In 1929, Lionel Robbins assumed the helm of the London School of Economics (LSE). Eager to promote alternatives to what he regarded as the narrow approach of the school of economic thought that then dominated the English-speaking academic world (centred at the University of Cambridge and deriving largely from the work of Alfred Marshall), Robbins invited Hayek to join the faculty at LSE, which he did in 1931. According to Nicholas Kaldor, Hayek's theory of the time-structure of capital and of the business cycle initially "fascinated the academic world" and appeared to offer a less "facile and superficial" understanding of macroeconomics than the Cambridge school's. COUNT 5
QSN1 Lionel Robbins came to head which school in 1929? ANS1 London School of Economics QSN2 In regards to economics, Lionel Robbins believe English-speaking academics had what? ANS2 narrow approach QSN3 Which man's works were mostly the cause of the ''narrow approach''? ANS3 Alfred Marshall QSN4 Who was responsible for bringing on Hayek at the LSE? ANS4 Lionel Robbins QSN5 What did Nicholas Kaldor say Hayek brought to macroeconomics? ANS5 less "facile and superficial" understanding