Edited by Robert W. Dimand and Harald Hagemann
Chapter 53: Ralph George Hawtrey
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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