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Saving in the Cycle

In: Robertsonian Economics

Author

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  • John R. Presley

Abstract

Robertson continued to defend his belief in the forced saving doctrine throughout the Keynesian Revolution and into his Cambridge Lectures in the late 1940s and 1950s. In Lectures he dropped the terminology of lacking and reverted to the Marshallian term ‘waiting’ but still employed the argument of imposed lacking.1 It is now possible therefore to visualise the Robertsonian approach to saving in the cycle which he held from the time of Banking (i.e. 1926) onwards. It will be instructive, in addition, to compare his approach with that of Pigou and Hayek; these were the two eminent Robertsonian contemporaries, pre-General Theory writers, who utilised the forced saving doctrine in their theories of fluctuation.2 Again it cannot be emphasised too greatly that Robertson always examined saving in a dynamic setting as part of cycle theory and this goes some way towards explaining why he was later critical of Keynes’ attempt to ‘deal with the savings-investment complex in terms of a theory of static and stable equilibrium’.3

Suggested Citation

  • John R. Presley, 1978. "Saving in the Cycle," Palgrave Macmillan Books, in: Robertsonian Economics, chapter 6, pages 121-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03239-6_12
    DOI: 10.1007/978-1-349-03239-6_12
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