Comment on 'Mr Keynes and "Finance"' by D. H. Robertson.
KEYNES John Maynard (1938.)
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Original offprint. 8vo. -322 pp. Original printed wrappers, stitched as issued (wrappers slightly foxed, but internally clean, a very good copy). London, MacMillan and Co., Limited. Reprinted from "The Economic Journal" June,
Throughout the previous year, debate regarding the General Theory had centred on Keynes's 'liquidity-preference' theory of the rate of interest, in response to which Keynes introduced his famous 'finance motive'. This interest-theory controversy finally petered out in a series of exchanges between Keynes and his Cambridge colleague Dennis H. Robertson, with Robertson's article 'Mr Keynes and "Finance"' dissecting Keynes's attempts to bridge the gap between his 'liquidity-preference' theory and Robertson's own savings-derived loanable fund theory.
Keynes would reply, in somewhat exasperated terms, with the present 'Comment' appended to Robertson's article and issued separately here.
Keynes and Roberston's theoretical differences contributed to a split between the pair whose close collaboration during the 1920s had resulted in several major works, although none were published under joint authorship. These included Keynes's Tract on Monetary Reform (1923) and the Treatise on Money (1930), as well as Robertson's Banking Policy and the Price Level (1926). In 1939, Robertson left Cambridge for a brief stint at the London School of Economics, before reconciling with Keynes whilst working together on the Bretton Woods Agreement, resulting in Robertson's return to Cambridge in 1944, succeeding A.C. Pigou as Professor of Economics.
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