'This is one of those rare technical books which has an importance outside its own field' The Daily Telegraph.
'One of the most stimulating post-war books on public finance' The Guardian.
Part 1 examines the issue of Expenditure Tax in principle and includes chapters on the following:
* Income, Expenditure and Taxable Capacity
* The Concept of Income in Economic Theory
* Taxation and Savings
* Taxation and risk-bearing
* Taxation and the Incentive to Work
* Company Taxation
* Taxation and Economic Progress
Part 2 examines the issue of Expenditure Tax in practice, asking whether personal expenditure tax is practicable and putting forward a proposal for Surtax Reform.

'This is one of those rare technical books which has an importance outside its own field' The Daily Telegraph. 'One of the most stimulating post-war books on public finance' The Guardian. Part 1 examines the issue of Expenditure Tax in principle and includes chapters on the following: * Income, Expenditure and Taxable Capacity * The Concept of Income in Economic Theory * Taxation and Savings * Taxation and risk-bearing * Taxation and the Incentive to Work * Company Taxation * Taxation and Economic Progress Part 2 examines the issue of Expenditure Tax in practice, asking whether personal expenditure tax is practicable and putting forward a proposal for Surtax Reform.

This book contains lectures delivered at Yale University in October, 1983, in memory of Arthur M. Okun, showing how Lord Kaldor relates his own views of economic process to those of Okun, particularly the theory of markets set in Okun's magnum opus, Prices and Quantities, posthumously published.

These lectures contain a masterful summing-up of Nicholas Kaldor's critique of the foundations of mainstream economic theory. They provide a clear account of his theoretical structures on regional differences, primary producers and manufacturers, and on differing market structures and the likely course of prices and quantities in different markets over time. The first four lectures are concerned with theory, history and explanation; the fifth consists of a detailed set of integrated policy proposals. The book is rounded off with a brilliant biographical essay by Tony Thirlwall.

(1) Manche mogen die Aufnahme Marshalls in diese Liste anfech- ten und wUrden Walras' Elements of Pure Economics (Origi- nal: Elements d'economie politique pure, ou theorie de la richesse sociale) als die profundere und logisch konsisten- tere Darstellung der neoklassischen okonomischen Theorie vorziehen. In meinen Augen fUhrte Marshalls Erkenntnis der Grenzen deduktiver Uberlegungen und der Unmoglichkeit, ein auf wenigen grundlegenden Axiomen beruhendes 'reines Mo- dell' zu konstruieren, jedoch zu fruchtbareren Resultaten als die eingleisige Verfolgung einer axiomatischen Wert- theorie. (2) Die hier gewahlte Darstellung des Prinz ips weicht etwas von Keynes' eigener in der General Theory abo (Sie gleicht mehr Keynes' Ansatz im Treatise on Money (deutsch: Vom Gelde) .) Die beiden sind jedoch aquivalent, weil die Investitionen die Ersparnis aus 'Paktoreinkommen' Ubersteigen mUssen, da- mit die Gewinne positiv sind. Keynes' Darstellungsweise in Kapitel 3 der General Theory nahm keinen expliziten Bezug auf die wichtige Rolle, die Gewinne als Anreiz und als Restquelle der Pinanzierung (oder) Ersparnis fUr Investi- tionen spielen. (3) General Theory, Preface, p. viii (4) VgI. Jukka Pekkarinen, On the Generality of Keynesian Economics, Helsinki, 1979, p. 112. (5) Der Cambridger Tradition folgend, schrieb Keynes die Glei- chung so, daB sie die Gleichheit der Nachfrage Geld zu hal- ten mit dem verfUgbaren Angebot zeigt: M = L (PY, r).

2012 Reprint of 1932 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. This essay is one of the important early works that together "represent the first integration and systematic elaboration of the Austrian theories of money, capital, business cycles, and comparative monetary institutions, which constitute the essential core of Austrian macroeconomics. Indeed these works have profoundly influenced postwar expositions of Austrian or "capital-based" macroeconomics down to the present day. The creation of such an oeuvre would be a formidable intellectual feat over an entire lifetime; it is an absolute marvel when we consider that Hayek had completed it in the span of eight years (1929-1937) and still well shy of his fortieth birthday."-- Joseph T. Salerno