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The Irrelevance of Equilibrium Economics
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“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
In the citing paper
“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
In the citing paper
“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
In the citing paper
“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
In the citing paper
“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
Citations
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Storper, M. (1995) · European Urban and Regional Studies · doi:10.1177/096977649500200301 · Cited by 1,595
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Industrial Policy in the 21st Century
Chang, H., & Andreoni, A. (2020) · Development and Change · doi:10.1111/dech.12570 · Cited by 455
“However, according to Kaldor (1972: 1249–50), 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’.”
BackgroundEntrepreneurship and economic growth
Holcombe, R. G. (1998) · The Quarterly Journal of Austrian Economics · doi:10.1007/s12113-998-1008-1 · Cited by 388
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“For example Kay (1995) defines ‘value added’ as “the difference between the (comprehensively accounted) value of a firm’s output and the (comprehensively accounted) cost of the firm’s inputs” (1995: 19).”
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“Increasing returns is the positive feedback cycle helping that which is ahead to get further ahead and causing that which is losing advantage to suffer further loss (Arthur, 1989, 1994; Kaldor, 1994; Nelson, 1996; Shapiro & Varian, 1999).”
BackgroundSustainability economics: Where do we stand?
Ayres, R. U. (2008) · Ecological Economics · doi:10.1016/j.ecolecon.2007.12.009 · Cited by 244
“…been documented (Browne, 2004); and 51 case studies prepared for the EPA (Laitner and Finman, 2000). economy is never in equilibrium (see (Kaldor, 1971; Kaldor, 1972; Kornai, 1973)), so that simplification is somewhat like looking for a lost key under the streetlight, or assuming a spherical cow.”
BackgroundINSTITUTIONAL ECONOMICS: SURVEYING THE ‘OLD’ AND THE ‘NEW’
Hodgson, G. M. (1993) · Metroeconomica · doi:10.1111/j.1467-999x.1993.tb00786.x · Cited by 226
Contests for Corporate Control
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The macroeconomic rebound effect and the world economy
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“…long-run economic growth and technological change we have adopted the “history” approach1 of cumulative causation and demand-led growth2 (Kaldor 1957, Kaldor 1972, Kaldor 1985; Setterfield 2002), focusing on gross investment (Scott 1989) and trade (McCombie and Thirlwall 1994, 2004), and…”
BackgroundThe (new) nature and essence of the firm
Pitelis, C. N., & Teece, D. J. (2009) · European Management Review · doi:10.1057/emr.2009.1 · Cited by 208
Katznelson, I. (2003) · Cambridge University Press eBooks · doi:10.1017/cbo9780511803963.009 · Cited by 192
A Skeptic’s Guide to Computer Models
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Freedom of Entry and the Existence of Pure Profit
Eaton, B. C., & Lipsey, R. G. (1978) · The Economic Journal · doi:10.2307/2232046 · Cited by 185
Ugly currents in modern economics
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THE ORGANIZATION OF REGIONAL CLUSTERS.
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Equilibrium and Economic Growth: Spatial Econometric Models and Simulations
Fingleton, B. (2001) · Journal of Regional Science · doi:10.1111/0022-4146.00210 · Cited by 179
Abstraction, tendencies and stylised facts: a realist approach to economic analysis
Lawson, T. (1989) · Cambridge Journal of Economics · doi:10.1093/oxfordjournals.cje.a035091 · Cited by 154
POST KEYNESIANISM: FROM CFUTICISM TO COHERENCE?
Hamouda, O., & Harcourt, G. (1988) · Bulletin of Economic Research · doi:10.1111/j.1467-8586.1988.tb00251.x · Cited by 132
Rethinking (New) Economic Geography Models: Taking Geography and History More Seriously
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“Landmark critiques of mainstream economics’ preoccupation with equilibrium include Kaldor (1972) and Robinson (1978).”
BackgroundEconomic emergence: An evolutionary economic perspective
Foster, J., & Metcalfe, J. S. (2011) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2011.09.008 · Cited by 139
“However, it has been known for some time that the fully informed, Olympian rationality assumed in modern applications of neo-classical economics can only be a useful approximation in special circumstances (Kaldor (1972)).”
