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Hawtrey, Harvard, and the Origins of the Chicago Tradition

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  • Laidler, David

Abstract

Milton Friedman has claimed that his monetary economics derives from a Chicago tradition that, in the 1930s, offered a monetary explanation of cyclical fluctuations in general and the Great Depression in particular, an optimistic view of the power of monetary policy, and a case for governing it by rules rather than discretion. It is argued that all the elements of this tradition except the last are to be found in earlier writings of Ralph Hawtrey, Allyn Young, and Lauchlin Currie and that there is much evidence to point to a direct influence running from Hawtrey, through Harvard, to Chicago. Copyright 1993 by University of Chicago Press.

Suggested Citation

  • Laidler, David, 1993. "Hawtrey, Harvard, and the Origins of the Chicago Tradition," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1068-1103, December.
    • Handle: RePEc:ucp:jpolec:v:101:y:1993:i:6:p:1068-1103
    DOI: 10.1086/261915
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Welcome to Uneasy Money, aka the Hawtreyblog
      by David Glasner in uneasy money on 2011-07-05 16:51:55
    2. Welcome to Uneasy Money, aka the Hawtreyblog
      by David Glasner in Uneasy Money on 2021-07-05 14:51:00

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    Cited by:

    1. Tavlas, George S, 1997. "Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 153-177, February.
    2. Bordo, Michael D. & Rockoff, Hugh, 2013. "The Influence Of Irving Fisher On Milton Friedman’S Monetary Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(2), pages 153-177, June.
    3. Hugh Rockoff, 2010. "On the Origins of A Monetary History," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 7, Edward Elgar Publishing.
    4. Sebastiano Nerozzi, 2011. "From the Great Depression to Bretton Woods: Jacob Viner and international monetary stabilization (1930-1945)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(1), pages 55-84.
    5. Thomas Mayer, 1997. "The rhetoric of Friedman's quantity theory manifesto," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 199-220.
    6. George S. Tavlas, 2015. "In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 99-121, February.
    7. Tavlas, George S., 2021. "A Reconsideration Of The Doctrinal Foundations Of Monetary Policy Rules: Fisher Versus Chicago," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(1), pages 55-82, March.
    8. Frederick Guy & Neil Perry & Andrei Shleifer & Andrew Metrick & Martin L. Weitzman & Barbara R. Bergmann & David Laidler & George S. Tavlas, 1999. "Correspondence," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 235-242, Summer.
    9. Roger J. Sandilands, 1999. "New evidence on Allyn Young’s style and influence as a teacher," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 26(6), pages 453-480, December.
    10. Roger Sandilands, 2009. "An Archival Case Study: Revisiting The Life and Political Economy of Lauchlin Currie," Working Papers 0906, University of Strathclyde Business School, Department of Economics.
    11. George S. Tavlas, 2015. "In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 99-121, February.
    12. Clara Elisabetta Mattei, 2016. "Hawtrey, Austerity, and the "Treasury View", 1918-25," LEM Papers Series 2016/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    13. Roger J. Sandilands, 2009. "Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns," History of Political Economy, Duke University Press, vol. 41(5), pages 285-303, Supplemen.
    14. Steindl, Frank G., 1998. "The Decline of a Paradigm: The Quantity Theory and Recovery in the 1930s," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 821-841, October.
    15. Hugh Rockoff, 2000. "Henry Calvert Simons and the Quantity Theory of Money," Departmental Working Papers 200003, Rutgers University, Department of Economics.
    16. David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition, and the Quantity Theory: A Reply to James Ahiakpor," History of Political Economy, Duke University Press, vol. 42(3), pages 573-592, Fall.
    17. Moe Thorvald Grung, 2013. "Control of Finance as a Prerequisite for Successful Monetary Policy: A Reinterpretation of Henry Simons’ “Rules versus Authorities in Monetary Policy”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(3), pages 261-276, April.
    18. Dittmer, Kristofer, 2015. "100 percent reserve banking: A critical review of green perspectives," Ecological Economics, Elsevier, vol. 109(C), pages 9-16.
    19. Sandilands, Roger, 2009. "New Evidence on Allyn Young’s Style and Influence as a Teacher," SIRE Discussion Papers 2009-16, Scottish Institute for Research in Economics (SIRE).
    20. Medema, Steven G, 2024. "Identifying a "Chicago School" of Economics: On the Origins, Diffusion, and Evolving Meanings of a Famous Brand Name," SocArXiv cbq8a, Center for Open Science.
    21. Perry Mehrling, 2002. "Retrospectives: Economists and the Fed: Beginnings," Journal of Economic Perspectives, American Economic Association, vol. 16(4), pages 207-218, Fall.

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