Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (born Káldor Miklós) (12 May 1908 – 30 September 1986) was one of the foremost Cambridge economists in the post-war period. He developed the famous "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the famous cobweb model and argued that there were certain regularities that are observable as far as economic growth is concerned, Kaldor's growth laws. Kaldor worked alongside with Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated. Both Myrdal and Kaldor examine circular relationships, where the interdependencies between factors are relatively strong, and where variables interlink in the determination of major processes. Kaldor also coined the term "convenience yield" related to commodity markets and the so-called theory of storage, which was initially developed by Holbrook Working.
Famous quotes containing the word nicholas:
“Chanuka and St. Nicholas Day came almost together this year—just one day’s difference. We didn’t make much fuss about Chanuka: we just gave each other a few little presents and then we had the candles. Because of the shortage of candles we only had them alight for ten minutes, but it is all right as long as you have the song.”
—Anne Frank (1929–1945)