ABSTRACT
Nicholas Kaldor1 resembled Keynes more than any other twentieth-century economist because of the breadth of his interests, his wide-ranging contributions to theory, his insistence that theory must serve policy, his periods as an adviser to governments, his fellowship at King’s and, of course, his membership of the House of Lords. It is impossible in a short article to do full justice to Kaldor’s extraordinary achievements, so I shall concentrate on aspects of his theoretical contributions.2 To put them in perspective, at least two things must be remembered. First, while Kaldor was a highly original theorist, full of ideas of his own and making important modifications to and criticisms of the theories of others, he was also fortunate in his mentors, as he generously acknowledged. Second, Kaldor’s contributions to theory fall into three distinct stages.
