Harvard, the Chicago Tradition and the Quantity Theory: A Reply to James Ahiakpor
AbstractJames Ahiakpor's critique of our 2002 work on the relationship between a certain 1932 Harvard Memorandum on anti-depression policies and the 1932 Harris Foundation Manifesto dealing with the same issues misses the significance of these documents, and of the relationships between them, both for the literature of the time, and for later debates about the origins of 1930s Chicago ideas about monetary economics. He is correct to locate these documents in a more general quantity theoretic tradition, but his discussion here is marred by a serious misunderstanding of the so-called forced saving doctrine and its place in that tradition. Finally, Ahiakpor fails to appreciate that the absence of positive policy proposals from the 1934 Harvard studies of The Economics of the Recovery Program, a point which he himself notes, is a major contributing factor to that book's mediocrity.
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Bibliographic InfoPaper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20104.
Date of creation: 2010
Date of revision:
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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
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Chicago tradition; Quantity theory; Forced saving; Depression;
Other versions of this item:
- David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition, and the Quantity Theory: A Reply to James Ahiakpor," History of Political Economy, Duke University Press, vol. 42(3), pages 573-592, Fall.
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-15 (All new papers)
- NEP-HIS-2010-05-15 (Business, Economic & Financial History)
- NEP-HPE-2010-05-15 (History & Philosophy of Economics)
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- Milton Friedman & Anna Jacobson Schwartz, 1970. "Introduction to "Monetary Statistics of the United States: Estimates, Sources, Methods"," NBER Chapters, in: Monetary Statistics of the United States: Estimates, Sources, Methods, pages 1-86 National Bureau of Economic Research, Inc.
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UWO Department of Economics Working Papers
9302, University of Western Ontario, Department of Economics.
- Laidler, David, 1993. "Hawtrey, Harvard, and the Origins of the Chicago Tradition," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1068-1103, December.
- Tavlas, George S, 1997. "Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 153-77, February.
- Ahiakpor, James C. W., 2009. "The Phillips Curve Analysis: An Illustration Of The Classical Forced-Saving Doctrine," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(02), pages 143-160, June.
- David Laidler & Roger Sandilands, 2000. "An Early Harvard Memorandum on anti-Depression Policies. Introductory Note," UWO Department of Economics Working Papers 20004, University of Western Ontario, Department of Economics.
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