IDEAS home Printed from https://ideas.repec.org/p/liv/livedp/200620.html
   My bibliography  Save this paper

Regulating the Role of Money in Robertsonian Economics

Author

Listed:
  • Gordon Fletcher

    (Management School, University of Liverpool, UK)

Abstract

The Keynesian Revolution gave a new, important role to money relative to real forces. Dennis Robertson opposed the Keynesian Revolution and provided a theoretical scheme that attempted to restrict the power of money to a role in keeping with his Classical allegiance. In writing Money (1922), Robertson had discovered the power of money significantly to amend the real theory of the trade cycle he had set out in A Study of Industrial Fluctuation (1915). Features of his second major work, Banking Policy and the Price Level (1926) are discussed. I argue that Robertson wrote this book to provide a definitive demonstration of his conviction that though money plays an important role in the economy, it alters nothing fundamental and can be so managed that the fluctuations of the growing monetary economy will approximate to a standard non-monetary case. The theoretical apparatus (including the role of banks in the saving-investment process) by means of which Robertson attempted his demonstration is traced and an assessment is made of the extent to which he was successful.

Suggested Citation

  • Gordon Fletcher, 2006. "Regulating the Role of Money in Robertsonian Economics," Working Papers 200620, University of Liverpool, Department of Economics.
    • Handle: RePEc:liv:livedp:200620
    as

    Download full text from publisher

    File URL: http://www.liv.ac.uk/managementschool/research/working%20papers/wp200620.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. David Laidler, 1994. "Robertson in the 1920s," University of Western Ontario, Departmental Research Report Series 9408, University of Western Ontario, Department of Economics.
    2. Robert J. Bigg, 1990. "Cambridge and the Monetary Theory of Production," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37121-7, September.
    3. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16, December.
    4. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gordon Fletcher, 2006. "In Search of Dennis Robertson: Through the Looking Glass and What I Found There," Working Papers 200621, University of Liverpool, Department of Economics.
    2. Toshiaki Hirai, 2007. "How did Keynes transform his theory from the Tract into the Treatise ?—Consideration through primary material," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 325-348.
    3. Agnès Festré, 2002. "Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 439-480, April.
    4. Andrew Mearman, 2010. "What is this thing called ‘heterodox economics’?," Working Papers 1006, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    5. Agnès Festré, 2002. "Money, Banking and Dynamics: Schumpeter vs. Hayek," Post-Print halshs-00271359, HAL.
    6. Béraud, Alain, 2003. "Keynes et Pigou sur le salaire monétaire et l’emploi : une synthèse du débat," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 147-162, Mars-Juin.
    7. Siven, Claes-Henric, 2000. "Analytical Foundations of Erik Lindahl's Monetary Analysis, 1924-30," Research Papers in Economics 2000:14, Stockholm University, Department of Economics.
    8. Thomas M. Humphrey, 2000. "Monetary policy frameworks and indicators for the Federal Reserve in the 1920s," Working Paper 00-07, Federal Reserve Bank of Richmond.
    9. Haavio, Markus & Mendicino, Caterina & Punzi, Maria Teresa, 2013. "Financial and economic downturns in OECD countries," Bank of Finland Research Discussion Papers 35/2013, Bank of Finland.
    10. Neil Hart, 2003. "Marshall’s Dilemma: Equilibrium versus Evolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(4), pages 1139-1160, December.
    11. Sheila C. Dow, 1999. "Post Keynesianism and Critical Realism: What Is the Connection?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(1), pages 15-33, September.
    12. Osmar Leandro Loaiza Quintero, 2012. "La demanda agregada y la distribución del ingreso: un estudio a partir de los modelos de crecimiento kaleckianos," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, December.
    13. Thomas M. Humphrey, 2004. "Alfred Marshall and the quantity theory of money," Working Paper 04-10, Federal Reserve Bank of Richmond.
    14. Paul Dalziel, 1996. "The Keynesian Multiplier, Liquidity Preference, and Endogenous Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(3), pages 311-331, March.
    15. Alessandro Vercelli, 2010. "Economy and economics: the twin crises," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0410, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
    16. Annamaria Simonazzi & Fernando Vianello, 2005. "Price and Prejudice. The statics and dynamics of money-wage flexibility," Working Papers in Public Economics 86, University of Rome La Sapienza, Department of Economics and Law.
    17. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    18. David Laidler & William B.P. Robson, 2004. "Two Percent Target: The Context, Theory, and Practice of Canadian Monetary Policy since 1991," C.D. Howe Institute Policy Studies, C.D. Howe Institute, number 20041, January.
    19. David Laidler, 2010. "Chicago Monetary Traditions," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 6, Edward Elgar Publishing.
    20. Thanos Skouras & Yiannis Kitromilides, 2014. "The irresistible charm of the micro-foundations dogma or the overwhelming force of the discipline's hard core?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 67-79, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:liv:livedp:200620. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Rachel Slater (email available below). General contact details of provider: https://edirc.repec.org/data/mslivuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.