An Odd Little Book

Abstract

Within the overall development of Robertson’s thought, BPPL was the means of extending his views on fluctuation to the case of a growing monetary economy. As compared to the Study, the focus was narrower as he could assume the broader philosophical context and restate his conclusions on the real origins of the trade cycle from the parent work. This, together with the insights gained into modern banking from working on Money, allowed him to concentrate instead on ‘a discussion of the relation between saving, credit creation and capital growth’ (Robertson, 1949b: p. vii) and to use this analysis as the basis for making recommendations on the all-important questions of banking policy and the manipulation of the price level as a tool of economic management. In other words, BPPL was to provide the rationale for the use of monetary variation as a means of reconciling economic and ethical considerations in the provision of saving for the growth process.