BackgroundJulien, P. (1993) · Small Business Economics · doi:10.1007/bf01531912 · Cited by 137
Raberto, M., Özel, B., Ponta, L., Teglio, A., & Cincotti, S. (2018) · Journal of Evolutionary Economics · doi:10.1007/s00191-018-0568-2 · Cited by 130
“2014; Werner 2014, and the non-equilibrium evolutionary dynamics of the economy (Kaldor 1972; Arthur 2006).”
Isolation and Aggregation in Economics
Schlicht, E. (1985) · Springer eBooks · doi:10.1007/978-3-642-70298-3 · Cited by 122
The Political Economy of International Capital Mobility
Watson, M. (2007) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230592667 · Cited by 120
Property, power, and public choice
Anderson, T. L. (1978) · Cited by 116
The economics of innovation: from the classical legacies to the economics of complexity
Antonelli, C. (2009) · Economics of Innovation and New Technology · doi:10.1080/10438590802564543 · Cited by 113
“Young (1928) and Kaldor (1972) have developed this approach further, and shown the irrelevance of equilibrium economics when the dynamics of technological change is understood.”
BackgroundTechnology and economic theory
Metcalfe, J. S. (2009) · Cambridge Journal of Economics · doi:10.1093/cje/bep075 · Cited by 114
“Kaldor (1972) is very much in this tradition. human action in relation to production.”
BackgroundTrotsky, Gerschenkron and the political economy of late capitalist development
Selwyn, B. (2011) · Economy and Society · doi:10.1080/03085147.2011.574425 · Cited by 99
“Nicholas Kaldor (1972) emphasized how rapid investments created possibilities for ‘learning by doing’, a rising curve of productivity and competitiveness and increasing returns.”
BackgroundMicrofoundations of Macroeconomics: A Critical Survey
Weintraub, E. R. (1977) · DukeSpace (Duke University) · Cited by 98
Modelling food security: Bridging the gap between the micro and the macro scale
Müller, B. H., Hoffmann, F., Heckelei, T., Müller, C., Hertel, T. W., Polhill, G. J., van Wijk, M. T., Achterbosch, T. J., Alexander, P. M., Brown, C., et al. (2020) · Global Environmental Change · doi:10.1016/j.gloenvcha.2020.102085 · Cited by 102
Regional problems are “balance-of-payments” problems
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The Agenda of Population Studies: A Commentary and Complaint
McNicoll, G. (1992) · Population and Development Review · doi:10.2307/1973652 · Cited by 94
Competitiveness and industrial policy: from rationalities of failure towards the ability to evolve
Peneder, M. (2016) · Cambridge Journal of Economics · doi:10.1093/cje/bew025 · Cited by 101
Decarbonizing the Global Economy with Induced Technological Change: Scenarios to 2100 using E3MG
Barker, T., Pan, H., Jonathan, K., Warren, R., & Winne, S. (2006) · The Energy Journal · doi:10.5547/issn0195-6574-ej-volsi2006-nosi1-12 · Cited by 91
“Setterfield (1997) explicitly compares the approaches in modeling growth and Barker (2004) compares them in modeling mitigation. led growth 3 (Kaldor, 1957, 1972, 1985; Setterfield, 2002), which focuses on gross investment (Scott, 1989) and trade (McCombie and Thirwall, 1994, 2004), and in which…”
MethodTHE CAMBRIDGE CONTROVERSIES: OLD WAYS AND NEW HORIZONS—OR DEAD END? 1
Harcourt, G. C. (1976) · Oxford Economic Papers · doi:10.1093/oxfordjournals.oep.a041336 · Cited by 90
THE VERDOORN LAW, RETURNS TO SCALE AND INDUSTRIAL GROWTH: A REVIEW OF THE LITERATURE
Bairam, E. I. (1987) · Australian Economic Papers · doi:10.1111/j.1467-8454.1987.tb00445.x · Cited by 90
Localization of industry and trade performance
Venables, A. J. (1996) · Oxford Review of Economic Policy · doi:10.1093/oxrep/12.3.52 · Cited by 90
Fontana, G., & Vera, A. P. (2007) · Metroeconomica · doi:10.1111/j.1467-999x.2007.00268.x · Cited by 89
“The strand of literature where this argument has been developed stretches back to the seminal work of Young (1928), and includes key contributions by Kaldor (1970, 1972) and Cornwall (1970, 1972).”
