EconLog small logo

History of Economic Thought

A Category Archive (8 entries)

A Knight Tale

History of Economic Thought
David Henderson
In the picture above, I'm wearing the actual poker hat that Frank Knight wore when he worked on articles. Here' the tale of how that came to be. In the Spring of 2002, I was teaching a microeconomics class... MORE

Frank Knight's Case for Communism

History of Economic Thought
David Henderson
When I posted on Frank Knight's case for Communism the other day, I also put it on up on Facebook and had some people wondering about context. Those of us who are fans of Frank Knight don't think of... MORE

Frank Knight on John B. Watson

History of Economic Thought
David Henderson
I dug out of my library a famous unpublished (until 1991) 1932 mimeograph (those under age 45 should look up that term) article by Frank H. Knight. The article is titled "The Case for Communism: From the Standpoint of... MORE

Reasoning from a price change caused the Great Depression

History of Economic Thought
Scott Sumner
The Great Depression had two primary causes: an excessively tight monetary policy caused NGDP to drop in half between 1929 and early 1933, and then a set of New Deal policies such as the National Industrial Recovery Act (NIRA) slowed... MORE

I often debate the question of whether severe slumps are caused by financial crisis or tight money. In my view it's usually tight money, with financial stress being a symptom of falling NGDP. So how would we test my hypothesis?... MORE

Illiberal Reformers is Heartening

History of Economic Thought
David Henderson
No, using "is" instead of "are" is not a typo. Illiberal Reformers is the title of an excellent book by Princeton University economics lecturer Thomas C. Leonard. The subtitle is "Race, Eugenics & American Economics in the Progressive Era."... MORE

Milton Friedman: The Compromise Candidate

History of Economic Thought
Emily Skarbek
As the economics job market is underway and the AEA meetings in Chicago wrap up today, it is perhaps apropos to recount how one of the leading figures of economics in the 20th century was hired. Milton Friedman is one... MORE

Stigler on Shaw on Marx

History of Economic Thought
David Henderson
George Bernard Shaw finds one of two crucial mistakes in Karl Marx; George Stigler finds the other. One of the late George Stigler's many contributions to economics, one that was not recognized by the Nobel Committee when it made its... MORE

Return to top