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The Neglected contributions of R.G.Hawtrey to macroeconomics

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  • D.M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

In the inter war years (1919-39) macroeconomics was at the forefront of attention of both thinkers as well as policymakers. This paper focuses on Hawtrey, one of the major economists of that period whose contemporary influence on macroeconomic theory as well as policy was significant, but whose contributions, in the aftermath of World War II, have gone largely into oblivion. We begin with a brief exposition of the main strands of Hawtreyan macroeconomics. We then try to demonstrate the significant influence that Hawtrey's ideas had on Keynes' views, highlighting both the areas in which their ideas differed and where their views reinforced each other's. Before concluding, we draw attention to at least five contributions of Hawtrey, which have a strong claim to be considered original but which have received scant professional credit viz. the multiplier, the accelerator, quantitative easing, crowding out and the announcement effect of monetary policy.

Suggested Citation

  • D.M. Nachane, 2024. "The Neglected contributions of R.G.Hawtrey to macroeconomics," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2024-009, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2024-009
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    File URL: http://www.igidr.ac.in/pdf/publication/WP-2024-009.pdf
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    More about this item

    Keywords

    instability of credit; credit deadlock; quantitative easing ; the multiplier; crowding;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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