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Palgrave Macmillan

Cambridge and the Monetary Theory of Production

The Collapse of Marshallian Macroeconomics

  • Book
  • © 1990

Overview

Authors:
  1. Robert J. Bigg
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Table of contents (13 chapters)

  1. Front Matter

    Pages i-xii
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  2. Introduction

    • Robert J. Bigg
    Pages 1-5

  3. Some Methodological Issues

    • Robert J. Bigg
    Pages 6-11

  4. The Cambridge School

    • Robert J. Bigg
    Pages 12-16

  5. Marshall’s Theory of Money and the Trade Cycle

    • Robert J. Bigg
    Pages 17-33

  6. The Marshallian Research Programme

    • Robert J. Bigg
    Pages 34-42

  7. Risk and Uncertainty, 1900-26

    • Robert J. Bigg
    Pages 43-67

  8. Formalisation of the Cambridge Quantity Theory

    • Robert J. Bigg
    Pages 68-84

  9. Developments in Cambridge Monetary Theory to 1925

    • Robert J. Bigg
    Pages 85-100

  10. The Limitations of the Quantity Theory and the Money Veil

    • Robert J. Bigg
    Pages 101-113

  11. The Trade Cycle

    • Robert J. Bigg
    Pages 114-141

  12. Robertson’s Banking Policy and the Price Level

    • Robert J. Bigg
    Pages 142-160

  13. Degeneration in the Marshallian Research Programme

    • Robert J. Bigg
    Pages 161-184

  14. Conclusion

    • Robert J. Bigg
    Pages 185-194

  15. Back Matter

    Pages 195-228
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About this book

Less than fifty years after the publication of Marshall's Principles Cambridge once again set economics on a new path with the publication of Keynes's General Theory. This book examines the developments in Cambridge monetary and trade cycle theory that were moving it forwards but were also sowing the seeds for the collapse of the Marshallian neoclassical framework. The analysis shows how Cambridge economists such as Keynes, Robertson, Lavington and Hawtrey had built on the foundations of Marshall and Pigou to produce theories of adaptive behaviour which acknowledged that the invisible hand could fail in the short run. This established a conflict with the long run theory of market clearing equilibrium which, though it could be ignored at first, had finally to be resolved.

About the author

ROBERT J. BIGG

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