JOURNAL ARTICLE

Ralph Hawtrey: A forgotten pioneer of macroeconomics.

  • Published In: Economic Affairs, 2024, v. 44, n. 2. P. 245 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Glasner, David 3 of 3

Abstract

This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US‐centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to restore it. Hawtrey urged that, after restoration of the gold standard, increased monetary demand for gold be restrained to prevent gold appreciation and deflation. But deliberate French gold accumulation in 1928 and interest‐rate increases by the Federal Reserve, led to the ruinous deflation foreseen by Hawtrey. The article then critically evaluates recent discussions of Hawtrey's contributions in books by Hetzel (2023) and Mattei (2022). [ABSTRACT FROM AUTHOR]

Additional Information

  • Source:Economic Affairs. 2024/06, Vol. 44, Issue 2, p245
  • Document Type:Article
  • Subject Area:Economics
  • Publication Date:2024
  • ISSN:0265-0665
  • DOI:10.1111/ecaf.12647
  • Accession Number:178131522
  • Copyright Statement:Copyright of Economic Affairs is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Looking to go deeper into this topic? Look for more articles on EBSCOhost.