Appendix: Who's Who in Economics, 1901 to 1952

WHO'S WHO IN OXFORD POLmCAL ECONOMY, 1901 TO 1920

W.O.S. Adams, Reader and Gladstone of Political Theory and Institutions (1910 to 1933) and Warden of All Souls College (1933 to 1945). S. Ball. lecturer and tutor in philosophy at 51 John's College (1882 to 1918). E. Barker, fellow, lecturer, and tutor in modem history at Wadham College (189910 19(9), SI John's Collcge (1909 to 1913). and at New College (1913 to 1920). H.W. Blum, tutor and lecturer in philosophy at Christ Church (1887 10 1929); he also tutored and lectured in political economy. E. Cannan. lecturer and Professor of Political Economy at the london School of Economics (1897 to 1926). AJ. Carlyle, Rector of All Saints Oturch. Oxford (1895 to 1919), and chaplain and lecturer in economics and political science at Univcnity College. See Powiclr:e (1959). H.W.e. Davis, tUfor and lecturer in modem history al Balliol College (1902 to 1921). F.Y. Edgeworth, Drummond Professor of Political Economy (18lXl to 1921), H.A.L. Fisher. fellow and lecturer in modem history at New College (1889 to 1914). H.S. Furniss. obtained Diploma in Economics in 1906, lecturer and tutor in econom- ics at Ruskin College (l1Xn to 1916), and Principal of Ruskin College (1916 to 1925). See A. Barrall Brown (1939 & 1949) and Furniss (1931). AJ. Jenkinson, lecturer in philosophy 81 Brasenose College (1904 to 1928) and wrote papers for the Ministry of Munitions during the First World War on the supply and control of labour and on manpower and dilution; his lectures on political economy were popular with students. Sec: Swan St.a1lybrass (1928). A.H. Johnson, lecturer in modem history at University College. R.V. Lennard, fellow and lecturer in Modem History 81 Wadham College (1909 to 1945) and reader in economic history (1932 to 1951). A.D. Lindsay, lecturer and tutor in philosophy at Balliol College (1906 to 1922); Professor of MOfal Philosophy, Glasgow University (1922 to 1924); and Master of Balliol College (1924 to 1949). J.A.R. Marriou. lecrurer in modem history at New College and WOJ"CeSler College (1884 to 1920) and gave lecturers in economics for the Pass Final School and for the School of Modem History. Sec: Marriou (1946). T.H. Penson, Diploma in Economics in 1905, lecturer and Mor in modem history and economics at Pembroke College (1912 to 1922), and lecturer in economics at Worcester College (1910 to 1922).

215 216 Appendix L.R. Phelps. lecturer in philosoph)' and political economy III St. Mary HaU (1880 to 1885) and at Oriel College (1893 to 1914). gave lecturers OIl political economy to probationers in the Pass Group, and was a memberofthc Royal Commission on the PoorLaws(I905 to 1909). He was also Vice-Principal orSt Miry Hall (1885 to 1893) and Provost of Oriel College (191410 1929). See Ross (1949). L.L. Price, fellow at Oriel College (1888 to 1923) and Lecturer and Reader in Economic History (1907101921). C.G. Robertson, tutor in modem history at Exeter College (1895 10 1899) and al Magdalen College (1905 10 1920): he was also a fellow al All Souls College (1893 to 1948). A.L. Smith, tutor and lecturer in modem history at Balliol College (1879 to 1916) and Master of Balliol (1916 to 1924). See Bell (1937). W.A. Spooner, fellow, tutor, and lecturer in philosophy and ancient history at New College (1867 10 1903) and Warden of New College (1903 to 1924), G.H. Wakcling,lccturcr in modem history al Wadham College (1890 to 1894) and fellow, tutor, and lecturer in modem history at Brasenose College (1894 to 1932); according to one obilUarisl, his intellectual intereslS laid in political economy. See Sampson (1936) and Swan Stallybrass (1936).

WHO'S WHO IN OXFORD ECONOMICS. 1920 TO 1939

W.M. Allen, fellow and tutor in economics at 831liol College (1931101948); also Assistant Oirectorof Research, International Monetary fund (1947 to 1949), and Advisor and Executive Director, Bank of (1950 to 1970). W.H. Beveridge, Master of University College (1937 to 1945): also Director of the London School of Economics and Political Science (1919 to 1937). M.E.A. Bowley. researcher at Oxford InsliMe of Statistics (1936 10 1937); also lecturer at the University of Dundee (1938 to 1946) and lecturer, reader and Professor of Political Economy at the (1946 to 1975). 1.1. Bowen, Prize Fellow at All Souls College (1930 10 1937) and lecturer in economics at Brasenose College (1931 to 1938); also Professor of Economics at Hull University and at the University of Western Australia at Penh. R.F. Brethenon, fellow, tutor, and lecturer in economics at Wadham College (1928 to 1945); aJso Board of Trade (1939 to 1948 and 1954 to 1961), and Treasury (1961 10 1968). AJ. Brown. lecturer in economics at Hertford College (1937 to 1940): also Profes­ sor of Economics at (1947 to 1979). F.A. Burchardl, research scholar at All Souls College (193.5 to 1944): also libnuian, Deputy Director, and Director of the Institute of Statistics (1940 to 1958). C.V. Butler. obtained Diploma in Economics in 1907; and tutor in economics at St Anne's College (1914 to 1945). G.N. Clark, lecturer and fellow in modem history at Oriel College (1919 to 1931): and Chichele Professor of Ectlnomic History (1931 to 1943). H. Clay, fellow al New College and lecturer in economics (1919to 1921); Stanley Jevons Professor of Political Economy at Manchester University (1922 to 1927): Professor of Social Economics at Manchester University (1927 10 1930); Eco- Who's Who in Oxford Economics 217

nomic Advisor 10 the Bank of England (1930 to 1944): and Warden of Nuffield College (1944 to 1949). O.D.H. Cole, Robert Mynors Reader in Economics (192.5 10 1938): fellow al UniversilY College (192.5 10 1944); and Chichele Professor of Social and Polil­ ical Theory (1944 to 19.57). O.B. Dibblee, bursar and dean of All Souls College ( 1920 10 1924); and wrote two books on economics, TM Law of Supply and lkmand (1912) and Th~ Psycho­ logical Theory ofVal~ (1924). E.G. Dowdell, lutor and lecturer in economics al SI John's Colle8e (192710 1950). L.M. Fraser, fellow and leclurer in economics al Queen's College (1928 10 193.5): Professor of Economics al Aberdeen (1935 to 1946). M.L.D. Grier, lutor in economics and Principal of Lady Margarel Hall (1921 10 1945): also lecturer and Director of Studies al Newnham College, Cambridge (1909 to 1921), Acting Head of the Department of Economics at l...eed.s Univer­ sity (191.5 to 1919), and President of the Economics Section or the British Associalion (1925). R.L. Hall, lecturer and fellow in economics at Trinity College (1926 to 19.50); and Director of the Economic Section of the Cabinet Office and of lhe Treasury (1947 to 1961). E.L. Hargreaves, Diploma in Economics and Political Science (1922): and fellow. lecturer. and lutor in economics al Oriel College (1924 to 19.56). H.R.F. Harrod. siudent and lecturer in II'IOdem hislory and economics at Christ Church (1922 to 1967), and the Nuffield Reader in International Economics (19.5210 1967). H.D. Henderson. research fellow at All Souls College (1934 to 1945); and Drummond Professor of Political Economy (194.5 to 19.51). C,J. Hitch, fellow, lulor, and leclurer in economics al Queen's College (1935 to 1948): also Rand Corporation (1948 10 1961). E.M . Hugh-Jones, fellow, tutor, and lecturer in history and economics at Keb1e College (1927 10 1959). E. Lipson, Reader in Economic History (1922 to 1931). J. de Lacy Mann, obt:ained Diploma in Economics and Political Science in 1920; tutor in economics at SI Hilda's College (1923 10 1929); Vice-Principal and Principal at St Hilda 's (1923 to 1955); also involved in founding the Economic History Society and was assistant editor orTh~ Economjc Jljstory Revinv (1927 10 1934). D.H. MacGregor. Drummond Professor of Political Economy (1922 10 1945). 1. Marschak, Chichele lecturer in economics at All Souls College (1933 to 193.5), Reader in Statistics (193.5 to 1940), and Director of the Institute of Statistics (1935 to 1939); also Director of the Cowles Conunission for Research in Ec0- nomics at the University of Chicago (194310 1948) and Professor of Economics and Business Administration at the University of California, Los Angeles (1960 to 1968). J.E. Meade, fellow and lecturer in economics at Hertford College (1930 to 1937); also Economic Section of the League of Nations (1938 to 1940, member and Director of the Economic Section of the Cabinet Office (1940 to 1947), Prores­ sor of Commerce at the London School of Economics (1947 to 1958), and Professor of Political Economy at the University of Cambridge (1957 to 1969). F.W. Ogilvie, fellow and lecturer in economics al Trinity College (1919 to 1926); and Professor of Political Economy at (1926 to 1934). 218 Appendix

