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Cited by 1,013Economic Theory and PolicyEconomic theories and modelsEconomic Theory and Institutions

The Irrelevance of Equilibrium Economics

Kaldor, Nicholas·1972·The Economic Journal
DOI 10.2307/2231304
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  • The existence of indivisibilities and the need to solve 'scale bottlenecks' in production may lead to organizational innovations through the whole value chain in which the industry is embedded.

    “Second, the existence of indivisibilities -and thus the need to solve 'scale bottlenecks' -in production may lead to organizational innovations, not just in the industry itself but through the whole value chain in which the industry is embedded.”

    From Industrial Policy in the 21st Century (2020) · cites this paper as Kaldor, 1972

  • According to Kaldor, the absorption of a continuously rising volume of production depends on additional incomes resulting from the accumulation of capital combined with the induced character of such investment.

    “However, according to Kaldor (1972Kaldor ( : 1249-50)-50), the absorption of a continuously rising volume of production depends on 'additional incomes resulting from the accumulation of capital (in other words, from investment expenditures) combined with the induced character of such investment'.”

    From Industrial Policy in the 21st Century (2020) · cites this paper as Kaldor, 1972: 1249-50

  • The merchants operate as countercyclical forces absorbing stocks in response to excess supply, and releasing stocks in the face of excessive demand.

    “The banking sector enables capital investments which, in turn, generate the 'savingsadditional investments-savings' dynamics, while the merchants operate as countercyclical forces absorbing stocks in response to excess supply, and releasing stocks in the face of excessive demand.”

    From Industrial Policy in the 21st Century (2020) · cites this paper as Kaldor, 1972

  • The banking sector enables capital investments which, in turn, generate the 'savings-additional investments-savings' dynamics.

    “The banking sector enables capital investments which, in turn, generate the 'savingsadditional investments-savings' dynamics, while the merchants operate as countercyclical forces absorbing stocks in response to excess supply, and releasing stocks in the face of excessive demand.”

    From Industrial Policy in the 21st Century (2020) · cites this paper as Kaldor, 1972

  • According to Kaldor, for the income multiplier and the investment accelerator mechanisms to be effective, the banking system and the merchants have to play critical roles.

    “According to Kaldor, for the income multiplier and the investment accelerator mechanisms to be effective, the banking system as well as what he calls the 'merchants' have to play critical roles.”

    From Industrial Policy in the 21st Century (2020) · cites this paper as Kaldor, 1972

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Authors
Kaldor, N.
Affiliations
University of Cambridge (GB)
Corresponding author
Kaldor, Nicholas
Venue
The Economic Journal
Publisher
Oxford University Press (OUP)
Published
1972-12
Volume
82
Issue
328
Pages
1237
ISSN
0013-0133 (ISSN-L)
DOI
10.2307/2231304
OpenAlex
W1980427659
Cited by
1,013
References
0
Citations by year
2026: 20 · 2025: 22 · 2024: 14 · 2023: 27 · 2022: 23 · 2021: 36 · 2020: 44 · 2019: 30 · 2018: 32 · 2017: 36 · 2016: 31 · 2015: 34 · 2014: 29 · 2013: 28 · 2012: 30
FWCI
26.75
Type
journal article
Language
en
Open access
closed
Locations
  • The Economic Journal (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
Keywords
economic equilibrium, economic methodology, general equilibrium

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