Regulating the Role of Money in Robertsonian Economics
The Keynesian Revolution gave a new, important role to money relative to real forces. Dennis Robertson opposed the Keynesian Revolution and provided a theoretical scheme that attempted to restrict the power of money to a role in keeping with his Classical allegiance. 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 his second major work, Banking Policy and the Price Level (1926) are discussed. I argue that 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 that the fluctuations of the growing monetary economy will approximate to a standard non-monetary case. The theoretical apparatus (including the role of banks in the saving-investment process) by means of which Robertson attempted his demonstration is traced and an assessment is made of the extent to which he was successful.
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