Trade Depression And The Way Out.

London: Longmans, Green and Co., 1933.. New edition. Ex Royal Sratistical Society library. The original edition of this title was little more than a pamphlet. "The position taken has not been materially changed. I advocate, as I advocated two years ago, an expansion of credit to be accomplished through the purchase of securities in the open market by central banks. The main difference is that whereas then I was dealing with the problem within the limits of the gold standard, now the suspension of the gold standard, first by Great Britain and then by the United States, has given a new freedom to monetary policies". (author's preface). Pp.x/183, inkstamp of the Royall Statistical Society to front free endpaper and title page. Green cloth, spine darkened and boards dusty. Scarce. Good.** "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". (TheHistoryofEconomic Thought).