D. H. Robertson, 1890–1963

John R. Presley

Chapter 6 in Pioneers of Modern Economics in Britain, 1981, pp 175-202 from Palgrave Macmillan

Abstract: Abstract There is little doubt that Robertson would be somewhat flattered, and perhaps even amused, to find himself regarded as a pioneer of economics. He always regarded Alfred Marshall as being the explorer, the advance guard in economics, paving the way for the troops to follow. He thought of himself as one of the more disciplined troops, keeping to the Marshallian tradition and anxious to prevent his fellow troops, particularly J. M. Keynes, from breaking ranks. Yet Robertson was able to lead the troops in one important direction in which Marshall had rarely sought adventure1 — in the development of a theory of industrial fluctuation. Commenting upon the subject matter of fluctuation, money, credit and employment, Robertson wrote: ‘this has always been to me the most interesting part of economics — the only part to which I can hope to be remembered as having made any personal contribition’.2 This erroneously omits his contribution to economics over a wide range of subjects, particularly in the field of international trade and the theory of the firm;3 but in truth such contributions are small in relation to that which Robertson gave to the study of industrial fluctuation.

Keywords: Interest Rate; Monetary Policy; Fiscal Policy; Money Supply; Capital Good (search for similar items in EconPapers)
Date: 1981
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DOI: 10.1007/978-1-349-06912-5_6

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