Although he never attended any of Marshall's lectures at Cambridge, Ralph Hawtrey has been considered a Marshallian economist. This might be right for although Hawtrey worked at the Treasury most of his life, his numerous writings on economics have a unmistakable Cambridge hue, e.g. his work on 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.
Major Works of Ralph G. Hawtrey
Resources on R.G. Hawtrey