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By John E. King (auth.)

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318). In an appendix Kaldor does compare his model with Kalecki’s: The drawback of such explanations is that the existence of an undamped cycle can be shown only as a result of a happy coincidence, Not the Devil’s Decade 33 of a particular constellation of the various time-lags and parameters assumed ... Moreover, with the theories of the Tinbergen-Kalecki type, the amplitude of the cycle depends on the size of the initial shock. Here the amplitude is determined by endogenous factors and the assumption of ‘initial shocks’ is itself unnecessary.

A ‘war circus’ of economists began to operate, named by analogy with the ‘Cambridge circus’ of young theorists who had interrogated Keynes in 1930–1931 after the publication of the Treatise on Moneyy and helped to focus his mind on the revolutionary breakthrough of the General Theoryy (Moggridge 1995, pp. 531–2). In addition to Kaldor the war circus included Joan Robinson, Piero Sraffa and (when he could escape from official duties in London) Richard Kahn. Kaldor was particularly fond of Sraffa, though the secretive Italian would never let him (or anyone else) into the details of his very long-term project for the rehabilitation of classical economics.

Lacking any public responsibilities and free from the constraints imposed by official secrecy, he was able to publish a series of articles on the principles of war finance and the prospects for postwar reconstruction. By 1945 Kaldor was no longer merely a theorist. He had emerged as an applied economist of great talent and energy, and had acquired a taste for providing policy advice that he would retain for the rest of his life. 2 How to pay for the war In November 1939 Keynes wrote a series of articles for the London Evening Standard d that was subsequently published as a best-selling booklet.

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