Published in Acta Oeconomica, Vol. 67 (S), pp. 31–35 (2017)
I don’t want to say too much about Nicky Kaldor’s actual stylised facts, but about the methodological implication of the stylised facts approach. Paul Samuelson famously said, “those who can do economics, do it; those who can’t, babble about methodology”. Kaldor could certainly do economics, but he needed a methodology to enable him to do what he wanted to do. This is my excuse for babbling.