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Background to the Robertson-Keynes Debate

  • John R. Presley

Abstract

‘In the early 1910s and again in the 1920s I did do a bit of scrambling towards the frontier (of economic thought), firmly roped to the man of genius who has perished there. Sometimes I venture to think, I was even a little bit in front of him; but in the end he went on beyond me, and it is my belief — an unpopular one, I know, but I cannot help it — that he got a bit off the track and set the flag in places where it is not destined to rest’.1

Keywords

General Theory Monetary Policy Trinity College Liberal Party Banking Policy 
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Background to the Robertson-Keynes Debate

  1. 2.
    See R. Harrod, Life of Keynes, (Macmillan, 1951) later published as a Pelican Biography, (Penguin books, 1972).Google Scholar
  2. 5.
    Keynes, Economic Consequences of the Peace, (London: Macmillan, 1920).Google Scholar
  3. 7.
    See JMK, Economic Consequences of Mr. Churchill, (London: Woolf, 1925).Google Scholar
  4. 11.
    H. Johnson, ‘Keynes and British Economics’, in M. Keynes (ed), Essays on John Maynard Keynes, (Cambridge Univ. Press, 1975) p. 115.Google Scholar
  5. 18.
    JMK, Tract on Monetary Reform, (London: Macmillan, 1923).Google Scholar
  6. 19.
    JMK, Treatise on Money, (London: Macmillan, 1930).Google Scholar
  7. 30.
    F. A. von Hayek, Prices and Production, (London: George Routledge & Son Ltd., 1931; 2nd & enl. ed. 1935).Google Scholar
  8. 45.
    See DHR, ‘Industrial Fluctuation and the Natural Rate of Interest’, EJ, (Dec. 1934) pp. 650–66. It was the cause of the change in productivity which was responsible for the crisis.Google Scholar
  9. 46.
    See especially: DHR, ‘Mr. Keynes’ Theory of Money’, EJ, (Sept. 1931) pp. 399–411, and ‘Saving and Hoarding’, EJ, (Sept., 1933) pp. 399–413.Google Scholar
  10. R. G. Hawtrey, ‘Mr. Robertson and “Saving and Hoarding”’, EJ, (Dec. 1933); see also the reply to DHR, pp. 709–12.Google Scholar
  11. 47.
    F. A. Von Hayek, ‘Review of JMK’s “Treatise on Money”’, Economica, (August 1931) pp. 270–95.Google Scholar
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    See D. Moggridge, Keynes, (Macmillan, 1976) pp. 100–106.CrossRefGoogle Scholar
  13. 60.
    A. Marshall, Principles of Economics, (London: Macmillan, 1890).Google Scholar
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    A. C. Pigou, Industrial Fluctuations, (London: Macmillan, 1927).Google Scholar
  15. 62.
    The full quote should read: ‘I regard Mr. Hawtrey as my grandparent and Mr. Robertson as my parent in the paths of errancy’. See JMK, CW, Vol. XIV, p. 202 and also JMK, ‘Alternative Theories of the Rate of Interest’, EJ, (June 1937) p. 242n.Google Scholar
  16. 65.
    A. Marshall, Money, Credit and Commerce, (London: Macmillan, 1923).Google Scholar
  17. 67.
    A. C. Pigou, Economics of Welfare, (London: Macmillan, 1919).Google Scholar
  18. 70.
    Compare BPPL with A. C. Pigou’s Industrial Fluctuation, (1927) (for example on the question of forced levies).Google Scholar
  19. 72.
    M. Labordère, ‘Autour de la crise américaine de 1907’ reproduced as an appendix to DHR, SIF, (1948 reprint).Google Scholar
  20. 81.
    J. R. Hicks, ‘The Monetary Theory of D. H. Robertson’, Economica, New Series 9–10, (February 1942) p. 54.Google Scholar
  21. 82.
    T. Wilson, ‘Robertson on Effective Demand and the Trade Cycle’ EJ, (Sept. 1953) p. 555.Google Scholar
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    D. E. Moggridge, Keynes, (Macmillan, 1976) pp. 96–7.CrossRefGoogle Scholar
  23. 91.
    See for example, DHR, ‘Industrial Fluctuation and the Natural Rate of Interest’, EJ, (December 1934) pp. 650–56.Google Scholar
  24. 94.
    A. Hansen, Monetary Theory and Fiscal Policy, (New York: McGraw-Hill, 1949) p. 81n. And T. Wilson, op cit., p. 555.Google Scholar
  25. 95.
    A. C. Pigou, Lapses from Full-Employment, (London: Macmillan, 1945).Google Scholar
  26. 99.
    E. A. G. Robinson, ‘A Personal View’, in M. Keynes (ed.), Essays on John Maynard Keynes, (Cambridge Univ. Press, 1975) p. 13.Google Scholar

Copyright information

© John R. Presley 1978

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  • John R. Presley

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