The Non-Uniqueness of Equilibrium in the Löschian Location Model
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Regional Problems are “Balance-of-Payments” Problems
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Long-run growth in open economiesPreprint
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ENDOGENOUS TECHNICAL CHANGE IN ALTERNATIVE THEORIES OF GROWTH AND DISTRIBUTION
Tavani, D., & Zamparelli, L. (2017) · Journal of Economic Surveys · doi:10.1111/joes.12220 · Cited by 76
“As is well known, Kaldor (1972) explicitly rejected the notion of equilibrium as a relevant characterization of economic processes.”
Evolutionary psychology in ecological economics: consilience, consumption and contentment
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“…model2, it is clear that Veblen’s insights were influential in the formation of later theories of institutional economics (such as those developed by Kaldor (1972), Kapp (1976), Myrdal (1978)) and evolutionary economics (such as those developed by Schumpeter (1939), and more latterly by Day…”
BackgroundScience-based industries: a new Schumpeterian taxonomy
Niosi, J. E. (2000) · Technology in Society · doi:10.1016/s0160-791x(00)00028-2 · Cited by 76
“The first casualty of the assumption of increasing returns is general equilibrium [4].”
BackgroundShould Economists Dispense with the Notion of Equilibrium?
Setterfield, M. (1997) · Journal of Post Keynesian Economics · doi:10.1080/01603477.1997.11490138 · Cited by 76
Endogenous economic growth: a new approach
Bhaduri, A. (2005) · Cambridge Journal of Economics · doi:10.1093/cje/bei047 · Cited by 75
Reflections on the Keynesian Perplex
Clower, R. W. (1975) · Zeitschrift für Nationalökonomie · doi:10.1007/bf01291800 · Cited by 73
Sayer, A. (1976) · Progress in Planning · doi:10.1016/0305-9006(76)90006-4 · Cited by 73
Barker, T., & Scrieciu, Ş. (2010) · The Energy Journal · doi:10.5547/issn0195-6574-ej-vol31-nosi-6 · Cited by 69
“In modeling long-run economic growth and technological change, the history approach of cumulative causation 4 and demand-led growth has been adopted (Kaldor, 1957, 1972, 1985; Setterfield, 2002; Barker et al., 2006).”
BackgroundMethodO’Hara, P. A. (2008) · Journal of Economic Issues · doi:10.1080/00213624.2008.11507146 · Cited by 68
“When David Gordon (1991), for instance, criticized Kaldor’s theory for having too much cumulation and not enough contradiction, he was cognizant of the problem but underplayed the degree that Kaldor himself recognized the problem (e.g., see Kaldor 1966).”
BackgroundThe Physical Foundation of Economics - An Analytical Thermodynamic Theory
Chen, J. (2005) · WORLD SCIENTIFIC eBooks · doi:10.1142/9789812703415 · Cited by 66
INSTITUTIONS AND MARKETS IN A DYNAMIC WORLD
DOSI, G. (1988) · The Manchester School · doi:10.1111/j.1467-9957.1988.tb01323.x · Cited by 159
“(On the relationship between expectation formation, behaviours and institutional specializations of the economic agents, see also Kaldor, 1972 .)”
BackgroundO’Hara, P. A. (2007) · Journal of Economic Issues · doi:10.1080/00213624.2007.11506993 · Cited by 65
“This endogenous instability method is similar in many respects to the non-equilibrium growth and cycle work of Nicholas Kaldor (1972), David Gordon (1998) and Howard Sherman (2003).”
ResultInfluentialMethodology Doesn't Matter, but the History of Thought Might
Weintraub, E. R. (1989) · Scandinavian Journal of Economics · doi:10.2307/3440125 · Cited by 65
Are the effects of monetary policy in the euro area greater in recessions than in booms?
