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On the Similarities between the 1932 Harvard Memorandum and the Chicago Antidepression Recommendations

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  • James C. W. Ahiakpor

Abstract

Both the 1932 Harvard and Chicago recommendations for dealing with the Great Depression include vigorous open market purchases by the Fed; federal government deficit spending, including public works, financed by new money creation; reduction in tariffs; and the cancellation of inter-allied debts. The similarities are no coincidence, since both documents draw mostly from well-known classical and early neoclassical monetary analysis and free trade principles, and partially from Keynes's pre-1936 work. The classical principles are embodied in then-familiar texts by John Stuart Mill, Alfred Marshall, Irving Fisher, and Frank Taussig. Memoranda typically do not spell out their theoretical sources.

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  • James C. W. Ahiakpor, 2010. "On the Similarities between the 1932 Harvard Memorandum and the Chicago Antidepression Recommendations," History of Political Economy, Duke University Press, vol. 42(3), pages 547-571, Fall.
    • Handle: RePEc:hop:hopeec:v:42:y:2010:i:3:p:547-571
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    Cited by:

    1. Luca Fiorito & Sebastiano Nerozzi, 2016. "Chicago Economics in the Making, 1926-1940. A Further Look at US Interwar Pluralism," Department of Economics University of Siena 733, Department of Economics, University of Siena.

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