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Tag Archives: nicholas kaldor

The euro area’s deepening political divide

[unable to retrieve full-text content]Two European elections – in Germany on 24 September 2017 and Italy on 4 March 2018 – warn that the peoples of Europe are drifting apart. Much of the recent deepening of these divisions can be traced to Europe’s single currency, the euro. This column argues that the political divide in Europe may now be hard to roll back absent a shift in focus to national priorities that pay urgent attention to the needs of those being left behind. The...

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Robert Skidelsky — Stylised Facts

As I came to develop a deeper understanding of economics, I became increasingly convinced that Kaldor’s approach was the only way to prevent economics ossifying into pure formalism. “Stylised facts” was his methodological weapon, and I can do no better than quote from his essay “Capital Accumulation and Economic Growth” (1961), with its strongly implied attack on the neoclassical approach to model construction: “We all agree that the basic requirement of any model is that it should be...

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