Peersman, G., & Smets, F. R. (2002) · Cambridge University Press eBooks · doi:10.1017/cbo9780511492488.003 · Cited by 68
Currie, L., & Sandilands, R. J. (1997) · History of Political Economy · doi:10.1215/00182702-29-3-413 · Cited by 64
“Un supuesto relacionado es que no hay atesoramiento de bienes, un punto que pasó por alto Kaldor (1972), otro estudiante de Young, que pensaba que el proceso de crecimiento dependía de una adición continua de dinero1.”
BackgroundDifferent Forms of Technical Progress
Schefold, B. (1997) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230372405_11 · Cited by 63
Cumulative Causation and the “New” Theories of Economic Growth
Skøtt, P., & Auerbach, P. R. (1995) · Journal of Post Keynesian Economics · doi:10.1080/01603477.1995.11490036 · Cited by 62
The (confused) state of equilibrium analysis in modern economics: an explanation
Lawson, T. (2005) · Journal of Post Keynesian Economics · doi:10.1080/01603477.2005.11051442 · Cited by 61
A Smithean Perspective on Increasing Returns
Buchanan, J. M., & Yoon, Y. J. (2000) · Journal of the History of Economic Thought · doi:10.1080/104277100112545 · Cited by 61
Economic growth, Kaldor's laws and the static–dynamic Verdoorn law paradox
McCombie, J. S. L. (1982) · Applied Economics · doi:10.1080/00036848200000021 · Cited by 61
Demir, F., Hu, C., Liu, J., & Shen, H. (2021) · World Development · doi:10.1016/j.worlddev.2021.105770 · Cited by 60
Historical time and economic theory
Setterfield, M. (1995) · Review of Political Economy · doi:10.1080/09538259500000001 · Cited by 59
Generalized Increasing Returns, Euler's Theorem, and Competitive Equilibrium
Buchanan, J. M., & Yoon, Y. J. (1999) · History of Political Economy · doi:10.1215/00182702-31-3-511 · Cited by 59
Bringing “Place” Back In: Regional Clusters, Project Governance, and New Product Outcomes
Tracey, P., Heide, J. B., & Bell, S. J. (2014) · Journal of Marketing · doi:10.1509/jm.13.0524 · Cited by 59
“Market failure” and underdevelopment
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Misunderstanding Classical Economics: The Sraffian Interpretation of the Surplus Approach
Blaug, M. (1999) · History of Political Economy · doi:10.1215/00182702-31-2-213 · Cited by 59
A Note on Indivisibilities, Specialization, and Economies of Scale
Edwards, B. K., & Starr, R. M. (2016) · American Economic Review · Cited by 58
Towards a More ‘Ethically Correct’ Governance for Economic Sustainability
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“It is worth to mention that this line of research has already been pursued by Kaleckians, who introduced Verdoorn’s Law into their framework [see Lavoie (1992)].”
BackgroundStorm, S. (2015) · Development and Change · doi:10.1111/dech.12169 · Cited by 57
The (Normal) Rate of Capacity Utilization at the Firm Level
Nikiforos, M. (2013) · Metroeconomica · doi:10.1111/meca.12016 · Cited by 57
The ‘modern’ view of macroeconomics: some critical reflections
Vera, A. P. (2005) · Cambridge Journal of Economics · doi:10.1093/cje/bei039 · Cited by 56
“To it, we must add the more traditional arguments based on the notion of hysteresis or path-dependence equilibrium (Blanchard and Summers, 1987 and 1988; Cross, 1995; Ball, 1999) and the ubiquitous presence of static and dynamic increasing returns in the economy (Allyn Young, 1928; Kaldor, 1972).”
