The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 53: Ralph George Hawtrey

David Glasner


The careers of R.G. Hawtrey (1879–1975) and his younger contemporary J.M. Keynes began at Cambridge where both studied mathematics after which both became economists at the Treasury. Keynes generously acknowledged his intellectual debt to Hawtrey more than once, but over their long relationship they had a series of disputes about both monetary theory and monetary policy, including whether and how to restore the gold standard after World War I, the efficacy of public spending to increase employment, how to respond to the Great Depression, whether Bank rate or the long-term interest rate is the most effective instrument with which to conduct monetary policy, and whether the rate of interest equilibrates saving and investment or the demand for and supply of money.

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