Redvers Opie, fellow. tutor and Iccturer in economics at Magdalen College (1931 10 1945). E.H. Phelps Brown, fellow and lecturer in economics at New College (1930 10 1947): and Professor of Economics of Labour at the London Schoo! of Econom­ ics (1947 to 1968). D.E. Rhodes. tutor and lecturer in economics at Somer\Iille College (1921 to 1926); also W8SOIl the editorial staffo(T~ Economist (1928 to 1933 and 1939 to 1941). R.S.G. Rutherford. researcher at Oxford Institute of Statistics (1938 to 1939) and AI the Oxford Agricultural Economics Research Institute (1939 10 1946): also became associated with the University of Sydney in 1947 where he beamc the Professor of Economic Statistics (1962 to 1980). AJ. Saller, Gladstone Professor of Political Theory and Institutions (1934 to 1944). H.K. Salvesen, fellow in economics at New College (1923 to 1927; and lecturer in economics at Queen's College (1923 to 1927). R.S. Sayers. lecturer in economics at Exeter College. Corpus Quisli College. and Pembroke College (1936 to 1945); also lecturer at the Londoo School of Ec0- nomics (I931 10 1935), and the Cassel Profes5Of of Economics al the London School of Economics (1947 to 1968), O.L.S. Shackle, researcher at Oxford Inslitute of Swisrics (193700 1939): also the Brunner Professor of Economic Science &I the Universily of Liverpool (19S11o 1969). lA. Todd, lecturer on economics at Balliol College (1918 10 1923): also Principal of the City School of Commerce, Liverpool (192310 1940). E.G. Wilson, tulor in economics al 51 Hilda's College: (192910 1936).

WHO'S WHO IN OXFORD ECONOMICS, 1940 TO 1952

P.W.S. Andrews, researcher al Oxford Inslitute of Statistics (1937 to 1941) and researcher and fellow al Nuffleld College (1941 10 1967); also Professor of Economics at Lancaster University (1967 to 1971). T. Balogh, researcher al Oxford Inslitute of Statistics (1940 to 194.5) and fellow in economics at Balliol College (1945 to 1973); also economic advisor 10 the Cabinel (1964101968) and Minister of State at the Depanmenl of Energy (1974 10197.5). A.L. Bowley. Director of Oxford Inslitute of SWistics (1940 to 1944); also Profes­ sor of Mathematics and Economics, lecturer in economics, and Professor of Statistics al the University of London (1907 10 1936). D.G. Champemowne, Director of the Oxford Institute of Statistics (194.5 to 1948) and Professor of Statistics (1948 10 1959); also ~r and professor of Econom­ ics and Stalistics al Cambridge (19.59 to 1978). M.P. Fogarty, researcher and fellow al Nuffleld College (1941 to 19.51); also Montague Burton Professor of Induslria1 Relalions at University College of South Wales and Morunoothshirc (19.51 to 1966) and Director of the Institute for Family and Environmental Research (198110 1984). lR. Hicks, fellow of Nuffleld College (I 946 10 1952) and Drummond Professor of Political Economy (1952 10 1965); also Professor of Political Economy at the Univel1iity of Manchesler (1938 to 1946). Who's Who ill Oxford Economics 219

M. Kalecki. researcher at Oxford Institute of Statistics (1940 to 1944). G.D.A. MacDougall, fellow ofWadham College (1945 to 1950), Nuffield College (1947 to 1964), and reader in international economics (19SI to 1952); also became Head of the UK Government Economic Service and Chief Economic Adviser to the Treasury. L. Nicholson, researcher at Oxford Institute of Statistics (1940 to 1947); also with the Central Statistical OffiCe (1947 to 1968) and chtef economic advisor to the Department of Health and (1968 to 1976). G.B. Richardson, fellow of St John's College (1951 to 1989), reader in economics (1969 to 1973), Chief Executive of (1974 to 1988), and Warden of Keb1e College (1988 to date). E.F. Schumacher, researcher at Oxford Institute of Statistics (1943 10 1945); also economic advisor 10 Control Commission Gennany (1946 to 19SO) and ec0- nomic advisor to the National Coal Board (19SO to 1970). J. SteindJ, research lecturer at Balliollo college (1938 to 1941); also research worker at the Institute of Statistics (1941 to 1949) and researcher at the: Austrian Institute for Economic Research (1950 10 1978). G.D.N. Worswick, researcher at Oxford Institute of Statistics (1940 to 1960) and fellow in economics at Magdalen College (I94S to 1965); also Director of the Nationallnstitute for Economics and Social Research (1965 to 1982). Notes

PROLOGUE: BEFORE PPE

l. Sec Kadish (1982, 1989). 2. See Kadish (1989). Jones ( 1988), Oman (1941), 081 (1947). E. Barlcer (1953), and Marriott (1946). 3. The obvious exception 10 this was Marshall. who lectured at Oxford from the Micbaelmas 1Cm1 1883 to the Michr.elmas tenn 1884. although his leaChing made no lasting impacl. The JXlblication of his Principles of &onomics (1890) did not alter the situation, as it was neither widely read nor taught at Oxford before 1905. This was paniaJJy due to the fact that between 1891 and 1904. Edgeworth dKl DOC use it as a Iext for bis own lectures; rather, he relied upon Mill and used Marshall only as a supplementary text. On this, see Oxford Universiry Gazme (1891 to 1904) and Furniss (1931). 4. On the Christian socialist revival, see Jones (1968). Many of the individuals who were members of the Oxford University Extension movement. the Social Science Club, Oxford Economic Society. and in general supported the Oxford approach to political economy were members o(the Oxford branch of the Union, such as Phelps. Carlyle. SJKlOOCT. Ball, G.H. Wakeling. and AJ. Jenkinson. 5. On these points, see Kadish (1982. 1989). Engel (1983), Jones (1968), Jones (1988), Furniss (1931 ), Marriot (1946), Price (1926), Edgeworth (1891), CoalS (1967). and Koot (1988). 6. See Oxford University Gazette (1897 to 1920), and also Chester (1986) and Kadish (1989). 7. See Chester (1986) and Walker (1890). 8. On Price and his role in economics. economic history, and economic thoughl at Oxford, see Petridis (1979), CoalS (l968a). and Koot (1988). 9. See Chester (1986). Memorial as to Economics (1902). Hebdomadal COlUlCjf Papers (l9(m pp. 105--08, Furniss (1931), Kadish (1982, 1989). and Pc:tridis (1979). Signers of the 'Memorial' included die well-known supporters of Oxford political economy such as Ball, Cannan, Blunt, Barter, Carlyle, Davis, Fisher, Price, Robertson. A.L. Smith, Spooner, and Wakeling. Edgeworth (1902) responded to the Vice-Olancellor's request 00 26 June 1902 saying he thought it would be desirable to increase the incentive to the study of political economy, and to establish a readership in English economic history. On the other hand, he did not suggest that political economy should be developed in the School of Modern History; on the contrary, he argued, as he did in his 1891 inaugural address, that it should be developed ..... ithin the School of Uterae Humaniores. In any case he did not push for any son of change or contribute to the establishment of the Diploma. 10. See the Oxford University Gazette (1904 to 1910), Chester (1986), Kadish (1982,1989), Petridis(I979).and The Oxford Diploma in Economics (I903).

