280:. Hawtrey argues that tradersâ balances are relatively stable, and thus the supply of money (in a wide sense taken to include credit) and consumersâ income and outlay are concerned with the operational relationships. Compared to the Cambridge income-based approach, his places greater emphasis on the demand for nominal balances rather than real balances. Keynes used a similar balances approach to the quantity theory, after 1925, leading up to the
255:. He was one of the first English economists to stress the primacy of credit money rather than metallic legal tender. Furthermore, his income-based approach led to a closer integration of the theories of money and output. For Hawtrey, money income determines expenditure, expenditure determines demand and demand determines prices. Hawtrey summarised his aims in monetary theory in the preface to
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these short-hoards act as a buffer stock. The interest forgone is the main cost of holding money balances, and thus he points to a balancing process between costs and advantages in determining desired balances. The introduction of a banking system into the model allows agents to substitute borrowing power for money balances (Hawtrey, 1919, pp. 36â7).
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152:(born 1847/50; died 1910) and his first wife Eda (died 1892), daughter of William Strahan. His father, a schoolmaster, left the profession for acting, where he met no great success; the family's impecuniousness led Ralph Hawtrey to seek the stable employment in the Civil Service. A cousin was the economist
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Hawtrey and Cassel both recognised the dominant role of the United States in the world economy after World War I. They recommended that the
Federal Reserve pursue aggressive monetary policies to counteract the deflationary pressures after 1929. When it became clear that the US was unwilling to pursue
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Hawtrey analysed the demand for money in terms of motives. He identifies a transaction demand, a precautionary demand, and a residual demand which reflects a gradual accumulation of savings balances. He thinks of agents as saving gradually but investing only larger sums periodically. In the meantime,
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Scientific treatment of the subject of currency is impossible without some form of the quantity theory ⊠but the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumersâ income and the consumersâ outlay â that is to say, simply the
272:
Consumersâ outlays include investment (the result of saving), since investment is spent on fixed capital. The difference between outlays is then consumersâ balances and income, thus only consisting of accumulated cash balances (including money in bank accounts). In addition, a similar demand exists,
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took no immediate part in
Hawtrey's economic education. His economic education was, for the most part, acquired in the Treasury. However, he had close contacts with the Cambridge economists. Away from economics, he was involved with both the Apostles and with Bloomsbury, whilst within the subject he
353:
In contrast to
Hawtrey and Cassel's support for a managed gold standard, Keynes opposed a return to the gold standard. While agreeing with Hawtrey and Cassel that a return to the gold standard would be deflationary in the short run, Keynes believed that it would be inflationary in the long run, and
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of the product and the disutility of effort may prompt an additional supply of labour "in the simple case of a man working on his own account" (1928, p. 148), Hawtrey argues, this is not the general case since: "the decision as to the output to be undertaken is in the hands of a limited number
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in 1922, and his and Cassel's cautions were reflected in the resolutions. Cassel proposed that circulation of gold coins should be ended; while this proposal was rejected at the conference, when the UK returned to the gold standard in 1925, circulation of gold coinage was indeed eliminated by
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The total effective demand for commodities in the market is limited to the number of units of money of account that dealers are prepared to offer, and the number they are prepared to offer over any period of time is limited according to the number they hope to receive. (1919, p.
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such policies, they both recommended that their respective countries (UK and Sweden respectively) leave the gold standard. The UK left the gold standard in
September 1931 and Sweden suspended it shortly afterwards, with Cassel playing an important role in the latter.
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of employers, and the workmen in the industry are passively employed by them for the customary hours at the prevailing rates of wages" (1928, p. 149). In this case output decisions are based not on the gross proceeds, but on the net profit margin.
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for money balances by traders related to their turnover. Both consumersâ and tradersâ balances may be held by individual agents â Hawtrey notes that the true traders' income is the profits of the business and that this consumersâ income included this.
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to finance their wartime expenditures. This led to a massive drop in demand for gold and thus a large drop in its value. After the war ended, the countries sought to reconstitute the system. Hawtrey in 1919 and
334:(independently in 1920â21) warned that restoring the gold standard without a simultaneous policy of restricting the international monetary demand for gold would push up gold prices and result in a
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For most of the 1920s, the various countries did restrain their demand for gold. In
Hawtrey and Cassel's view, at the end of the 1920s, due to the actions of the French central bank and the US
171:. He entered the Admiralty in 1903, then he was moved to the Treasury (1904), where he became director of financial enquiries in 1919. Until his retirement in 1945 he worked in the
209:
618:
Bigg, R.J. "Hawtrey, Ralph George (1879â1975)." The New
Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008.
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Bigg, R.J. "Hawtrey, Ralph George (1879â1975)." The New
Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008.
