On the Similarities between the 1932 Harvard Memorandum and the Chicago Antidepression Recommendations

James C. W. Ahiakpor

History of Political Economy, 2010, vol. 42, issue 3, 547-571

Abstract: Both the 1932 Harvard and Chicago recommendations for dealing with the Great Depression include vigorous open market purchases by the Fed; federal government deficit spending, including public works, financed by new money creation; reduction in tariffs; and the cancellation of inter-allied debts. The similarities are no coincidence, since both documents draw mostly from well-known classical and early neoclassical monetary analysis and free trade principles, and partially from Keynes's pre-1936 work. The classical principles are embodied in then-familiar texts by John Stuart Mill, Alfred Marshall, Irving Fisher, and Frank Taussig. Memoranda typically do not spell out their theoretical sources.

Keywords: Great Depression; John Maynard Keynes; John Stuart Mill; Alfred Marshall; Irving Fisher; Frank Taussig (search for similar items in EconPapers)
Date: 2010
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