Table of Contents

Handbook on the History of Economic Analysis Volume I

Handbook on the History of Economic Analysis Volume I

Great Economists Since Petty and Boisguilbert

Edited by Gilbert Faccarello and Heinz D. Kurz

Volume I contains original biographical profiles of many of the most important and influential economists from the seventeenth century to the present day. These inform the reader about their lives, works and impact on the further development of the discipline. The emphasis is on their lasting contributions to our understanding of the complex system known as the economy. The entries also shed light on the means and ways in which the functioning of this system can be improved and its dysfunction reduced. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.

Chapter 67: Wesley Clair Mitchell (1874–1948)

Malcolm Rutherford

Subjects: economics and finance, history of economic thought

Extract

Mitchell’s great contributions to economics lie in his pioneering work on business cycles, his broad promotion of empirical work in economics, his role in the development of research organizations, and in the students he inspired. He was one of the major figures within the institutionalist movement in American economics. Mitchell was born in Rushville, Illinois, on 5 August 1874, and brought up in Decatur, Illinois. His university education was at the University of Chicago (AB 1896; PhD 1899), with one year spent at Halle and Vienna taking lectures from Johannes Conrad and Carl Menger. At Chicago, Mitchell came under the influence of Thorstein Veblen and John Dewey, but it was Laurence Laughlin who supervised Mitchell’s PhD thesis on the Greenback issues of the Civil War (Mitchell 1903). Laughlin inspired Mitchell’s empiricism, Veblen his institutionalism, and Dewey his pragmatic reformism. Mitchell worked for a year in the Census Office and for two years at Chicago as an instructor before being recruited to Berkeley in 1903. He continued to work on the Greenbacks, but, influenced by Veblen, expanded his horizons to write on the issue of rationality in economics (Mitchell 1910), the economic problems of the household (Mitchell 1912), and embark on a project concerning the evolution and functioning of the “money economy”. This last project grew too large, and in 1910 he decided to focus on just one part. In a remarkably short time Mitchell produced his most important book Business Cycles (Mitchell 1913). The book provided an empirically based “analytic...

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