Introduction

For fifty years of this century Nicholas Kaldor was known throughout the world as a master economist. His career embraced advice to more than ten countries, including his own United Kingdom, which he served as adviser to the chancellor of the exchequer during two Labour party governments. His contributions to economic theory were so vast that few economists are aware of all that he did contribute. Like Keynes, Kaldor participated in both the creation of theory and the difficult task of applying it within an economically troubled world economy.