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Nicholas Kaldors Notes on Allyn Youngs LSE Lectures 192729

Nicholas Kaldors Notes on Allyn Youngs LSE Lectures 192729 Allyn Youngs lectures, as recorded by the young Nicholas Kaldor,survey the historical roots of the subject from Aristotle through to themodern neoclassical writers. The focus throughout is on the conditionsmaking for economic progress, with stress on the institutionaldevelopments that extend and are extended by the size of the market.Organisational changes that promote the division of labour andspecialisation within and between firms and industries, and whichpromote competition and mobility, are seen as the vital factors ingrowth. In the absence of new markets, inventions as such play only aminor role. The economic system is an interrelated whole, or a livingorganon. It is from this perspective that microeconomicrelations are analysed, and this helps expose certain fallacies ofcomposition associated with the marginal productivity theory ofproduction and distribution. Factors are paid not because they areproductive but because they are scarce. Likewise he shows whyMarshallian supply and demand schedules, based on the one thingat a time approach, cannot adequately describe the dynamic growthproperties of the system. Supply and demand cannot be simply integratedto arrive at a picture of the whole economy. These notes arecomplemented by eleven articles in the Encyclopaedia Britannicawhich were published shortly after Youngs sudden death in 1929. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Studies Emerald Publishing

Nicholas Kaldors Notes on Allyn Youngs LSE Lectures 192729

Journal of Economic Studies , Volume 17 (3/4) – Mar 1, 1990

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0144-3585
DOI
10.1108/01443589010139958
Publisher site
See Article on Publisher Site

Abstract

Allyn Youngs lectures, as recorded by the young Nicholas Kaldor,survey the historical roots of the subject from Aristotle through to themodern neoclassical writers. The focus throughout is on the conditionsmaking for economic progress, with stress on the institutionaldevelopments that extend and are extended by the size of the market.Organisational changes that promote the division of labour andspecialisation within and between firms and industries, and whichpromote competition and mobility, are seen as the vital factors ingrowth. In the absence of new markets, inventions as such play only aminor role. The economic system is an interrelated whole, or a livingorganon. It is from this perspective that microeconomicrelations are analysed, and this helps expose certain fallacies ofcomposition associated with the marginal productivity theory ofproduction and distribution. Factors are paid not because they areproductive but because they are scarce. Likewise he shows whyMarshallian supply and demand schedules, based on the one thingat a time approach, cannot adequately describe the dynamic growthproperties of the system. Supply and demand cannot be simply integratedto arrive at a picture of the whole economy. These notes arecomplemented by eleven articles in the Encyclopaedia Britannicawhich were published shortly after Youngs sudden death in 1929.

Journal

Journal of Economic StudiesEmerald Publishing

Published: Mar 1, 1990

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