220 Notes 221

As in other cases, members of the Diploma Committee included many of the same individuals who had historically support the Oxford approach to politi­ cal economy, such as Price, Robenson. Wak.eling. Phelps. Ball. Caruwt, and A.t.. Smith. II. Sec the Oxford University Gazelte (1904 to 1914), Chester (1986). and Furniss (1931). Fora description of the WEA and Oxford. see Stocks (19S3) and Oxford and Working Class EdllCalion (1909) p. vii. Also see Petridis (1979) and Holland, Price. and Adams (1913). 12. Sec Oxford University Gazette (1904 10 1914). Price did not teach in the School of Modem History until 1907 when he was appointed 10 a lectureship in economic history. Penson was a graduate of the Diploma programme in 1905, bUI did no!: begin leclUring in the School of Modem HislOry until 1910; Lennard, on the other hand, took a firsl in modern history in 1907. bul did noc start lecturing in the School of Modem History until 1909. lnterestingly enough. visiting lecturers in political economy during this period included J.A. Hobson. H. Clay. and P. Wickstced. Ouring this same period, the area of 'social economics' was also developed at Bamen House. On this, see Briggs (1976). Chester (1986). Ball (1923). 'Notes and News' (1913), and 'Social Studies in Oxford' (1914). 13. Kadish (1982). 14. For example, Furniss (1931) applied supply and demand theory to repudiate the labour theory of value and to argue for socialism. IS. On these points. see KOOI (1988), Furniss (1931). Edgewonh (1902). and Coats (l968b). 16. Chester (1986). 17. Sec Chester (1986); also see 'Committee on a School of Modem Humanities' (1920), Committee for Economics and Political Science (1918), 'Letter from the Committee for Economics and Political Science' (1920). and Hargreaves (1965--66). 18. This argument was advanced by Price in his tener to the Vice-Chancellor in 1902. A similar argument was used throughout Britain 10 juslify the inclusion of economics in the curriculum of the emerging university colleges. On this. see Tribe (1990). 19. In spite of these complaints, it is not possible to conclude. as Chester (1986) does, that the Oxford Diploma programme wholly failed to tum out good economists. For example, Penson and Furniss both had diplomas and taught in the Diploma programme; in addition. C.V. Butler, J. de Lacy Mann, and E.L. Hargreaves obtained diplomas and lectured on and tutored in economics and economic history at Oxford during the inter-war period. Fmally, many American academic economists, such as C.D. Edwards, P. Homan, McPH. Donaldson, F.L Panon. and C.P. Spruill. obtained diplomas while al Oxford as Rhodes Scholars. 20. Chester (1986). 21. SeeH~bdomadalColUJCiI Papers (1920) pp. 89-92. 14J-4S; also see Chester (1986) and Penson (1920). 22. Both Clay and Ogilvie obtained their Oxford degrees in Utertu Humart;ores which would accounl for their support of the proposed statlte. 1bey began tutoring and lecruring in economics at Oxford in 1919. 222 Notes

23. A common view held in Oxford was that economics was actually a br.mch of moral philosophy - see, for ewnple, Catlin (1961). 24. Other arguments for !he proposed statue inclOOed me inability of the econo­ mislS to laW'ICh their own school at the time, and the appeal such a school would have for ovelKU studenlS, especially Rhodes Scholars. On this, see Swan Sta.llybrass (1928) and Jenkinson (1920). AJso see Hargreaves (I965-66). Chester (1986). Scott (1971). Sampson (1936), Petridis (1979). Price (1926). 'Congregation' (1920). and 'The Proposed School of Philo­ sophy. Politics and Economics' (1920).

FROM OXFORD POLmCAL ECONOMY TO OXFORD ECONOMICS. 1922 TO 1939

I. On the personalities mentioned in this chapcer, see the Appendix. 2. See G. Parker (1982). Chester (1986), T.C. Bart.er (1m), Koot (1990), Heaton (1970. Th~ Brown Book (1968), and Oxford Univ~rs;ty Gazm~ (1911 to 1927). 3. Lee (1989), Penson (1927 & 1933), T.e. Barker (1977), Hargreaves (1973), Morris (1959), A.G. (1949), and Harrison (1976). 4. Although appointed as a tutor in economics a' 51 Hilda's Hall and in spite of the lectures she gave on money and credit and on economic theory, de Lacy Mann was an economic historian at heart and shall be treated as so in this boole See T.C. Barker (1m), Major (1984-85), and ThirY. (1984-85). 5. See T.C. Barker (19n). and Oxford University Gautte (1921 to 1928). This is not to deny that philosophers and hislorians gave lectures on economics and economic history during the inter-war period: however, they were usu­ ally restricted to a single tenn. 1be only exception to this was A.B. Rodger. a modem historian at Balliol College (1923 to 1961), who gave lectures on ec.onomic history throughout the period. However, none of the philosophers and historians had a particular allegiance 10 the O"ford approach to political ocooomy or any interest in the deveJopmem of economics. 6. On Ogilvie, see Morris (1959); on Salvesen and Robbins. see Robbins ( J97 I ); on Hargreaves, see Hargreaves (1973); on Harrod. see Harrod (195Ja). Phelps Brown (1981), British Association for the Advancement of Science (1926), and Young (1989); and on Hall. see 'Lord RoberthaJl' (1988): also see Chester (1986) and Lee (1989). Butler is not included as an economist because by this time she has become a practising political scientist interested in local government and publk administratioo - see Redcliffe-Maud (1976 and 1982). 7. See M. Cole (1971), Wright (1979), and Kooc. (1990). Also see Oobb (1914) who remarked to Harrod that Cole as an pre-War Odord graduate. tended to deny that the method of orthodo" (i.e. cambridge) economics was much 10 be desired. 8. SeeOx/ord Univ~rsityGault~ (1912 to 1927); also see Oleslef (1986). Much of the material for this paragraph comes from the recollections of Oxford students and Oxford economists, as described in the Bibliography - see the NOles 223

