IDEAS home Printed from https://ideas.repec.org/h/pal/gtechp/978-0-230-22752-1_13.html
   My bibliography  Save this book chapter

Banking Policy in the Cycle

In: Dennis Robertson

Author

Listed:
  • Gordon Fletcher

Abstract

As a guide for the management of the short period, Robertson made the important distinction between ‘actual’ changes in output, resulting in a new ‘actual’ scale or rate of output and ‘justifiable’ changes in output resulting in a new ‘optimal’ scale or rate of output. The latter are defined in terms of a standard non-cooperative, non-monetary case in which producers vary output by reference not only to familiar criteria (lowered costs due to invention or greater efficiency induced by prolonged depression; increased desire for the products of others which leads to increased output of own product; a fall in the real cost of obtaining other products and where the effort-elasticity of demand is greater than unity) but now also to include the enlightened self-interest of employers, both because of their control over the ‘forces of technical progress’ and because the ultimate divergence between the interest of employer and employee may not be as great as the immediate divergence (Robertson, 1926: pp. 8–23).

Suggested Citation

  • Gordon Fletcher, 2008. "Banking Policy in the Cycle," Great Thinkers in Economics, in: Dennis Robertson, chapter 13, pages 131-144, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-22752-1_13
    DOI: 10.1057/9780230227521_13
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:gtechp:978-0-230-22752-1_13. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.