That all depends on why it's cloudy. You should test your water if you have a kit and if not bring sample to pool supply place, they will test it. Baking soda will only, I think, increase-it might be decrease your alkalinity-which is probably not the issue.
Baking soda is what should be used as it has the ability to regulate pH and restore clarity of the water in your pool. You can prevent cloudy pool water by ensuring all the water flows swiftly and there is no blockage. In addition to that, prevent algae build up. For more information, visit http://www.ehow.com/about_5579582_home-remedy-cloudy-pool-water.html.
Baking soda lowers the acidity of the water. If that is what is making your water cloudy then it will help. As mentioned by Brimy there are many causes of cloudy water. Either get a really good test kit and let it tell you what's wrong or bring a water sample to your pool store. This is usually free or a small charge. It can save you money an headache. They can test it better than you and guide you as to how to fix it.
At any rate, buy a good test kit. They're relatively cheap an easy to use. If you have a pool you should have one. Go for the big one that tests more stuff. Be aware that sometimes adding chemical to fix a problem will cause something else to be too high or too low. As you add chemicals to fix one problem you may be causing another. So as you add chemicals keep monitoring the other levels.