recollections of Brelherton, Grant. Ives, Hutchison, Maclennan, Oppenheimer, Paln, Proby, Vaughan and Roger Wilson, 9. Robbins' (1971) nasty comments on J.A. Smith's discussion of the method­ ology of economics and on H.W.B. Joseph's book The Lobo", Theory 0/ Value in Karl Marx are well-known but misleading. Smith had lectured on value theory prior to the First World War and was a member of the Oxfonl Political Economy CJub. Joseph was also a member of the Club and had also given lectures on the labour theory of value: in addition, his discussion of Marx's value theory was as sophisticlUed as any given by economists at the time. Thus it is unfair to suggest that Smith,loseph, or other philosoplters and historians had little working knowledge of economics. In fact, the opposite was the case for many, such as Jenkinson. Wakeling, and Maniott. the last of whom reviewed economic books for Tlte Saturday Review, The GlUJroian, and other papers and journals since 1884. See Joseph (1923), Smith (1945), and Maniott (1946). 10. See Robbins (1971), Joseph (1930). Chester (1986), Hargreaves (1973), A. Barratt Brown (1939). and the recollections of Hugh-Iones and Phelps Brown. II. Sec: Chesler (1986). Joseph (1930), and Clark (1934); also see the recollec­ tions of Caccia, Proby, K.E. Robinson. and Lascelles. 12. See A.J. Brown (1988), Mitchell (1932b), Costin (1950). McCallum (1963). Young (1987 & 1989), and Vines (1987); also see the recollections of Phelps Brown, Hugh-Jones. and Ashton. On the Graduate School of the Institute of Economics, see Critchlow (1985). It should be noced that Wilson made no apparent impact on Oxford economics, in spite of her professional creden­ tials, perhaps because she was a woman economist in an University which was male oriented and male dominated. Finally. 1.1. Bowen, who probably read for PPE, became a lecturer at Brasenose College in 1931; but he ap­ peared 10 have made liule impact on Oxford economics - however, see Chap!er S. 13. On Maurice Allen, see Young (1987), p. 192 note I; also see Robbins (1971). Meade et. al (1984), Sandilands (1990), Blitch (1990), Mitchell (1932b), and MacDougall (1987). 14. During this period, L.S. Sutherland was appointed as a fellow and tutor in economic history and politics at Lady Margaret Hall (1928 to 1945), which meant she bad to tutor those reading for PPE, Her main sc:holarly interest was eighteenth centwy politics and economic history. In 1931, G.N. Clark was appointed as the Chichele Professor of Economic History; but at the same time Lipson resigned his readership. Lennard was appointed as his replace­ ment. Thus for the period under consideration the number of aclive economic hislorians remained relatively static at three. Moreover, because of the rather passive anilUde towards !he institutional and curriculum importance of eco­ nomic history in economics, there was a drop in the number of economic history lectures being offered each year from an average of ten per year for 1920-21 to 1926-27 to an average of less than nine per year for 1927-28 to 1932-33. This decline continued for the rest of the decade, with the average number of lectures being offered dropping to less than seven for the period 1933-3410 1938-39. Finally, fOf' the period 1927-28 to 1938-39, economic 224 Notes

historians gave less lhan half of the lectures in economic history and from 1933-34 to 1938-39, Clark was the only economic historian who regularly gave lectures. (After being appointed 10 the reademlip in economic history, Lennard ceased giving lectures and resoned 10 giving informal instruction.) Thus economic history ceased 10 ellisl in any real sense as a sepanate aca­ demic discipline al Ollford, and the economic historians ceased 10 play any importanl role in the developmenl of Oxford economics. This can be seen as one of the unintended (or perhaps intended) consequences of the rise to dominance of Odord economics. Sec Whiteman (1984) and Oxford Univer­ sity Gautt~ (1920 101939). 15. Mitchell contributed 10 the emphasis on applied economics when he visited Olford - 00 this see Harrod (1949). Also see MilChell (l932b) and Chester (1986). Hugh-Jones, in a 1986 interview, noted that by the late 19205, 'Economics' had already replaced 'Political Economy' as the tenn most preferred by the Odord economists. 16. Sec Chester (1986) and Mitchell (1932b). With regard to interest in economic policy matters, in 1932 Cole helped to found the New Fabian Research Bureau which was dedicated to elUlrtlining practical policy issues that would confront a potential Labour government. In 1932, Meade wrote II pamphlet for the Bureau on public works and their international aspect. and over 1934- 3S papers on the exchange policy and an outline of economic policy for a possible future Labour governmenl Later on, in 1938, Meade also published II small policy-oriented book outlining a scheme for using consumer's credits to prevent general depressions of trade. On this see M. Cole (1971 ), E. Durbin (\985), and Meade (1938b and 1988a & b). Harrod, for his part, had wriRen 'Confidential Memoranda' for the British General Federation ofTntde Un­ ions in 1926 (on this, see Young (1989») and. with Hall and Redvers Opie. helped to draw up proposals for the Labour Party's Finance and Tr.tde Committee (Harrod. however, was later to become identified with the Con­ servative Party, standing as a Parli&mentary Candidate and acting as an economic advisor to Harold Macmillan). Hugh-Jones, for his pan. was also interested in the New Deal's indusoial and IIgricultural policies - on this, see Hugh-Jones and Radice ()936). Most of the Ollford economists accepted the view that the state had a role in economic affaiD. In fact, as Donald Winch noted in his book Economics and Policy (1969). p. 221 note 2: 'Keynes was not alone among British economists ... in offering ad\Iice to the new President (Roosevelt]. On November 20th, 1933, a long letter was sent to F.D.R. by a group of Ollford economists, pn:ssing him to undertake a public works progrllmme. The signatories were: MacGregor, Fraser. Allen, Hargreaves, Bretherton. Meade. Opie. Hall, and Harrod' . On this. also see Hall (1938a). However it is of interest to note that a year later al the Septem­ ber 1934 British Association for the Advancement of Science meetings, MacGregor pilloried the New Deal saying thai it was moving much too fast with 100 much fuss (The Nt!w York Times. 1934). 17. Sec Camp (1987), J. Harris (1977). Oxford Umwrsity Gaultt! (1933 10 1939). and Sieindl (1990). Upon obtaining a firsl in PPE in 1937. obtained a Senter Research S<:bolarship and went to work for Beveridge collecting data on . Later Beveridge obtained for him a Re­ search Fellowship at University College which carried with it some teaching dulies. See Beveridge (1953) and Wilson (1966). Notes 225

18. On Manchak, see Arrow (1979). 19. On Henderson. sec A. Robinson (1985). 20. See Phelps Brown (1936a, 1980, 1981), Harrod (l9S3a). Young (1987, 1989), Lee (1989). Wright (1979), A. Robinson (I98S). Won;wkk (1960), and AJ. Brown (1988). Also sec Oxford University Gaune (1933 to 1939), Meade (1936), Hargreaves. Maud. and Ryle (1935). and the recollections of Rutherford. Roberthall. Allen, Dudman, Villiers. Macleod-Smith, Hunt. IgnaliefT, Fogarty. Collier-Wright and Ashton. 21. See Meade (1988a) p. 1. 22. Radice read for Literal! Huma/liores in 1929 and then later obtained a DPhii in economies from Oxford with an econometric dissertation on the facton; detennining the supply of savings in Great Britain. Clark took his degree in chemistry in 1928, but then switched to economics where his work on national income accounting is well-known. Other members of the Group who became professional economists, either in academia or in government include J. Meade. E. Durbin, A.T.K. Grant, W. Neild, C. Saunders. G. Walker, and R. Wilson. See Higgins (1989). Perkins and Powell (1990), and the recollec­ tions of Radice. 23. See M. Cole (1971), Durbin (1985), J. Parker (1974 & 1982), Hicks (19S3), Stewan (1980). Worswick (1960). and the recollections of Roger Wilson, K.E. Robinson. Pain. Farnsworth, Proby, Dudman, Copeman. Bowlby, Ashley, Hughes, Radice. Geoffrey Wilson, and Saunders.

