Hawtrey’s Good and Bad Trade: A Centenary Retrospective

David Glasner ()

Chapter Chapter 10 in Studies in the History of Monetary Theory, 2021, pp 263-296 from Palgrave Macmillan

Abstract: Abstract Ralph Hawtrey, a leading economist of the interwar period, published his first work in economics, Good and Bad Trade, in 1913. The book presents the key elements of the theoretical model Hawtrey developed and refined over the next quarter century. Though he was remarkably consistent in maintaining the theoretical framework outlined in his first work, Hawtrey later rejected the Humean price-specie flow mechanism outlined in Good and Bad Trade, after concluding that, even without gold shipments, international arbitrage equalized national price levels under the gold standard.

Keywords: Hawtrey R. G.; Business cycle; Financial crises; Credit money; Inventories; Bank rate; Price-specie-flow mechanism (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-030-83426-5_10

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DOI: 10.1007/978-3-030-83426-5_10

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