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2024 | OriginalPaper | Buchkapitel

13. Liberal Interventionism: D.H. Robertson’s Social Philosophy

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Abstract

Robertson, as is clear in Robertson (1950), has the face of a Pigovian utilitarian in that he supports the theory of cardinal utility. In it, Robertson criticizes those who advocate the New Welfare Economics, such as Hicks of ordinal utility theory (Pareto’s position) and Samuelson of revealed preference theory, and expresses his full support for Pigou’s theory of cardinal utility. Robertson is also widely known for his original economic fluctuation theory developed in Banking Policy and the Price Level (Robertson 1926). And because Robertson had a theory of dynamics that focused on the characteristics of modern industry with large-scale production, he became more and more critical of Keynes who proceeded to A Treatise on Money and then The General Theory.

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Fußnoten
1
In this respect he contrasts with Keynes and Hawtrey. Incidentally, Shionoya (1993, 2005) considers Pigou’s welfare economics not to belong to utilitarianism and Pigou’s ethical creed to be anti-utilitarianism.
 
2
On this point, he takes a provocative and firm stance, in contrast to Robertson (1947), which will be examined in Section 2.
 
3
For Banking Policy and the Price Level, see Aoyama (1953), Hishiyama (1965), Presley (1979), Shimodaira (1996), Ohara (1997, 1998), Fletcher (2000), etc., can be cited as studies of Robertson’s economic theory. However, few economists are conducting research on Robertson’s social philosophy—apart from research from the political philosophical side represented by Freeden (1986).
 
4
For Robertson’s basic ideas at the time of publication of the General Theory, Robertson (1937)—but without reference to Keynes—is instructive.
 
5
In the 1920s, Robertson worked with Keynes, Henderson, and Layton at the “Liberal Summer School” where “New Liberalism” was fostered and was also involved in the writing of Britain’s Industrial Future (Liberal Party 1928). See Freeden (1986, Ch.4) and Skidelsky (1992, pp.263–269).
 
6
However, Robertson draws Pigou to himself. Pigou is more socialist than Robertson in terms of social philosophy.
 
7
See Robertson (1947, p.45). Another belief is that “progress mainly depends on the extent to which the strongest, and not merely the highest forces of human nature can be utilized for the increase of social good”.
 
8
See Robertson (1947, pp.45, 51, 52).
 
9
The expression “we sufferers from the bug of liberalism”’ (Robertson 1947, p.48) has a similar atmosphere. See Fletcher (2000, Parts 1 and 2) for Robertson’s personality analysis that makes extensive use of these expressions.
 
10
See Robertson (1947, p.51).
 
11
See Robertson (1947, p.48). Regarding the confrontation between Keynes and Henderson in the 1940s over employment policy, see Chap. 10 of this book. Komine (1999, 2003) provides detailed and useful information on Henderson’s economic thought.
 
12
See Robertson (1947, p.52).
 
Literatur
Zurück zum Zitat Fletcher, G., Understanding Dennis Robertson, Cheltenham: Edward Elgar, 2000. Fletcher, G., Understanding Dennis Robertson, Cheltenham: Edward Elgar, 2000.
Zurück zum Zitat Freeden, M., Liberalism Divided: A Study in British Political Thought 1914–1939, Oxford: Clarendon Press, 1986.CrossRef Freeden, M., Liberalism Divided: A Study in British Political Thought 1914–1939, Oxford: Clarendon Press, 1986.CrossRef
Zurück zum Zitat Liberal Party, Britain’s Industrial Future, London: Ernest Benn,1928. Liberal Party, Britain’s Industrial Future, London: Ernest Benn,1928.
Zurück zum Zitat Presley, J.R., Robertsonian Economics: an Examination of the Work of Sir D.H. Robertson on Industrial Fluctuation, London: Macmillan, 1979. Presley, J.R., Robertsonian Economics: an Examination of the Work of Sir D.H. Robertson on Industrial Fluctuation, London: Macmillan, 1979.
Zurück zum Zitat Robbins, L., The Economic Problem in Peace and War, Macmillan, 1947. Robbins, L., The Economic Problem in Peace and War, Macmillan, 1947.
Zurück zum Zitat Robertson, D.H., The Control of Industry, Harcourt, Brace and Company, 1923. Robertson, D.H., The Control of Industry, Harcourt, Brace and Company, 1923.
Zurück zum Zitat Robertson, D.H., Banking Policy and the Price Level—An Essay in the Theory of the Trade Cycle, London: Staples Press Limited, 1926; 2nd ed. 1949. Robertson, D.H., Banking Policy and the Price Level—An Essay in the Theory of the Trade Cycle, London: Staples Press Limited, 1926; 2nd ed. 1949.
Zurück zum Zitat Robertson, D., “The Trade Cycle—An Academic View”, Lloyds Bank Review, September 1937. Robertson, D., “The Trade Cycle—An Academic View”, Lloyds Bank Review, September 1937.
Zurück zum Zitat Robertson, D., “The Economic Outlook”, 1947 (in Robertson, 1952). Robertson, D., “The Economic Outlook”, 1947 (in Robertson, 1952).
Zurück zum Zitat Robertson, D., “Utility and All That”, 1950 (in Robertson, 1952). Robertson, D., “Utility and All That”, 1950 (in Robertson, 1952).
Zurück zum Zitat Shionoya, Y., “A Non-Utilitarian Interpretation of Pigou’s Welfare Economics” (in Koslowski, P. ed., 1993). Shionoya, Y., “A Non-Utilitarian Interpretation of Pigou’s Welfare Economics” (in Koslowski, P. ed., 1993).
Zurück zum Zitat Shionoya, Y., “Pigou’s Welfare Economics and Ethical Belief”, Workshop on the Cambridge School of Economics, Feb.2005, Hitotsubashi University. Shionoya, Y., “Pigou’s Welfare Economics and Ethical Belief”, Workshop on the Cambridge School of Economics, Feb.2005, Hitotsubashi University.
Zurück zum Zitat Skidelsky, R., John Maynard Keynes, Vol.2. The Economist as Saviour 1920–1937, London: Macmillan, 1992. Skidelsky, R., John Maynard Keynes, Vol.2. The Economist as Saviour 1920–1937, London: Macmillan, 1992.
Zurück zum Zitat Aoyama, H., The Cambridge and Scandinavian School on the Theory of Economic Fluctuation, Tokyo: Sobunsha, 1953. Aoyama, H., The Cambridge and Scandinavian School on the Theory of Economic Fluctuation, Tokyo: Sobunsha, 1953.
Zurück zum Zitat Hishiyama, I., History of Modern Economics, Tokyo: Yuushindo, 1965. Hishiyama, I., History of Modern Economics, Tokyo: Yuushindo, 1965.
Zurück zum Zitat Komine, A., “Henderson’s Economic Thought”, Discussion Paper, No.18, Niigata Sangyo University, 1999. Komine, A., “Henderson’s Economic Thought”, Discussion Paper, No.18, Niigata Sangyo University, 1999.
Zurück zum Zitat Komine, A., “Henderson’s Liberalism in the 1940s”, Discussion Paper, No.28, Niigata Sangyo University, 2003. Komine, A., “Henderson’s Liberalism in the 1940s”, Discussion Paper, No.28, Niigata Sangyo University, 2003.
Metadaten
Titel
Liberal Interventionism: D.H. Robertson’s Social Philosophy
verfasst von
Toshiaki Hirai
Copyright-Jahr
2024
DOI
https://doi.org/10.1007/978-3-031-40135-0_13