2 OXFORD PEDAGOGY, 1922 TO 1939, TUTORIALS AND LECI1JRES

I . Robbins (19SS) pp. S87-89. 2. Ibid., p. S89. 3. See 'The Economic Curricula at Oxford and Cambridge' (1921). pp. 400-03. The quotation is from the recollections of Caccia. 4. This account of the tutorial process and that which follows regarding student evaluation of tutors and tutorials, lectures, and lecturers and seminars are based upon the recollections of graduates of the PPE programme from 1925 to 1939. For a more detailed discussion of this material. see the Bibliography. S. For a li sting of the revision and discussion classes over the period 1920 to 1939, see the tenn lecture lists published in the Oxford University Gautte. 6. 'The Economic Curricula at Oxford and Cambridge' (1921). 7. Cited from the recollcctions of Ashton. 8. See Riley-Smith (1982) p. 43; also Harrod Papers, Part II. file 148- 9. Meade Papers. file 2/4/35. 10. Alisting of those involved in Oxford economics over the period 1920 to 1939 can be found in the Appendix. II. Cited from the recollections of Allen. 12. Cited from the recollections of Wooller and Collier-Wright. 13. Cited from the recollections of Rusk. 14. Cited from the recollections of Goodwin. 15. Cited from the recollections of Oppenheimer. 16. Cited from lhe recollections of Hun!. 226 Notes

17. Cited from the recollections of Fogarty. 18. Cited from the recollections of Allen. 19. Cited from the recollections of Johnson. 20. Cited from the recollections of K.E. Robinson, Ashton, and Walmsley. 21. Recollections of Copeman. 22. Recollections of Macleod-Smith. 23. Recollections of Proby. Teesdak:. and Kecnlyside. 24. Recollections of Caccia. 25. Recollections of Wheeler. 26. Recollections of Rwnbold. 27. RecoUections ofK.E. Robinson. Also see Harrod (1930, 1931 , 197Th), Meade (1933). J. Robinson (1933). In addition, see the section on the Harrod­ Ramsey correspondence in Chapler4. Riley-Smith(1982) pp. 98-99, and the Harrod Papers. Part IV. mes 96J.-73. 28. Oxford University Gautte (1922 to 1929). 29. Recollections of Hugh-Jones. 30. Oxford University Gazette (1925 to 1929). 31. Harold Wilson. who was to have a more distinguished career in polilics than in economics, always appreciated his Oltford PPE degree. even though, as he later recalled, some of his lectures were not too effective. See the recollec­ tions of Harold Wilwn. 32. See Harrod (1949). 33. Oxford University Gaztrte (1930 to 1939). 34. Recollections of K.E. Robinson. 35. Ox/ord Unjwrsity Gazttte (1930 10 1939). 36. Oxford University Gazelle (1931 101938). 37. Oxford University Gazette (1934 to 1939). 38. Recollections of K.E. Robinson. 39. Recollections of Saunders and Johnson. 40. Recollections of Hicks. 41. Recollections of Harold Wilson. 42. Recollections of Roger Wilson and Henry Hodson. 43. Recollections of K.E. Robinson. Also sec Lee (1989). 44. Complied from the recollections of Pain. Oppenheimer. Hutchison. Donald Hodson, Garvey, Roger Wilson. Dudman, K.E. Robinson, Macleod-Smith. and Allen. 45. Complied from the recollections of Ignatieff, Moses, Pain, Oppenheimer. Hunt. Wooller. Donald Hodson. Roger Wilson, Dudman, Crawford, and K~. 46. Complied from the recollections of Creswell. Maby. Copeman. Hilton, and Brama1I. 47. Recollections of Boulding. 48. Recollections of Johnson. 49. Complied from the recollections of Wooller, K.B. Robinson. Allen, Fogany, Oudman. and Crawford. SO. Recollections of Ashton. 51. Recollections of Johnson. 52. Recollections of Goodwin. After taking his degree, during the academic year Noles 221

1936-37, Goodwin was engaged on research for a BLin Ilnder the supervi­ sion of Phelps Brown. Also see Harcourt (1985). 53. Complied from the recollections of Rutherford, K.E. Robinson, Boulding, Senior, Keenlyside, Goodwin, Piercy, and Macleod-Smith. 54. See Harrod (1949). 55. Recollections of Boulding. .56. Harrod (1949), pp. 459-60.

3 OXFORD PEDAGOGY, 1922 TO 1939: PPE AND 'NEW KNOWLEDGE'

I. See Young (1989) pp. 22-25. Sec Bibliography for additional commenl5 on Brown's lecture notes. 2. See Hargreaves, Maud, and Ryle (1935), Section C-4a (Economics-specia1 subjects: Currency and Credit) pp. 28-29. 1be Bibliography/or lire HonolU School ofPhilosophy, Politics, cwI EconDl'fUcs was published by Blad:well's of Oxford as a guide to readings for PPE students as sugg~ by tutors, and was not an official publication of the or of the Faculty Board of Socia1 Studies. Also see S.E. Harris (1933). 3. Harrod (l936a) pp. 20&-09. 4. On this. see Fraser (1937) pp. 380-83 and Fraser (I939). 5. Fraser (1937) p. 380. nolC 6. 6. Ibid., pp. 380411, note 7. 7. Ibid., pp. 382-83, note 9. 8. Fraser (1939) pp. 69-75. 9. Harrod (l933a). 10. Taussig (1927). II. Bowley and Stamp (1927). 12. See Marshall (1923). This should be compared toJ.N. Wolfe's seminal article on 'Marshall and the Trade Cycle' published two decades later - see Wolfe (19.56). 13. See Hayek (1931 & 1933); &150 the King MacGregor referred to is probably King (1912). 14. The members of the sub-Faculty of Economics that particiJ*ed in the com­ pilation of this bibliography were Hargreaves in 1935 and Meade in 1937 respectively. See Hargreaves. Maud, and Ryle (1935), Section C1-Economic Theory, p. 23 and Section C-4a (Special Subjects: Currency andCredit) p. 28; and Ryle, Meade, and Wheare (1937) Section CI, p. 27 and Section C-4a. p. 33. Also see Cassel (1925 &. 1932). In his recollections, Rwnbold men­ tioned that he was actually introduced to Hayek by Redven Opie, who, as Rumbold put it 'oddly enough like him', since as Rwnbokl recalled. Redven Opie was, in his words 'lcffish wing'. 15. See 'The Economic Curricula at Oxford and cambridge' (1921). 16. Compiled from Oxfon! Univenity Exmtdnoli(H1 Poper$, Trinity term, 1923 to 1921. 17. On the Ricardian vice. see SchwnpeteT (19S4). However, even Schwnpeter 228 NOles

admitted that there is anotheT, more value·free tenn, that is, 'implicit reason­ ing' 10 describe this approach - see Schumpetcr (19.54) pp. 473, .541, 618, 653,668, and 1021. 18. This question clearly refers 10 pricing under conditions of 'imperfect competition', 19. II is not: our intention here 10 identify the published sources of all the questions that appeart:d on tnc: WE exams in economics surveyed here. Suffice it to say. however. that a large proponion of them were taken directly from the mO$( imponam economic literature of the period. including worts published by Oxford economists themselves and their couruerparts at Cam­ bridge and the LSE, as will be seen below. 20. The notion of 'justifiable fluctuations of output' was the subject of an on­ going exchange between Harrod and Robertson on issues Robertson raiKd in his book Banting Policy and t~ Price uvd (1926) - see Young (1989) pp.25-3O. 21. Compiled from the Oll.ford University Examination Papers. Trinity t.enn, 1928101932. On 'neutral money', see for example Hayek (1931) and Meade (1933). Joan Robinson. in her review of Meade (1933). thought that the concept was infected with 'monetary mysticism' - see J. Robinson (1934) pp.283-84. 22. Some of these questions emanated from Harrod's constructive critique of Pigou (1933) - see HamxI (1934a) and Young (1989) pp. 42-48. The simi­ larities between the quantity lhcory of money and Keynes's Treatiu ap­ proach can be found in Allen's 'Marginalia on the Quantity Theory' - see Young (1987) pp. 65-72. 23. See Brown's lecture notes on the Federal Reserve System cited above. Also see, for example, Hayek (1933) and Shackle (1933). 24. See Keynes (1936) and Young (1987). 25. "The question as to whether savings must always be equal to investment was to occupy the literature from 1937 to 1939; see, for example, the Keynes­ Robertson exchange in the EJ in 1937 on ' theories of the interest rate' (June and September). 1bere was also an exchange in the Quarttrly Journal of Economics - see Curtis (1937 & 1939), Lemer (1938 & 1939). Lutz (1938), and Lange (1939). 26. This is a direclquoration from Keynes (1936), Chapter J I, section m on 'The Marginal Efficiency of Capital'. 27. This follows from Harrod (1939&). "The questionsdted above were compile

