Dennis Robertson (economist)

Sir Dennis Holme Robertson (23 May 1890 – 21 April 1963) was a prominent British economist who made significant contributions to monetary theory, business cycle analysis, and economic development. He was a key figure in the Cambridge school of economics, deeply influenced by Alfred Marshall and a close colleague of John Maynard Keynes, although their intellectual paths diverged later in life.

Robertson was educated at Eton College and Trinity College, Cambridge. After serving in the British Civil Service during World War I, he returned to Cambridge as a lecturer in economics. He held various academic positions throughout his career, including professorships at the London School of Economics (1939-1944) and Cambridge University (1944-1957). He was knighted in 1953.

Robertson's early work focused on monetary theory and the trade cycle. He developed the concept of "forced saving," which describes the situation where investment exceeds voluntary saving, leading to inflation. He also explored the role of money and credit in influencing economic activity. His book, Banking Policy and the Price Level (1926), is a classic in monetary economics.

While initially a supporter of Keynesian economics, Robertson became increasingly critical of some aspects of Keynes's General Theory. He disagreed with Keynes's emphasis on aggregate demand and argued for the importance of supply-side factors. He also questioned the effectiveness of fiscal policy in stimulating the economy.

Robertson's contributions extended beyond monetary theory. He also made significant contributions to the theory of economic development, particularly in his work on capital accumulation and the role of investment. His lectures and writings were influential in shaping the thinking of economists around the world.

Key works by Dennis Robertson include:

• A Study of Industrial Fluctuation (1915)
• Money (1922)
• Banking Policy and the Price Level (1926)
• Economic Fragments (1931)
• Essays in Monetary Theory (1940)
• Britain in the World Economy (1954)

Dennis Robertson is remembered as a highly influential economist who made lasting contributions to economic theory and policy. His work continues to be studied and debated by economists today.