Banking Policy in the Cycle

Gordon Fletcher

Chapter 13 in Dennis Robertson, 2008, pp 131-144 from Palgrave Macmillan

Abstract: Abstract As a guide for the management of the short period, Robertson made the important distinction between ‘actual’ changes in output, resulting in a new ‘actual’ scale or rate of output and ‘justifiable’ changes in output resulting in a new ‘optimal’ scale or rate of output. The latter are defined in terms of a standard non-cooperative, non-monetary case in which producers vary output by reference not only to familiar criteria (lowered costs due to invention or greater efficiency induced by prolonged depression; increased desire for the products of others which leads to increased output of own product; a fall in the real cost of obtaining other products and where the effort-elasticity of demand is greater than unity) but now also to include the enlightened self-interest of employers, both because of their control over the ‘forces of technical progress’ and because the ultimate divergence between the interest of employer and employee may not be as great as the immediate divergence (Robertson, 1926: pp. 8–23).

Keywords: Monetary Policy; Price Level; Capital Good; Money Demand; Price Stability (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:gtechp:978-0-230-22752-1_13

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230227521

DOI: 10.1057/9780230227521_13

Access Statistics for this chapter

More chapters in Great Thinkers in Economics from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().