TY - JOUR
T1 - Harvard meets the crisis: the monetary theory and policy of Lauchlin B. Currie, Jacob Viner, John H. Williams and Harry D. White
AU - Alacevich, Michele
AU - Asso, Pier Francesco
AU - Nerozzi, Sebastiano
PY - 2015
Y1 - 2015
N2 - The paper discusses the interpretation of the Great Depression and the policy decision making by four Harvard economists: Lauchlin B. Currie, Jacob Viner, John H. Williams, and Harry D. White. All of them were eminent scholars in the field of monetary and international economics, and were deeply involved in policy decisions during the New Deal. We will discuss how their Harvard training provided them with a common methodological and analytical perspective, and how this common perspective translated into specific policies when they moved from the academia to public service in the U.S. administration. Their interpretation of the causes of the Great Depression and their policy proposals show the eclectic approach that these four economists had to monetary, fiscal, and economic analysis, and the points of contact with both the U.S. monetarist tradition and the work of Keynes. At the same time, this very eclecticism, far from making them part of the monetarist or the Keynesian schools, characterized them as a group of their own: a network of scholars who, by virtue of their studies and the evolution of their professional careers, developed a style of analysis and policy prescriptions that deeply influenced the nature of the New Deal.
AB - The paper discusses the interpretation of the Great Depression and the policy decision making by four Harvard economists: Lauchlin B. Currie, Jacob Viner, John H. Williams, and Harry D. White. All of them were eminent scholars in the field of monetary and international economics, and were deeply involved in policy decisions during the New Deal. We will discuss how their Harvard training provided them with a common methodological and analytical perspective, and how this common perspective translated into specific policies when they moved from the academia to public service in the U.S. administration. Their interpretation of the causes of the Great Depression and their policy proposals show the eclectic approach that these four economists had to monetary, fiscal, and economic analysis, and the points of contact with both the U.S. monetarist tradition and the work of Keynes. At the same time, this very eclecticism, far from making them part of the monetarist or the Keynesian schools, characterized them as a group of their own: a network of scholars who, by virtue of their studies and the evolution of their professional careers, developed a style of analysis and policy prescriptions that deeply influenced the nature of the New Deal.
KW - Economic policy
KW - Great Depression
KW - Economic policy
KW - Great Depression
UR - http://hdl.handle.net/10807/101053
U2 - https://doi.org/10.1017/S1053837215000292
DO - https://doi.org/10.1017/S1053837215000292
M3 - Article
SN - 1053-8372
VL - 2015
SP - 387
EP - 410
JO - Journal of the History of Economic Thought
JF - Journal of the History of Economic Thought
ER -