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Hawtrey, Harvard, and the Origins of the Chicago Tradition

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  • Laidler, David

Abstract

Milton Friedman has claimed that his monetary economics derives from a Chicago tradition that, in the 1930s, offered a monetary explanation of cyclical fluctuations in general and the Great Depression in particular, an optimistic view of the power of monetary policy, and a case for governing it by rules rather than discretion. It is argued that all the elements of this tradition except the last are to be found in earlier writings of Ralph Hawtrey, Allyn Young, and Lauchlin Currie and that there is much evidence to point to a direct influence running from Hawtrey, through Harvard, to Chicago. Copyright 1993 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 101 (1993)
Issue (Month): 6 (December)
Pages: 1068-1103

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Handle: RePEc:ucp:jpolec:v:101:y:1993:i:6:p:1068-1103

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Welcome to Uneasy Money, aka the Hawtreyblog
    by David Glasner in uneasy money on 2011-07-05 11:51:55
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Cited by:
  1. Hugh Rockoff, 2000. "Henry Calvert Simons and the Quantity Theory of Money," Departmental Working Papers 200003, Rutgers University, Department of Economics.
  2. Roger J. Sandilands, 2009. "Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns," History of Political Economy, Duke University Press, vol. 41(5), pages 285-303, Supplemen.
  3. Sandilands, Roger, 2009. "New Evidence on Allyn Young’s Style and Influence as a Teacher," SIRE Discussion Papers 2009-16, Scottish Institute for Research in Economics (SIRE).
  4. Bordo, Michael D. & Rockoff, Hugh, 2013. "The Influence Of Irving Fisher On Milton Friedman’S Monetary Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(02), pages 153-177, June.
  5. Sebastiano Nerozzi, 2011. "From the Great Depression to Bretton Woods: Jacob Viner and international monetary stabilization (1930-1945)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(1), pages 55-84.
  6. George S. Tavlas, 2014. "In old Chicago: Simons, Friedman and the development of monetary-policy rules," Working Papers 177, Bank of Greece.
  7. Perry Mehrling, 2002. "Retrospectives: Economists and the Fed: Beginnings," Journal of Economic Perspectives, American Economic Association, vol. 16(4), pages 207-218, Fall.
  8. David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition and the Quantity Theory: A Reply to James Ahiakpor," UWO Department of Economics Working Papers 20104, University of Western Ontario, Department of Economics.
  9. Steindl, Frank G., 1998. "The Decline of a Paradigm: The Quantity Theory and Recovery in the 1930s," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 821-841, October.
  10. Frederick Guy & Neil Perry & Andrei Shleifer & Andrew Metrick & Martin L. Weitzman & Barbara R. Bergmann & David Laidler & George S. Tavlas, 1999. "Correspondence," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 235-242, Summer.
  11. Sandilands, Roger, 2009. "An Archival Case Study: Revisiting The Life and Political Economy of Lauchlin Currie," SIRE Discussion Papers 2009-17, Scottish Institute for Research in Economics (SIRE).

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