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Holbrook Working and the Early Financial Economics

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  • Thomas Delcey

    (LEDi - Laboratoire d'Economie de Dijon [Dijon] - UBE - Université Bourgogne Europe)

Abstract

Where does financial economics come from? This article studies the origins of foundational ideas of financial economics such as price spreads, arbitrage, and the interpretation of price as a reflection of information. Based on his publications and archival and interview materials, this article traces Holbrook Working's intellectual journey between the 1920s and 1960s. Working was a leading North American agricultural economist who conducted pioneering analyses of futures markets and speculation and strongly influenced early financial economists like Paul Samuelson, Paul Cootner, Hendrick Houthakker, and Lester G. Telser. Working sheds light on a North American view of speculation that contrasted with the prevailing British view.

Suggested Citation

  • Thomas Delcey, 2025. "Holbrook Working and the Early Financial Economics," Post-Print hal-05056404, HAL.
    • Handle: RePEc:hal:journl:hal-05056404
    DOI: 10.1215/00182702-11642388
    Note: View the original document on HAL open archive server: https://hal.science/hal-05056404v1
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