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Ralph G. Hawtrey, 1879-1971

Photo of R.G.Hawtrey

British civil servant and monetary theorist.

Ralph G. Hawtrey was educated Eton and Trinity College, Cambridge, with a B.A. in mathematics in 1901.  Although he never attended any of Marshall's lectures at Cambridge, Ralph Hawtrey has been considered a Marshallian economist. This might be right. Although Hawtrey worked at the Treasury most of his life, entering in 1904, Hawtrey's numerous writings on economics have a unmistakable Cambridge hue.  Most notable is Hawtrey's contributions to the Cambridge cash-balance approach to money.  An early friend of John Maynard Keynes, Hawtrey was also an early critic of the Treatise. In his most famous work, Hawtrey adopted Wicksell's cumulative process to derive his famous 1919 overconsumptionist monetary theory of business cycles.



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Major Works of Ralph G. Hawtrey

  • Good and Bad Trade: an inquiry into the causes of trade fluctuations, 1913. [av]
  • "The Gold Standard", 1919, EJ
  • Currency and Credit, 1919. [bk, av] [2nd ed 1923, 3rd ed. 1927]
  • The Exchequer and Control of Expenditure, 1921 [av]
  • Monetary Reconstruction, 1922. [av]
  • The Economic Problem, 1925 [av]
  • "The Gold Standard and the Balance of Payments", 1926, EJ
  • "The Monetary Theory of the Trade Cycle and Its Statistical Test", 1926-27, QJE
  • "The Trade Cycle", 1926, The Economist
  • The Gold Standard in Theory and Practice, 1927.
  • Trade and Credit, 1928.
  • "The Monetary Theory of the Trade Cycle", 1929, EJ
  • "Taussig's Interational Trade", 1929, EJ
  • Economic Aspects of Sovreignty, 1930
  • Trade Depression and the Way Out, 1931
  • The Art of Central Banking, 1932.
  •  "Monetary Analysis and the Investment Market", 1934, EJ
  • "The Credit Deadlock", 1937, in A.D. Gayer, editor, The Lessons of Monetary Experience.
  • Capital and Employment, 1937.
  • "The Trade Cycle and Capital Intensity", 1940, EJ
  • Economic Destiny, 1944.
  • Economic Rebirth, 1946 [av]
  • Bretton Woods, for better or worse, 1946.
  • Cross Purposes in Wage Policy, 1953.
  • "Keynes and Supply Functions", 1956.
  • The Pound at Home and Abroad, 1961
  • Incomes and Money, 1967




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Resources on R.G. Hawtrey

  • "Review of Hawtrey's Good and Bad Trade", by Minnie Throop England 1914, AER
  • Hawtrey Page at
  • Wikipeda


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