BackgroundYu, X., Giovanni Dosi, A., Grazzi, M., & Lei, J. (2017) · Research Policy · doi:10.1016/j.respol.2017.03.006 · Cited by 55
Pitelis, C. N. (2009) · Management International Review · doi:10.1007/s11575-008-0127-4 · Cited by 55
“35 5 For example it is arguable that a more hands-on approach by government is required at the catchingup phase, while once a country has reached the “technological frontier” so to speak more focus on market signals may be appropriate 6 There is extensive work on “agglomeration” economies, that draws on the work of Kr…”
BackgroundPursuing the evolutionary agenda in economics and management research
Winter, S. G. (2017) · Cambridge Journal of Economics · doi:10.1093/cje/bex009 · Cited by 52
An Evolutionary Theory of Long-Term Economic Growth
Hodgson, G. M. (1996) · International Studies Quarterly · doi:10.2307/2600717 · Cited by 51
Journal of Economic and Social Thought
Kargı, B. (2015) · ADVANCED SCIENCES INDEX · Cited by 50
Magacho, G., & McCombie, J. S. L. (2017) · Journal of Post Keynesian Economics · doi:10.1080/01603477.2017.1299580 · Cited by 50
“The assumption that the growth of factor inputs are exogenous to output growth implies that long-term economic growth is not determined by the growth of demand, as emphasized by Kaldor (1966, 1972).”
BackgroundBarker, T., Scrieciu, Ş., & Foxon, T. (2008) · Climate Policy · doi:10.3763/cpol.2007.0490 · Cited by 49
“…is based upon a Post Keynesian economic view of the long-term picture, adopting the ‘history’ approach7 of cumulative causation and demand-led growth (Kaldor, 1957, 1972, 1985; Setterfield, 2002), focusing on gross investment (Scott, 1989) and trade (McCombie and Thirlwall, 1994, 2004), and…”
Background(1950) · Journal of the Institution of Production Engineers · doi:10.1049/jipe.1950.0015 · Cited by 48
Diversification, structural change, and economic development
Saviotti, P. P., Pyka, A., & Jun, B. (2020) · Journal of Evolutionary Economics · doi:10.1007/s00191-020-00672-w · Cited by 53
Structural changes and growth regimes
Ciarli, T., Lorentz, A., Valente, M., & Savona, M. (2018) · Journal of Evolutionary Economics · doi:10.1007/s00191-018-0574-4 · Cited by 45
“The model reflects the principles of cumulative causation driving economic growth along the lines of Kaldor (1972): expansion of effective demand (final demand and induced investments) is a key factor in economic growth, mediated by changes in technology and other structural aspects.”
The Reconstruction of Economics: Is There Still a Place for Neoclassical Theory?
Hodgson, G. M. (1992) · Journal of Economic Issues · doi:10.1080/00213624.1992.11505329 · Cited by 48
Industry and the Rest: The Economic Identity of Services
Allen, J., & du Gay, P. (1994) · Work Employment and Society · doi:10.1177/095001709482006 · Cited by 47
Dunford, M. (2002) · Environment and Planning A Economy and Space · doi:10.1068/a3489 · Cited by 47
“At the centre of models of cumulative causation from Young (1928) to Hirschman (1958), Myrdal (1958), and Kaldor (1972) was the idea that there is a causal relationship between increases in the division of labour within and across industries and the associated creation of an interdependent and…”
BackgroundOn financial innovations and credit market evolution
Bhatt, V. V. (1988) · World Development · doi:10.1016/0305-750x(88)90142-8 · Cited by 47
Barker, T., Anger-Kraavi, A., Chewpreecha, U., & Pollitt, H. (2012) · International Review of Applied Economics · doi:10.1080/02692171.2011.631901 · Cited by 46
“…in modelling long-run economic growth and technological change we have adopted the ‘history’ approach of cumulative causation and demand-led growth (Kaldor 1957, 1972, 1985; Setterfield 2002), focusing on gross investment (Scott 1989) and trade, and incorporating technological progress in gross…”
MethodKwon, T. (2012) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2012.05.015 · Cited by 46
Kaldor’s ‘technical progress function’ and Verdoorn’s law revisited
McCombie, J. S. L., & Spreafico, M. R. M. (2015) · Cambridge Journal of Economics · doi:10.1093/cje/bev030 · Cited by 46
A case for pluralism in economics
King, J. E. (2013) · The Economic and Labour Relations Review · doi:10.1177/1035304612474219 · Cited by 45
“As Kaldor (1972) later realised, this problem also has important macroeconomic implications, to which I shall return shortly (pp. 1237–1255).”
Background
Metadata
- 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)
- 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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