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Desai (1989, p. 178), writing in the Kaldor Festschrift issue of the Cambridge Journal of Economics, concluded that 'Kaldor's intuition about the nature of empirical support for monetarist theories was entirely sound'.
In 1964, criticizing the monetarist views of Friedrich Lutz at a conference on inflation and growth in Latin America, he commented sardonically that another professor of political economy, the Portuguese dictator Salazar, had introduced a 'monetary stabilization [that] was followed by 30 years of hard currency, stable prices, and a completely stagnating economy' (Kaldor, 1964b, p. 500).
He regretted the way in which the former had been discarded, and the latter neglected, by Western governments under the influence of neoliberal and monetarist ideas.
The cost had been 'horrendous', and the battle between Keynesians and monetarists was a confrontation between 'angels and devils, between the purveyors of good advice and the purveyors of bad advice' (ibid.).
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