31. See Young (1987) pp. 174-75. 32. Ibid .• pp. 12-17. 173-18. and 186 note 2. 33. Ibid .• pp. 174-75; also sec Ryle. Meade, and Wheare (1931) p. 27 and the Cambridge University Reporter, 8 June 1931, p. 1104. 34. Ibid.; also sec Scon (1935), Taussi8 (1915), Garver and Hansen (1928), Meade (1936. 1937a, & 1938a). A careful examination of the LSE readin8 lislS, however. reveals the extent to which they did refer to joumaIs. including up-to-date articles. On this, sec Chapter 6, which compares the gnw:!uate programmes at Oxford and the LSE during their respective periods of 'professionalisation·. At the undergraduate level, perhaps the best example is the use of Hicks's IS-LM article in place of Keynes's General Theory, which Robbins thought to be suitable for use at the graduate course level, until convinced Olherwise by Kaldor and Durbin; see Young (1987) pp. 174-75. 35. Questions compiled from Cambridge University Economics rripos 193710 1940; also see Keynes (1936). 36. Sec Young (1987). 37. See Young (1989) pp. 103-04.

4 HIGH THEORY, 1924 TO 1939 TO HARROD, MEADE, AND THE CROSS-FERTILISATION OF IDEAS IN OXFORD

I. See Harrod (1939a & 1968). Shack1e (1961), and Keynes (1923). 2. See Harrod (1968) p. 661. 3. Ibid., pp. 661-62. 4. Sec Harrod (1967) pp. 306.... 07 . 5. See Young (1989). 6. See Harrod (1930), Riley-Smith (1982) p. SO. and Harrod Papers. Part IV, files 305-08. 7. Sec Riley-Smith (1982) pp. 98--103, and Harrod Papers, Part IV. files 963-73 (Ramsey) and 1089-07 (Robinsoo). Also sec Harrod (1972a) pp. 392-93 and Harrod ( 1972b) p. 304 note 1. 8. See Young (1989) pp. 15.25-30. 9. Ibid .• pp. 57-62, 74-82. 98--112, 163-66; also sec Harrod (19368) pp. 104-06. 10. Sec Riley-Smith (1982) p. 99 and Harrod Papers. Part IV, files 963-73; also sec Harrod (1931 , 1932, 1933b, & 1934b). II. See Harrod (l934b) p. Ill, 132. 135; also see Harrod (19300) p. 13. 12. See Harrod (1972b) pp. 3OS-06 and Harrod (I934e) p. 335. 13. Sec Kregel (1985) p. 84 note 9; also see Meade Papers. file 2/4/23. 14. See Hicks (193511) p. 144 note 26. 15. See Young (1989). 16. Sec Harrod (1936d) and Henderson (1936:); also see Young (1989) p. 112. 17. See Young (1989) and Henderson (1936d). 18. See Harrod (1936e). 19. Sec Harrod (19361) and Henderson (1936e); also see Young (1989) p. 113. 20. Sec Harrod (1936g). 21. Sec Harrod Papers, Part IV, file 480-84; also see Young (1989) p. 113. 230 Notes

22. See Kaklor (1938) and (1939) pp. 40 and SO notes 2 and 4. 23. The original copies of the letten from HBJTOd 10 Kaklor are in the Kaldor Papers; for phoIocopies of the lellen, see HBJTOd Papers, Pan IV. 24. See Young (1989) pp. 163-66. 25. The leiters from HamxlIO Marschak ciled are from the MaJ5Chak Papers. 26. See Young (1989) pp. 163-64. 21. Ibid., pp. 166-12. 28. See 1. Robinson (1934) p. 282. 29. See Meade (1933) p. viii. 30. See 1. Robinson (1934) p. 284. Jl. See Meade's works over the period 193610 1938 and Kaldor (1986) p. 7. 32. See MO(!.gridge (1911) p. 342, J. Robinson (1934) p. 282, and Meade (1933) p. vii. 33. See Meade Papers, files 2/311 102/3/41 and files '1J4/96-98. 34. See Meade Papers, files 2/3/1-2; also see Meade (1933) p. 7 and Meade (1961) p. 1. 35. See Meade Papers, file 2/316. 36. See Meade Papers files 2/3/3 and 2/3{31~3. 37. See Meade (1933) and Meade Papers, file 213/5. 38. See Meade Papers, file 213/4. 39. See Meade Papers, files 2/3/21-25; also see Meade (1933) pp. 5-10 and J. Robinson (1934) p. 282. 40. See J. Robinson (1934) p. 284. 41. See Meade Papers, files 2/3/15-11; also see Meade (1933) p. 62. 42. Sec Meade Papers, files 2/3/12 and 2/3/11; also see Meade (1933) pp. 62-65. 43. Sec Meade Papers, files 2/3/9-11, 2/3/18, 2/3{1.~36, and 2/4196. Interest­ ingly enough, Allen's unpublished !\Ole to Meade on the 'Elasticity of De­ mand' in February 1934 (Meade Papers, file 2{3118) may be said to have C&talysed Meade's published noIe on 'the elasticity of demand for one factor of production' - see Meade (1934b). 44. See Robertson (1915), (l933a) pp. 339 and 4(17 noIe I. (l933b), and (1934) pp. 652 and 656 noIe 2; also see Young (1989) p. 122. Harrod (1950) pp. 555-56. Keynes (1936) p. 243. and Kaldor (1951) p. 833 note 2. 45. See Robertson (1926) and Meade (1933) pp. 24 and 115. 46. See Meade Papers, file '1J4/93. 41. See Meade (1931c); also see Young (1987) p. 176. 48. See Robertson (1931), Meade (1931d), and Young (1987) 1'1'. 15 and 176. 49. See Meade (1936 &. 1937c). Meade Papers file '1J4/93. and Young (1981) pp. 14-15. SO. See Meade (1931d). Meade Papers, file '1J4/94, and Young (1987) pp. 115-16. 51. See Meade (1938a) p. ix; also see Young (1989) 1'1'. 61-69. 52. See Shackle (1968) pp. xviii-xix. 53. Ibid., pp. 1- 2. 54. Ibid.• p. 4. 55. Ibid., 1'1'. 4-5. Noles 231 5 GROUNDED EMPIRICISM, 1931 TO 1939

