Nicholas Kaldor

Nicholas Kaldor was a prominent British economist known for his contributions to economic theory in the mid-20th century. He emphasized the importance of demand in driving economic growth and argued that government intervention could help stabilize the economy. Kaldor developed key concepts, such as the "Kaldor-Hicks efficiency," which addresses social welfare in economics. He critiqued the simplistic views of classical economics and advocated for understanding the complexities of real-world economic behavior. His work significantly influenced post-Keynesian economics, highlighting the role of increasing returns and the importance of distribution in economic analysis.