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Hawtrey’s Good and Bad Trade: A Centenary Retrospective

In: Studies in the History of Monetary Theory

Author

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  • David Glasner

Abstract

Ralph Hawtrey, a leading economist of the interwar period, published his first work in economics, Good and Bad Trade, in 1913. The book presents the key elements of the theoretical model Hawtrey developed and refined over the next quarter century. Though he was remarkably consistent in maintaining the theoretical framework outlined in his first work, Hawtrey later rejected the Humean price-specie flow mechanism outlined in Good and Bad Trade, after concluding that, even without gold shipments, international arbitrage equalized national price levels under the gold standard.

Suggested Citation

  • David Glasner, 2021. "Hawtrey’s Good and Bad Trade: A Centenary Retrospective," Palgrave Studies in the History of Economic Thought, in: Studies in the History of Monetary Theory, chapter 0, pages 263-296, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-83426-5_10
    DOI: 10.1007/978-3-030-83426-5_10
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