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1981:
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The âunspent marginâ, or total money balances, is made of the consumersâ and tradersâ balances taken together. From this, he derives a form of the
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Hawtrey contributed to a number of significant developments in economic analysis, including an original form of the cash balance approach to the
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through adjustment in the bank rate of interest, foreshadowing the later work of Keynes. In the 1920s, he advocated what was later called the
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284:(1930), in which he distinguishes first between investment and cash deposits and later between income, business and savings deposits.
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Mattei, C. E "The
Capital Order: how economists invented austerity and paved the way to fascism" University of Chicago Press, 2022. .
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The
Plantagenet Roll of the Blood Royal, Essex volume, Melville Henry Massue, Genealogical Publishing Company, 1994 (reprint), p. 611
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Hawtrey points to a defect in the theory of an elastic supply of labour based on marginal utilities of product and effort, in
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The
Director of Financial Enquiries A Study of the Treasury Career of R. G. Hawtrey, 1919â1939
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Essays in Biography, J. M. Keynes, Harcourt Brace & Co., 1933, pp. 150-151
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aggregates of individual incomes and individual expenditures. (1919, p. v)
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Hawtrey was born in Slough, near London, the only son and last child of
90:â 21 March 1975, London) was a British economist, and a close friend of
224:, to which he grafted an income approach, foreshadowing a treatment by
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as a visiting lecturer from 1928 to 1929 on a special leave from the
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A concept of effective demand is also introduced by Hawtrey.
190:(1919) became a standard work in Cambridge in the 1920s.
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It was his view that the botched attempt to restore the
594:
Batchelder, Ronald W.; Glasner, David (29 March 2012).
228:. He also advanced, as early as 1931, the concept of
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Black, R. D. Collison. "Hawtrey, Sir Ralph George".
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547:Encyclopaedic Bibliography of the World Economists
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656:(online ed.). Oxford University Press.
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205:a post which he held from 1947 to 1952.
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308:(1928). while a difference between the
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1982:Alumni of Trinity College, Cambridge
465:"Keynes and Supply Functions", 1956.
508:"Hawtrey, Ralph George (HWTY898RG)"
167:in 1898. He graduated in 1901 with
136:. He had played a key role in the
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525:Gaukroger, Alan (January 2008).
417:Trade Depression and the Way Out
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682:The Papers of Sir Ralph Hawtrey
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531:(doctoral). Doctoral thesis,
369:in the late 1920s and 1930s.
102:intellectual secret society.
16:British economist (1879â1975)
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469:The Pound at Home and Abroad
512:A Cambridge Alumni Database
130:international gold standard
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533:University of Huddersfield
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1428:
1425:
1422:
1419:
1416:
1413:
1410:
1407:
1404:
1401:
1398:
1395:
1392:
1389:
1386:
1383:
1380:
1379:David Clayton
1377:
1374:
1371:
1368:
1365:
1362:
1359:
1356:
1353:
1350:
1347:
1344:
1341:
1338:
1337:J. C. Gittins
1335:
1332:
1329:
1326:
1323:
1320:
1317:
1314:
1311:
1308:
1307:Michael Healy
1305:
1302:
1299:
1296:
1293:
1290:
1287:
1284:
1281:
1278:
1275:
1272:
1271:Peter Whittle
1269:
1266:
1263:
1260:
1257:
1254:
1251:
1248:
1245:
1242:
1241:E. C. Fieller
1239:
1236:
1235:G. A. Barnard
1233:
1230:
1229:Henry Daniels
1227:
1224:
1223:D. G. Kendall
1221:
1218:
1215:
1212:
1209:
1206:
1203:
1200:
1197:
1194:
1193:Harry Campion
1191:
1188:
1187:M. G. Kendall
1185:
1182:
1179:
1176:
1173:
1170:
1167:
1164:
1163:R. G. Hawtrey
1161:
1158:
1155:
1152:
1149:
1146:
1143:
1140:
1139:Ethel Newbold
1137:
1134:
1131:
1128:
1125:
1122:
1119:
1116:
1113:
1110:
1109:S. J. Chapman
1107:
1104:
1101:
1098:
1095:
1092:
1089:
1086:
1083:
1080:
1077:
1074:
1071:
1068:
1065:
1062:
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1056:
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1050:
1047:
1044:
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1038:
1035:
1032:
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1026:
1023:
1020:
1017:
1014:
1011:
1008:
1005:
1004:
1001:
994:
990:
979:
976:
973:
970:
967:
964:
961:
958:
955:
954:Bradley Efron
952:
949:
946:
943:
940:
937:
934:
931:
928:
925:
922:
919:
918:Michael Healy
916:
913:
912:Peter Whittle
910:
907:
904:
901:
898:
895:
892:
889:
886:
883:
882:Henry Daniels
880:
877:
876:D. G. Kendall
874:
871:
868:
865:
864:G. A. Barnard
862:
859:
856:
853:
852:Harald Cramér
850:
847:
844:
841:
840:M. G. Kendall
838:
835:
832:
829:
826:
823:
820:
817:
816:E. S. Pearson
814:
811:
808:
805:
802:
799:
796:
793:
790:
787:
784:
781:
778:
775:
772:
769:
766:
763:
760:
757:
754:
751:
750:Robert Giffen
748:
745:
744:Charles Booth
742:
741:
738:
731:
727:
723:
716:
711:
709:
704:
702:
697:
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693:
687:
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680:
678:
675:
671:
663:
659:
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638:
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630:
629:
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601:
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581:
579:
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573:
569:
566:
562:
556:
553:
548:
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539:
534:
530:
529:
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518:
513:
509:
503:
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494:
491:
485:
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475:
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467:
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449:
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430:
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418:
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412:
408:
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399:
396:
393:
390:
387:
384:
381:
380:
376:
374:
370:
368:
364:
359:
357:
356:Irving Fisher
351:
349:
344:
339:
337:
333:
332:Gustav Cassel
328:
327:gold standard
324:
316:
314:
311:
307:
296:
295:
294:
293:
292:
289:
285:
283:
279:
274:
264:
263:
262:
261:
260:
258:
254:
250:
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243:
242:
237:
236:
231:
227:
223:
216:Contributions
215:
213:
211:
206:
204:
200:
196:
193:He taught at
191:
189:
185:
180:
176:
174:
170:
166:
162:
157:
155:
151:
143:
141:
139:
135:
131:
126:
124:
120:
116:
112:
111:Treasury View
108:
103:
101:
97:
93:
89:
85:
76:
73:
70:
66:
63:
59:
55:
52:
48:
45:
42:
38:
34:
29:
22:
19:
1923:Jonas Peters
1911:Yingying Fan
1869:Chris Holmes
1863:Fiona Steele
1845:Steve Brooks
1815:J. Wakefield
1726:D. F. Hendry
1702:S. J. Pocock
1684:Philip Dawid
1624:James Durbin
1606:R. F. George
1553:Susan Murphy
1523:Jianqing Fan
1517:Brian Ripley
1457:Kanti Mardia
1445:Philip Dawid
1439:Walter Gilks
1421:Peter Diggle
1355:Richard Peto
1331:Julian Besag
1319:John Kingman
1289:James Durbin
1162:
1061:D. A. Thomas
1049:R. H. Hooker
1019:A. L. Bowley
960:Adrian Smith
948:John Kingman
936:James Durbin
834:Jerzy Neyman
804:R. A. Fisher
792:A. L. Bowley
774:G. Udny Yule
651:
632:
603:. Retrieved
599:
589:
564:
555:
546:
541:
527:
520:
511:
502:
493:
484:
468:
459:
453:
447:
440:
434:
428:
422:
416:
410:
403:
394:
388:
382:
371:
360:
352:
346:Churchill's
340:
336:deflationary
320:
305:
303:
290:
286:
281:
275:
271:
256:
246:
239:
233:
219:
208:Hawtrey was
207:
192:
187:
177:
158:
147:
127:
107:money supply
104:
83:
82:
68:Institutions
61:
18:
1972:1975 deaths
1967:1879 births
1839:Nicola Best
1762:C. Jennison
1738:S. C. Darby
1732:Peter Green
1648:P. G. Moore
1511:David Firth
1481:Howell Tong
1433:Peter Green
1385:R. L. Smith
1373:F. P. Kelly
1349:W. Pridmore
1295:John Nelder
1211:J. O. Irwin
1175:L. Isserlis
1151:J. H. Jones
1145:H. E. Soper
1121:J. C. Stamp
1097:R. Dudfield
1007:John Glover
930:John Nelder
822:Frank Yates
677:Who Was Who
323:World War I
253:trade cycle
199:UK Treasury
173:UK Treasury
132:led to the
119:coefficient
1961:Categories
1941:Rajan Shah
1833:Peter Lynn
1809:J. Forster
1744:S. M. Gore
1642:M. C. Pike
1630:F. Downton
1565:HĂ„vard Rue
1535:Nancy Reid
1505:P. G. Hall
1451:David Hand
1361:John Copas
1343:A. Bissell
1325:Henry Wynn
1091:G. H. Wood
1073:W. H. Shaw
1055:Yves Guyot
1031:C. S. Loch
978:Nancy Reid
672:required.)
476:References
230:multiplier
115:multiplier
1917:Peng Ding
1905:Jinchi Lv
1899:Ming Yuan
1821:Guy Nason
1696:A. J. Fox
1265:C. R. Rao
1247:D. R. Cox
1103:S. Rowson
1067:R. H. Rew
942:C. R. Rao
870:Roy Allen
858:David Cox
212:in 1956.