I. See Olester (1986). 2. See Mitchell (1931 & 19314), Harrod (1949), and Dorfman (1949). 3. See Kittredge (1932). 4. See Kiuredge (1933) and Chester (l986). Under Beardsley Ruml. the Rockefeller Foundation, during the 1920s, gave grants to institutions who presenred interdisciplinary plans for empirical research in the social sciences. This was what the Council was probably basing their thinking on when they made the above decision to develop a more comprehensive plan than simply a statistics institute. However, when Edmund Day became the director of the activities of the Foundation in social sciences, replacing Rwnl, there was a change in direction. Under Day, the Foundation began to support specific projects, such as statistics institutes, which were formed to study the problem of economic stabilisation, that is the business cycle, and improve statistical measures of cyclical change and sharpen understanding of the causal factors of the business cycle. The inclusion of the statistics institute in the Council's thinking was quite in line with the Foundation's thinking. See Craver (1986). 5. See Meade (l934a) pp. 3-4. 6. See Marschak (1934): also see Harrod (1934c, 1935a, & 1949). 1. See Harrod (l934d) pp. 5--6; also see Kittredge (1934a). 8. Chester (1986). 9. Kittredge (1934a, 1934b. & 1935a), Hill (1971), Lindsay (1937). Scott (1971), and Chester (1986). 10. Chester (1986), Kittredge (l935b), and Marschak (1935). II . Beginning in 1936, the Institute provided _ room for !he Group's secretary, M. Bowley. Later they provided _larger room for the Group's two research assistants, P.W.S. Andrews and R.S.G. Rutherford, and Phelps Brown's research assistant, G.L.S. Shackle. Marschak also supported Phelps Brown's wort as chair of the Econometrica Committee 00 Soun:e Materials for Quantitative Production Studies. Under Phelps Brown direction, the Commit­ tee collected samples of statistical and other numerical data that illustrated how the principles involved in the theory of production, such as the marginal emcacy of a production factor, total cost functions, and profit maximisation, worked in practice. Marschak. also made sure that the Institute cooperated with other University institutions, such as the Barnett House, engaged in social research on the empirical and quantitative side. In this case, Marschak let members of Barnett House's Oxford Social Survey team use a room at the Institute. See Phelps Bmwn (l936b, 1936c, & 1936d), Marschak (1935), Chester (1986), Bourdilloo (1938 & 194O), and the recollections of Rutherford; also see Young (I987). 12. In 1937, Shackle obtained his PhD from the LSE. He was examined by Hayek and Redvers Opie. Redvers Opie carried news of Shackle back to Oxford, and soon after he received letters from Marschak and Phelps Brown, each asking him to be their research assistant. Shack1e thought that his lack of knowledge of statistics would be less of _ handicap to Phelps Brown, so he accepted his offer. His two-year stint with Phelps Brown fonned the basis of his Oxford DPhil, which he received in 1940. See Harcoun (1981). 232 Notes

13. See Goodwin (1941). Institute of Statistics Reports 1935-36 through 1938-- 39, Kittredge (1936), Phelps Brown (I936e &. 1937), Phelps Brown and Shackle (1938a, 1938b, &. 1939). Social Science Research Commillee (1935 to 1945), and the recollections of Goodwin and Stw:lde. 14. See Institute of Statistics Reports 1935-36 through 1938.-39, and the recol­ lections of Radice. IS. See AJ. Brown (1938a. 1938b. 1939. &. 1988), and the Institute of Statistics Reports 1935-36 through 1938.-39. 16. See the Institute of Statistics Reports 1935-36 through 1938--39; also see Makower and Marschak (1938), Marschak (1938), Brown (1988), and Arrow (1979). Makower's academic career consisted of teaching at the LSE (1938 10 1973). 17. See M. Bowley (1937) and Bowen (1939 &. 1940). 18. See Makower, Marschak, and H. Robinson (1938.1939. &. 1940); also see Daniel (1940) and H. Robinson (1951). 19. See Howson and Winch (1977). 20. See Henderson (1931) pp. 78.-79. 21. See Kittredge (1934a & 1935a) and Henderson (1939). 22. See Henderson (1935). 23. See Harrod (1935b &. 1953a), Phelps Brown (19360. Henderson (1936a &. 1939), Hargreaves (1973), and the recollections of Phelps Brown and Robenhall. 24. Andrews obtained his firsl degree in economics from University College. Southampton in 1934. During WI same year he met MacGregor at the annual British Association meeting who interested him in work on joint-stock com­ panies. Returning to Southampton, he began resean:h on the subject. In 1937, Andrews went 10 Oxford for the purpose of pursuing a DPhil. 25. See Henderson (19368), Chester (1986), Institute of Statistics Reports 1936- 37 and 1937-38. Harrod (1936c), and the recollections of Roberthal\. The members ofthe OERO from 1935 to 1939 included Allen, Andrews, Bowley, BretbertOll, Brown, Burchardt, Hall, Hargreaves, Harrod, Henderson, Hitch, Hugh-Jones, MacGregor, Marschak. Meade, Redven Opie, Phelps Brown. Rutherford. and Shackle. 26. See Henderson (19368). Kittredge (1936 & 1937). Andrews (1952b). Harrod (t972b), and the recollections of Shackle and Phelps Brown. 27. See Henderson (l936b, 1937, 1938a &. 1938b). Andrews (1939). Phelps Brown (1936(, 1936e, &. 1937). Hargreaves (1973), Harrod (I936b), and the recollections of RoberthaJl, Phelps Brown, Shackle, and Bretherton. 28. See Henderson (193&). Andrews (195la). and the recolleclions of Shackle and Roberthall. 29. Harrod (l953a), Kittredge (1936). and the recollections of Phelps Brown. Robertha1I. and Shack.Je. 30. Some years later Shackle tried 10 wort out a theory of investment in which uncenainty overrode the influence of the interest rate - see Shackle (1946). 31. See Andrews (1951a), Henderson (193&), Meade and Andrews (1938), Hall and Hitch (l939), Harrod (1939b), and the recollections of Shackle and Bre!henon. 32. Institute of Statistics Reports 1936-37 through 1938--39. and Phelps Brown ( 1937). Andrews did nOC complete this study; however, after the war. he made Notes 233

the data available to R. Hope. who used it in his Oxford DPhil dissenation 'Profits in British Industry from 1924 to 1935'. 33. See the Institute of Swistics Reports 1937- 38 and 1938-39, Bretherton, Burchardt. and Rutherford (1941), and the recollections of Bretherton and Rutherford. 34. Andrews (1940), Sayers (1940), Meade (1937b), Hitch (1937), Hall (1937a). and the recollections of Roberthall. A nearly complete collection of the papers presented to the OERO can be found in the Andrews Papers.

6 WARTIME ACflVrnES AND POST-WAR RECONSTRUcnON, 1940 TO 1947

I. Not all economic research at Oxford during the war years was institutionally based. One exception was M. Kalecki's Studjes in Economic Dynamics which came out in 1943. However, institutionally-based econornk: research was so dominant that it will be the primary focus of this chapter. 2. See Chester (1986) and Social Science Research Committee (1935 to 1945). 1be Committee also over saw the Colonial Survey project. Established in January 1941 by the Nuffield College Committee and headed by M.F. Perham (who was a Research Lecturer and Reader in Colonial Administration at Oxford, 1935 to 1948), the purpose of the project was to throw light upon important economic and constitutional reconslIUCtion. Consequently. the project was divided into three areas - economic investigation, enquiry into economic organisation, and constitutional study. 1be object of the economic investigation was to analyse the nature of the colonial economies and their contact with the world economy, and to show how far and with what results that contact has been guided by official and unofficial policies. The enquiry into economic organisation, on the other hand, was concemod with the institutional context through which the economic polk:ies were formed and executed. Initially. the project selected Nigeria and the Gold Coast for study. but data and information problems with the Gold Coast meant that the project focused solely on Nigeria. Although the project was Oxford based, the researchers in the economic areas were, in general, not Oxford economists, trained by Oxford economists. or affected by the major currents in Oxford economics; lIIOf'COver, the research largely took place outside of Oxford. Thus the project will not be dealt with in this chapter. See Nuffield College (194la, 1941c, 1942b, 1943e. &. 1944<1). 3. See the Institute of Statistics Reports 1938-39, 1939-40. and 1944-45; also see Arrow (1979), Chester (1986), and Wonwick (1959). 4. See Institute of Statistics Report 1939-40. and Worswick (1959). Members of the OIS research staff included F. Burchardt, E.F. Schumacher. T. Schulz. K. Mandelbaum. and S. Moos from Gennany: 1. S1eindl from Austria; M. Kalecki from Poland; and T. Balogh from Hungary. Also included on the staff from Brilain were G.D.N. Worswick, L. Nicholson. I. Bowen, and P.R Ady. 5. Company finance and manpower represented, in principle, the continuation of peace-time studies. The departure of Herbert Robinson and Helen Makower 234 Notes

