Sunday , January 24 2021
Home / David Henderson /Tribute to Anna J. Schwartz

Tribute to Anna J. Schwartz

Summary:
[embedded content] Marginal Revolution University (MRU) has put out an excellent video on the late Anna J. Schwartz, one of the first really successful female economists. I started to write down some reminiscences, but realized that I did so in 2012 when she died. I’ll mention one thing and then hit some highlights in this 8-minute video. One of my upsets is hearing people refer to Milton Friedman‘s book A Monetary History of the United States, 1867-1960, rather than the correct way to refer to it: Milton Friedman’s and Anna J. Schwartz’s A Monetary History of the United States, 1867-1960. She wasn’t just some bit player, as the video makes clear. Now to the highlights: Christina Romer, Claudia Goldin, and Michael Bordo all have nice meaty comments about Anna’s

Topics:
David Henderson considers the following as important: , , , , ,

This could be interesting, too:

SchiffGold writes Ol’ Joe Takes the Wheel: SchiffGold Friday Gold Wrap Jan. 22, 2021

Scott Sumner writes Monetary Policy: AIT seems on target

Michael Maharrey writes European Central Bank Takes Bond Market Manipulation to the Next Level

SchiffGold writes Peter Schiff: Inflation Is Really a Tax

Marginal Revolution University (MRU) has put out an excellent video on the late Anna J. Schwartz, one of the first really successful female economists.

I started to write down some reminiscences, but realized that I did so in 2012 when she died. I’ll mention one thing and then hit some highlights in this 8-minute video.

One of my upsets is hearing people refer to Milton Friedman‘s book A Monetary History of the United States, 1867-1960, rather than the correct way to refer to it: Milton Friedman’s and Anna J. Schwartz’s A Monetary History of the United States, 1867-1960. She wasn’t just some bit player, as the video makes clear.

Now to the highlights: Christina Romer, Claudia Goldin, and Michael Bordo all have nice meaty comments about Anna’s work and its effects on our thinking. All, by the way, have articles in The Concise Encyclopedia of Economics. Christina’s is “Business Cycles,” Claudia’s is “Gender Gap,” and Michael’s is “Gold Standard.”

I have one main criticism. At the 5:36 point, Claudia Goldin says that our learning from Anna’s and Milton’s work on the monetary causes of the Great Depression helped us avoid the financial crisis of 2007-2008 being even more serious. Not quite. In fact, it was Bernanke’s decision to pour liquidity into the economy with one hand and sterilize it with the other that caused there not to be a big increase in the money supply. Michael Bordo pointed this out at the annual Kansas City Fed meeting at Jackson Hole in 2008 and Jeff Hummel elaborated on it in 2011.

Had they really learned the lesson, Americans would have avoided a lot of pain.

David Henderson
David R. Henderson (born November 21, 1950) is a Canadian-born American economist and author who moved to the United States in 1972 and became a U.S. citizen in 1986, serving on President Ronald Reagan's Council of Economic Advisers from 1982 to 1984.[1] A research fellow at Stanford University's Hoover Institution[2] since 1990, he took a teaching position with the Naval Postgraduate School in Monterey, California in 1984, and is now a full professor of economics.[3]

Leave a Reply

Your email address will not be published. Required fields are marked *