56:in Silver
54:Guy Medal
1798:D. Firth
1313:M. Stone
684:held at
338:crisis.
251:and the
235:Treatise
210:knighted
1181:H. Leak
605:8 March
471:, 1961.
462:, 1946.
456:, 1944.
450:, 1940.
443:, 1938.
437:, 1937.
431:, 1933.
425:, 1932.
413:, 1929.
406:, 1928.
397:, 1922.
391:, 1919.
385:, 1913.
321:During
1943:(2022)
1937:(2021)
1931:(2020)
1925:(2019)
1919:(2018)
1913:(2017)
1907:(2015)
1901:(2014)
1895:(2013)
1889:(2012)
1883:(2011)
1877:(2010)
1871:(2009)
1865:(2008)
1859:(2007)
1853:(2006)
1847:(2005)
1841:(2004)
1835:(2003)
1829:(2002)
1823:(2001)
1817:(2000)
1811:(1999)
1800:(1998)
1794:(1997)
1788:(1996)
1782:(1995)
1776:(1994)
1770:(1993)
1764:(1992)
1758:(1991)
1752:(1990)
1746:(1989)
1740:(1988)
1734:(1987)
1728:(1986)
1722:(1985)
1716:(1984)
1710:(1983)
1704:(1982)
1698:(1980)
1692:(1979)
1686:(1978)
1680:(1977)
1674:(1976)
1668:(1975)
1662:(1974)
1656:(1971)
1650:(1970)
1644:(1969)
1638:(1968)
1632:(1967)
1626:(1966)
1620:(1962)
1614:(1949)
1608:(1938)
1602:(1936)
1573:(2022)
1567:(2021)
1561:(2020)
1555:(2019)
1549:(2018)
1543:(2017)
1537:(2016)
1531:(2015)
1525:(2014)
1519:(2013)
1513:(2012)
1507:(2011)
1501:(2010)
1495:(2009)
1489:(2008)
1483:(2007)
1477:(2006)
1471:(2005)
1465:(2004)
1459:(2003)
1453:(2002)
1447:(2001)
1441:(2000)
1435:(1999)
1429:(1998)
1423:(1997)
1417:(1996)
1411:(1995)
1405:(1994)
1399:(1993)
1393:(1992)
1387:(1991)
1381:(1990)
1375:(1989)
1369:(1988)
1363:(1987)
1357:(1986)
1351:(1985)
1345:(1985)
1339:(1984)
1333:(1983)
1327:(1982)
1321:(1981)
1315:(1980)
1309:(1979)
1303:(1978)
1297:(1977)
1291:(1976)
1285:(1973)
1279:(1968)
1273:(1966)
1267:(1965)
1261:(1964)
1255:(1962)
1249:(1961)
1243:(1960)
1237:(1958)
1231:(1957)
1225:(1955)
1219:(1954)
1213:(1953)
1207:(1952)
1201:(1951)
1195:(1950)
1189:(1945)
1183:(1940)
1177:(1939)
1171:(1938)
1165:(1936)
1159:(1935)
1153:(1934)
1147:(1930)
1141:(1928)
1135:(1927)
1129:(1921)
1123:(1919)
1117:(1918)
1111:(1915)
1105:(1914)
1099:(1913)
1093:(1910)
1087:(1909)
1081:(1907)
1075:(1906)
1069:(1905)
1063:(1904)
1057:(1903)
1051:(1902)
1045:(1901)
1039:(1900)
1033:(1899)
1027:(1897)
1021:(1895)
1015:(1894)
1009:(1893)
980:(2022)
974:(2020)
968:(2019)
962:(2016)
956:(2014)
950:(2013)
944:(2011)
938:(2008)
932:(2005)
926:(2002)
920:(1999)
914:(1996)
908:(1993)
902:(1990)
896:(1987)
890:(1986)
884:(1984)
878:(1981)
872:(1978)
866:(1975)
860:(1973)
854:(1972)
848:(1969)
842:(1968)
836:(1966)
830:(1962)
824:(1960)
818:(1955)
812:(1953)
806:(1946)
800:(1945)
794:(1935)
788:(1930)
782:(1920)
776:(1911)
770:(1908)
764:(1907)
758:(1900)
752:(1894)
746:(1892)
666:
419:, 1931
98:, the
88:Slough
50:Awards
607:2016
600:SSRN
238:and
161:Eton
117:, a
658:doi
563:",
1963::
598:.
571:^
510:.
448:EJ
411:EJ
350:.
298:3)
259:.
244:.
175:.
156:.
125:.
714:e
707:t
700:v
664:.
660::
609:.
559:"
535:.
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