ABSTRACT

Even as Kaldor was developing his new method and his hypotheses on economic growth, he continued his interest in domestic economic policy. As the 1969–70 president of Section F of the British Association for the Advancement of Science, he arranged a program to analyze the conflicts in economic policy objectives. The assumption of the counter-revolution that Friedman called for in 1970 was that only a monetary policy was needed—a gradual increase in the supply of money. Kaldor's assumption was that there are and will be "economic policy objectives" and that governments will be judged by them. What he had to say is still true.