Robertson in the 1920s

Abstract

Dennis Robertson's cycle theory, particularly as developed in A Sludy of Industrial Fluclualions (1915) and Bankins Policy and the Price Lcucl (1926) is described, and the affinity between his treatment of forced saving and that of Hayek and Robbins is noted. Robertson's theoretical eclecticism and policy pragmatism are contrasted with the more rigid positions of the Austrians. It is argued that the similarities between their work stem from the common influence of English classical economics. Finally, it is suggested that Robertson, and by implication Keynes, had little to learn from the Austrians in the early 1930s.

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