Reflections on the Great Depression
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Reflections on the Great Depression

Randall E. Parker

This book explores the most prominent economic explanations of the Great Depression and how it affected the lives, experiences, and subsequent thinking of economists who lived through that era. Presented in interview format, this collection of conversations with Moses Abramovitz, Morris Adelman, Milton Friedman, Albert Hart, Charles Kindleberger, Wassily Leontief, Paul Samuelson, Anna Schwartz, James Tobin, Herbert Stein and Victor Zarnowitz provides a record of their reflections on the economics of the Great Depression and on the major events which occurred during those critical years. This volume is also another chapter in the legacy of the interwar generation of economists and is intended as a token of gratitude for the contributions they have made to the economics profession. Randall Parker has given us a window into the lives of these gifted scholars and an important glimpse into the world that shaped them.
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Glossary of Names

Randall E. Parker


The following is an extensive, but not exhaustive, selection of the individuals whose names are mentioned in the 11 interviews. The information below is contained in numerous sources such as The Encyclopedia Britannica, The Columbia Encyclopedia, Great Economists before Ke-ynes,Great Economists aper Keynes, Who’s Who in Economics, The History of Economic Thought web site (, and other sites on the internet too numerous to mention. Quotations are the words of the Royal Swedish Academy of Sciences, indicating the motivation for awarding the Nobel Prize. Angell, James W. (1898-1986), Born: Chicago, 1. A predecessor of the 1 , monetarist school of thought. His books Theory of .International Prices and The Behavior of Money are Angell’s major contributions. However, being published during the Depression, and in the same year as Keynes’s General Theory, resulted in little attention being paid to his book The Behavior of Money. Who’s Who in Economics, pp. 10-1 1. Arrow, Kenneth f.(192 I- ), Born: New York, NY. Professor Arrow is known for his research in theories of justice, equilibrium under monopolistic competition, collective decision making, and shifts in income distribution. He was the past President of the American Economic Association, the Western Economic Association, and the International Economic Association. Arrow received the John Bates Clark medal in 1957 and shared the Nobel Prize in Economics with John Hicks in 1972 “for their pioneering contributions to general economic equilibrium theory and welfare theory.” Who s Who in Economics, pp. 12-13. Bagehot, Walter (1 826-77), Born: Langport, Somerset,...

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