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Discussion of Lord Kaldor’s Paper

In: Public and Private Enterprise in a Mixed Economy

Author

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  • William J. Baumol

Abstract

Dr Pryke said that one advantage of public enterprises mentioned by Lord Kaldor was that in planning they could take a longer term perspective than private enterprises. But this was not necessarily always an advantage. For example, the British Government tried to jump ahead of the United States in aircraft technology with the Concorde. But the result was an unmitigated financial disaster. Similarly, British investments in coalmines in the expectation that demand would pick up in the future were probably not advisable. There was consistent overoptimism in governments’ forecasts of the future.

Suggested Citation

  • William J. Baumol, 1980. "Discussion of Lord Kaldor’s Paper," International Economic Association Series, in: William J. Baumol (ed.), Public and Private Enterprise in a Mixed Economy, pages 13-14, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-16394-6_2
    DOI: 10.1007/978-1-349-16394-6_2
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