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Thomas Balogh (1905–1985)

In: The Palgrave Companion to Oxford Economics

Author

Listed:
  • Andrew Graham

    (Oxford Internet Institute)

Abstract

Thomas Balogh was one of the UK’s most controversial political economists. By the age of 26, he had worked for the central banks of Germany, France and the USA, but was a fierce critic of the Bank of England. Born in Budapest, he was ‘taken up’ by Keynes in 1930, yet had a furious row with him in 1945 over Bretton Woods. He advised numerous governments and established the first ‘policy unit’ in Downing Street. Balogh argued throughout his life that most of the work of academic economists was at best pseudo-science and at worst dangerous. In ways that foreshadow the views of many of today’s heterodox economists, he advocated a more institutional and historical approach to economics. This chapter assesses the importance of Balogh’s work, discusses his multiple contributions to economic policy, and presents a lively picture of this talented and controversial economist.

Suggested Citation

  • Andrew Graham, 2021. "Thomas Balogh (1905–1985)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Oxford Economics, edition 1, chapter 15, pages 347-369, Springer.
  • Handle: RePEc:spr:sprchp:978-3-030-58471-9_15
    DOI: 10.1007/978-3-030-58471-9_15
    as

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