Reactions to Hawtrey’s Economics in the Interwar Period Literature
Part of the
Studies in the History of Economics
book series (SHE)
This chapter examines the response in the contemporary literature of macroeconomics and monetary theory to Hawtrey’s ideas, a task central to an assessment of his place in the development of economic thought. The approach I have taken builds on Stigler’s insight that the scientific importance of an individual’s contribution resides in the response to it from his fellow scientists and in the impact it has on their work. If a body of work fails to affect the ideas and research of others, it is a dead-end; whatever its intrinsic merit, it has no further consequence for the progress of knowledge.
Science consists of the arguments and the evidence that lead other men to accept or reject scientific views…The recipients of a scientific message are the people who determine what that message is, and no flight of genius which does not reach the recipients will ever reach and affect the science.1
KeywordsInterest Rate Monetary Policy Trade Cycle Central Bank Price Level
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