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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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    References listed on IDEAS

    as
    1. Donald MacKenzie, 2008. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633671, December.
    2. Working, Holbrook, 1933. "Price Relations Between July And September Wheat Futures At Chicago Since 1885," Wheat Studies, Stanford University, Food Research Institute, vol. 9(06), March.
    3. Beatrice Cherrier, 2017. "Classifying Economics: A History of the JEL Codes," Journal of Economic Literature, American Economic Association, vol. 55(2), pages 545-579, June.
    4. Emmanuel Didier, 2012. "Cunning Observation: US Agricultural Statistics in the Time of Laissez-Faire," History of Political Economy, Duke University Press, vol. 44(5), pages 27-45, Supplemen.
    5. Paolo Paesani & Annalisa Rosselli, 2021. "How speculation became respectable: early theories on financial and commodity markets," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(2), pages 273-291, March.
    6. Rakesh Khurana, 2007. "Introduction to From Higher Aims to Hired Hands The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession," Introductory Chapters, in: From Higher Aims to Hired Hands The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession, Princeton University Press.
    7. Holbrook Working, 1948. "Theory of the Inverse Carrying Charge in Futures Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 30(1), pages 1-28.
    8. Lester G. Telser, 1958. "Futures Trading and the Storage of Cotton and Wheat," Journal of Political Economy, University of Chicago Press, vol. 66(3), pages 233-233.
    9. Joseph S. Davis, 1937. "Observations on Agricultural Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(4), pages 861-877.
    10. William Hynes & David S. Jacks & Kevin H. O'rourke, 2012. "Commodity market disintegration in the interwar period," European Review of Economic History, European Historical Economics Society, vol. 16(2), pages 119-143, May.
    11. Paul H. Cootner, 1960. "Returns to Speculators: Telser versus Keynes," Journal of Political Economy, University of Chicago Press, vol. 68(4), pages 396-396.
    12. Working, Holbrook, 1922. "Factors Determining the Price of Potatoes in St. Paul and Minneapolis," Technical Bulletins 7528, University of Minnesota, Agricultural Experiment Station.
    13. Lucy Brillant, 2018. "Limits to Arbitrage and Interest Rates: a Debate Between Keynes, Hawtrey and Hicks," Post-Print hal-01696253, HAL.
    14. Thomas Delcey & Guillaume Noblet, 2024. "The Making of Informational Efficiency: Information Policy and Theory in Interwar Agricultural Economics," Post-Print hal-03227973, HAL.
    15. Lawrence L. Vance, 1946. "Grain Market Forces in the Light of Inverse Carrying Charges," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 28(4), pages 1036-1040.
    16. Biddle, Jeff, 2017. "2016 Hes Presidential Address: Statistical Inference In Economics, 1920–1965: Changes In Meaning And Practice," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(2), pages 149-173, June.
    17. Working, Holbrook, 1974. "Measurement of Cycles in Speculative Prices," Food Research Institute Studies, Stanford University, Food Research Institute, vol. 13(01), pages 1-24.
    18. Berdell, John & Choi, Jin Wook, 2018. "Clashing Analyses Of Speculation And The Early Regulation Of Us Futures Markets," Journal of the History of Economic Thought, Cambridge University Press, vol. 40(4), pages 539-560, December.
    19. Working, Holbrook, 1960. "Speculation on Hedging Markets," Food Research Institute Studies, Stanford University, Food Research Institute, vol. 1(2), pages 1-36.
    20. Nicholas Kaldor, 1940. "A Symposium on the Theory of the Forward Market: I. A Note on the Theory of the Forward Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 7(3), pages 196-201.
    21. Davis, Joseph S. & Tinley, J.M. & Headley, F.E. & Potter, E.L. & Dummeier, E.F., 1937. "Observations on Agricultural Policy," WAEA/ WFEA Conference Archive (1929-1995) 322967, Western Agricultural Economics Association.
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