In this paper I focus on Kaldor's four most important articles from this period: his 1934 paper on the nature of equilibrium theorising; two pieces from 1939, on the compensation principle in welfare economics and on money, finance and the consequences of speculative behaviour; and the 1940 paper setting out his Keynesian model of the
trade cycle. All four articles, I argue, are of considerable continuing interest.
(2) Robinson probably refers to a letter not extant (possibly the one cited by Harrod in his letter 9 of 20 December), for in his rejoinder Harrod clearly stated that he had 'dealt very extensively with the mutual influence of growth rates and profits rates' in The
Trade Cycle (Oxford: Clarendon Press, 1936), in particular on pp.
While Roy Harrod refrained from expressing publicly his views on Joan Robinson's theory of accumulation, Robinson reviewed Harrod's 1936 The
Trade Cycle and his 1948 slim volume Towards a Dynamic Economics (Robinson 1949), included him in a survey of some expanding economy models in 1952, dedicated to his dynamics one of the final notes of her Accumulation of Capital (Robinson 1956, pp.
The title is just a little misleading: there is nothing much here on economic growth, non-monetary
trade cycle theory, international trade or development issues, and Monetary Economics in Retrospect would have been a more accurate (but less marketable?) guide to the contents.
Far from being just the first half of Harrod-Domar, who produced the first Keynesian growth model, Harrod made important and lasting contributions to the theory of the firm, international economics and
trade cycle theory.
The most exciting point is a surprising window into his views on the need, or lack of it, to constrain the values of the parameters in the model in order to produce instability and/or the
trade cycle. Each of these three points will be discussed in turn.
(1) This is one in the handful of post-Haberler single-handed book-length attempts to survey and classify
trade cycle theories, and is notable for not following the customary approach consisting in pigeon-holing theories according to the actual cause evoked to explain cycles and crises.
For more information and to download the comprehensive report of the
trade cycle detailed in this release, visit: templar.fund
"Also, a rebound in the Asian
trade cycle seems overdue, with Asian exports undershooting trade partners' activity growth and the current downturn being sustained longer than past cycles."
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trade cycle - recurring fluctuations in economic activity consisting of recession and recovery and growth and decline