The Life, Times, and Contributions of Roy Harrod

Roy Harrod (1900–1978) was one of the most prolific economists of the twentieth century in terms of the number of contributions, their diversity, and originality. He grew up in poverty and was marked by his mother’s chronic depression, from which Harrod would also suffer, taking a significant toll on his emotional life. Despite his family circumstances, Harrod won a teaching position as a Reader at Oxford University (Christ Church) where he spent his entire professional career. His economics were shaped by his long-standing friendship with Keynes and by his relationship with F. Y. Edgeworth. Harrod took part in the creation of the Oxford Statistical Institute and played a leading role in the creation of the Oxford Economists’ Research Group (OERG). He was also actively involved in politics and policy making contributing to shape Keynes’s Currency Union proposal, acting as an advisor to the Conservative Prime Minister Harold McMillan and the IMF, and was a member of the renowned Bellagio Group. He was knighted and appointed editor of the Economic Journal as well as President of the Royal Economic Society. Despite his successful professional life, he retired from Oxford without reaching the status of professor. Harrod is generally identified with the balanced growth Harrod–Domar model which is a clear misrepresentation of his views on dynamics, a central concern of his intellectual life, but for which he is partly responsible.