ABSTRACT
This chapter examines the study of Robertson and Keynes conducted by Prof. Hideo Aoyama one of the leading theoretical economists concentrating on his activities in the interwar period. It outlines the economic situation in interwar Japan. Fukuda started his academic career as the leader of the Young Historical School in Japan, after studying economics under Lujo Brentano in Germany. Yasuma Takata was another pioneering economist as well as sociologist at Kyoto University, eager to study Walrasian general equilibrium theory and Keynes's economics. Aoyama argues that Robertson's attempt to extend his period analysis in such a way, incorporating savings account is fundamentally flawed. He even goes so far as to claim that period analysis cannot deal with the problem of the rate of interest. The market mechanism in the Treatise is composed of two parts. One has to do with the determination of variables in "each period". The other concerns the determination between one period and the next.
