Regulating the Role of Money in Robertsonian Economics

Gordon Fletcher
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Gordon Fletcher: University of Liverpool Management School

Chapter 6 in Dennis Robertson, 2006, pp 78-95 from Palgrave Macmillan

Abstract: Abstract The Keynesian Revolution gave a new important role to money. This lecture deals with a theoretical scheme that attempted to restrict the power of money to a role in keeping with the classical allegiance of its author. Author was Dennis Robertson. Temperament, as compared to the revolutionary Keynes. 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 second major work, Banking Policy and the Price Level (1926). My argument: 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 as to render its effects neutral. The theoretical apparatus (including the role of banks in the saving—investment process) by means of which Robertson attempted his demonstration. An assessment of the extent to which he was successful.

Keywords: Monetary Policy; Trade Cycle; Price Level; Capital Good; Money Stock (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_7

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DOI: 10.1057/9780230595903_7

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