Nicholas Kaldor, like many other theorists in the Keynesian tradition, takes his initial starting point from Harrod’s challenge to produce a dynamic growth theory.1 Unlike Harrod, however, Kaldor recognises the possibility of incorporating the guides laid down by Keynes and Kalecki; consequently Kaldor achieves a very different conceptual result by using the same method­ ological framework. In addition, Kaldor recognises the necessity of distributional aspects, a perception which Kaldor derives from an appreciation of the early work of Ricardo and the extensions of Marx and von Neumann. This view involves explicit recognition of the importance of the rate of profits on capital.