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Origins of the Robertsonian Approach to the Theory of Interest

  • John R. Presley

Abstract

It is particularly in relation to the theory of interest that one can productively investigate the claim that ‘it’s all in Marshall’. Two distinct areas of inquiry can be laid open. Firstly, one must explore the extent of Robertson’s knowledge and understanding of the Marshallian theory of interest, and secondly it is important to compare the two theories. There is an element of truth in Keynes’ assertion that Marshall did not provide any consecutive discussion of the rate of interest in any of his published writings.1 But this does not mean that it is impossible to gain some insight into his theory of interest, although the task is made much more difficult, and the insight fringed with a certain amount of confusion and interpretive licence!2

Keywords

Marginal Productivity Real Rate Investible Fund Market Rate Loanable Fund 
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Origins of the Robertsonian Approach to the Theory of Interest

  1. 2.
    See E. Eshag, From Marshall to Keynes, (Oxford, 1963) Ch. 3.Google Scholar
  2. 13.
    A. Marshall, Principles of Economics, p. 229 (1920 edition).Google Scholar
  3. 16.
    A. Marshall, Money Credit and Commerce, (London, 1923) p. 254.Google Scholar
  4. 19.
    DHR, Alternative Theories of the Rate of Interest, EJ, Vol. 47, (1937) p. 428.Google Scholar
  5. 21.
    DHR, ‘Alternative Theories of the Rate of Interest’, EJ, Vol. 47, (1937) p. 428.Google Scholar

Copyright information

© John R. Presley 1978

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  • John R. Presley

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