Ralph Hawtrey: A forgotten pioneer of macroeconomics

David Glasner

Economic Affairs, 2024, vol. 44, issue 2, 245-266

Abstract: This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US‐centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to restore it. Hawtrey urged that, after restoration of the gold standard, increased monetary demand for gold be restrained to prevent gold appreciation and deflation. But deliberate French gold accumulation in 1928 and interest‐rate increases by the Federal Reserve, led to the ruinous deflation foreseen by Hawtrey. The article then critically evaluates recent discussions of Hawtrey's contributions in books by Hetzel (2023) and Mattei (2022).

Date: 2024
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