Robertson, Keynes and the Keynesian Revolution

Gordon Fletcher
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Gordon Fletcher: University of Liverpool Management School

Chapter 12 in Dennis Robertson, 2006, pp 164-178 from Palgrave Macmillan

Abstract: Abstract D.H. Robertson was the erstwhile friend, colleague and collaborator of Keynes at Cambridge in the 1920s; but when Keynes changed direction in the 1930s, Robertson became the principal critic of the Keynesian Revolution. This paper examines the issues that divided them and establishes a criterion on which the issues can be judged. It is argued that whereas the fallacy of composition was an essential ingredient of Keynes’s move forward towards the General Theory; Robertson, because of the different way in which his theory developed, failed to see the significance of the concept, with the result that his argument contained a logical flaw that vitiated his attack on Keynes.

Keywords: Interest Rate; Effective Demand; Real Business Cycle; Principal Critic; Private Sector Investment (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59590-3_13

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DOI: 10.1057/9780230595903_13

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