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Darity, William A., Jr. & Young, Warren (1997). Reply to Hawtrey and the Multiplier by Robert W. Dimand. History of Political Economy, 29(3), 557-558.


We are grateful to Robert Dimand (1997) for reminding us of the very important role Ralph Hawtrey played in developing and applying the “multiplier analysis,” especially his 1928 and 1930 treatments of it (see the Treasury Memorandum in the appendix of Davis 1983 and Hawtrey’s comments on the Treatise in Keynes, CW) and his subsequent “algebraic derivation” (Hawtrey 1932). In his comment on our paper (Darity and Young 1995), Dimand notes the transition in Hawtrey’s emphasis as he moved from numerical examples (1928 and 1930) to a more general algebraic presentation (1932)’ bringing his own multiplier analysis more in line with that of Kahn (1931).


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Journal Article

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History of Political Economy


Darity, William A., Jr.
Young, Warren