Banking Policy and the Price Level.
An Essay in the theory of the trade cycle.London, P. S. King & Son, Ltd, 1926 Stock Code: 140219
NotesFirst edition, first impression, the copy of the British economist Lionel Robbins, with his ownership signature to the front free endpaper, and a few of his annotations in the form of underlining and marginal exclamation marks. Robbins, along with Keynes, was the leading British economist of the inter-war period; at the London School of Economics, he "dominated the economics department for thirty years and built it up to its pre-eminent position in British economics" (ODNB). This book deeply impressed Robbins, who later wrote that "for profound theoretical insight and power to open up totally new horizons", the only comparable contemporary English work was Hayek's writings on the trade cycle (cited in Susan Howson, Lionel Robbins, p. 197).
In Banking policy and the Price Level, Robertson developed his earlier theme, first displayed in A Study of Industrial Fluctuation (1915), of the importance of saving and investment as the determinants of the level of economic activity, with the banking systems as the means whereby savings are transferred (or not transferred) into investment. "It is not extravagant to claim this work and not Keynes's General Theory as the fountainhead of modern macroeconomic dynamics" (Blaug).
Octavo. Original green cloth, spine lettered in gilt, front cover blocked in blind.
Spine a little sunned and lightly worn, light toning and faint foxing. A good copy.
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