Kaldor's Critique Shakes Foundation of Economic Theory, Calls for Revolution
The paper revisits Kaldor's critique of general equilibrium theory in economics, particularly focusing on Debreu's work. Kaldor believed this theory was flawed and needed to be demolished for scientific progress. The paper extends Kaldor's critique by looking at developments in philosophy of mathematics and shows that Debreu's work is incompatible with Kaldor's requirements for an empirical science. This aspect of Kaldor's critique has not been explored before, leaving a significant part of his argument unaddressed.