: Don't miss this - Nicholas Kaldor figuring out in 1971 what everyone's missing now.
The Case For Concerted Action
Nicholas Kaldor On The Common Market
by Ramanan
That Nicholas Kaldor was one smart guy, that is to say, he saw the obvious instead of what he wanted to see and creating a lens to see it. We know now from cognitive science that this is how cognitive-affective bias operates.
UPDATE: Ramanan gets a shout out from Yanis Varoufakis, A warning from the past: N. Kaldor on the Eurozone
2 comments:
That article was published in March '71. Nixon Shock didn't happen until August.
Kaldor had it figured out all the way back under the Bretton Woods system, in the era of fixed exchange rates.
This jumped out at me…
"One of the ideas I wished to convey in my first lecture was that the type of economic theory which is the core of the subject as taught in western universities…
…is pretty useless and indeed harmful for developing an understanding of the laws of motion of capitalist market economies."
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