Nicholas Kaldor

“Kaldor–Hicks efficiency”

“The [seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s] was attended, it came to seem, by all of the economists of my generation — Nicky [Kaldor], Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.”

“The national predicament has obsessed public debate for five years now; all political discussion has revolved on it. In that time, innumerable unrelated or contradictory explanations for the crisis have been advanced by British economists. The most influential has doubtless been Kaldor’s, which attributes Britain’s post-war economic decline to a shortage of cheap labour from the primary sector, due to the uniquely rationalized English agriculture of the last century.”