from Oxford and the transfer of Andrews from the 015 to the Nuffield College Social Reconstruction Survey in March 1941 meant that the OIS did not have the specialised researchers to cover those areas. However, before he left the DIS, Andrews did do some won: in the areas of food policy and industrial development (see Andrews, 1941). He also was responsible for the 'Company Reports' section in the Diary. 6. See the Institute of Statistics R~ports 1939-40 and 1940-41, and Wonwick (1959 &. 1977). In June 1940, the DIS decided to produce the Bull~tin. Bowen, who had arranged with Blackwell's to publish it, also edited the firsl issue before leaving for the: Ministry of Works. This was due to the: fact that Burchard! had been interned as an alien in June 1940, and was only able to retum to Oxford in November 1940 to take up joint editorship of the Bull~tin with Worswick. 1be first issue of the: Bulletin actually appeared as Volume 2, Number 8. This was done in order to procure paper, since none was available for new publications. 7. See Kalecki (1940, 1941 .. 1941b, 1942, 1943.. &. 19441); also see the Institute of Statistics Report 1940-41 through 1944-45, Progress Report (May 1941), and Wonwiclc (1m). 8. See Schulz (1944). 1be inquiry was not abandoned at the: end of the: war; rather, it was continued under Schulz's direction for the rest of the: decade and throughout the 1950s. 9. See the Institute of Statistics Report 1939-40 through 1944-45, and Progress Report(May 1941); also see Burchardt(I942 &. 1943), Moos(I94I, 1942, &. 1943), and Worswick (19411, 1941b, 1942, 1944, 1959,&. 1977). 10. Balogh was also active in dealing with the theoretical aspects of post-war policies such as in the area of what he called 'foreign investment'; see, for example. Balogh (1945). II. See the Institute of Statistics (1944) p. iii. 12. See the: Institute of Statistics Reports '1942-43 and 1943-44; Institute of Statistics (1944), Worswick (1959 &. 1977), Wood (1984), Beveridge(I943), and Harris (1977). Also see Steindl (1941,1942, &. 1943a). After the publi· cation of Full EmploymtnJ in a Free Society, Schumacher collaborated with Worswick in preparing the scripts of eight half·hour broadcasts trarulmitted by the BBC in one fortnight in December 1944. The broadcasts highlighted the various issues raised by Beveridge. See Wood (1984) and Worswick's recollections. 13. See Chester (1986), M. Cole (1971), Nuff.eld College (194lb & 1942c). 14. See Chester (1986), Worswick (1960), M. Cole (1971), Harris (1983), and Progress Repons 1-14 (1941-44). There were many publications thai emerged from the conferences, such as Nuffield College (1943a &. 1943b). 15. See Beveridge (1953) and Nuffield College (19421, 1943c, 1943<1, 19441, 1944b, &. 1944c). 16. See Progress Reports 1-14 (1941-44); also see, for eumple, Bourdillon (1945) and Nuffield College Social ReconslnlCtion Survey (1943a &. 1943b). 17. See G.D.H. Cole (1945 &. 1946) and Fogany (1945). 18. See Fogarty (1945). 19. See Progress Reports 1- 14 (1941-44), Silvennan (1942 & 1946), G.D.H. Cole (1946), and Fogarty (1948). Notes 235

20. See the Institute of Statistics R~ports 1940-41 & 1941-42; also see Progress Reports (May-November 1941) and Wood (1984). 21. See the Institute of Statistics R~ports 1941-42 through 1944-45, Progress Repons (March-September 1942 & June 1943). and Mandelbaum (1945). 22. See Counauld (1949) pp. 64. 76, 95--96, & 132, 23. See Counauld (1943a); also see Courtauid (1949). 24. See G.D.H. Cole (1943). 25. See Discussion with Counauld (1943); also see Andrews (1943a)and Cowtauld (l943b). 26. See Courtauld (1943c), Courtauld Sub-Committce Minutes (8 October 1943), Institu!e ofStatislics R~porll943-44, Andrews (1943b). and Steindl (1943b). 27. See Andrews (l944a), Steindl (1944), and Courtauld Sub-Committee Min· utes (I I May 1944). 28. See Clay (1944). Bingham (1944). Counauid (1944), and Courtauld Sub­ Committee Minu!es (12 October 1944). 29. See Courtauld Sub-Commiltee Minutes (12 Oclober 1944); also see An

7 REFORMULATION AND REVIVALS, RETROSPECTION AND REVISION. 1948 ONWARDS

I. The election of H.O. Henderson 10 the Drummond Chair in 1944 is not surprising since members or the election committee included W.G.S. Adams, W.H. Beveridge, Professor Henry Clay, Sir Arthur Salter, and R.V.Lennard, all of whom would have had • congenial relationship with Hendet-son. As Harrod remarked to his wire upon hearing the election or Henderson: 'I don't know why 1 was so confident the other way. In retrospect il seems a nalura] choice, especially having regard 10 the composition of the Board and the absence of young ocooomislS from Oxford to explain to the old boys what is what.' (Harrod. 1944). One reason for the absence of young Oxford ec0- nomists was that J.E. Meade also applied for the Drummond Professorship. 2_ Before his appointment 10 a University Readership in Statistics. Marschak did not know whether his stay in Oxford would be 'prolonged'; on this, see Marschak (1934). 3. See Oxford Ullillersity Gautte Hilary tenn 1940 to Trinity lenn 1949. 236 Notu

4. Compiled from Oxford Uni"~rsity Gazetu Hilary tenn 1948 10 Mict1aelmas lenn 1952. Also see Chester (1986). 5. Compiled from Oxford University Gazme Hilary ccnn 1948 CO Trinity Icnn 1952. 6. Ibid. 7. See, foe example. Oxford University Gazette 10 December 1948, p. 292; 24 June 1949. p. 1081 ; and 14 December 1949, p. m . 8. Compiled from Oxford University Gazette Hilary term 1948 to Trinily tenn 1952. 9. LSE Catalogue (1936-37) p. 112; (1937- 38) p. 108; (1938-39) p. 116; and (1939-40) p. 116. 10. Ibid. 11. LSE Cala/ogue (1936-37) pp. 118-20; and (1937-38) p. lOS. i2. LSE eala/ogue (19)6...37) pp. 116-17; (1937-38) p. 115; and (1939-40) p.122. 13. LSE Cala/ogue (1937- 38) pp. 11.5-17; (1938-39) p. 121; and (1939-40) p. 121. Also see Hicks (1933) and Hicks (1980) p. S23 Edilor Noce. 14. See Young (1987) pp. 174-75. Hayek (1933), and KaJdor (1986). IS . See Andrews (l964a), lee and lJying·l...essmann (1992). and the recollec­ tions of Clower, T. Wilson, Wiles, Clegg, Edwards, SlRCten, and Worswick.. Also see Young (1987 &: 1989). 16. Sec: !he recollcclions ofOower. 17. See Chester (1986) and the recollections of Clower. 18. See !he teCOJlcclions of Oower: also see Samuelson ( 1948 &: 1949) and Harrod (1958). 19. See the recollections of Clower. 20. Ibid. Also see lee and lJying-l...essmann (1992) and !he recollections of Richardson, T. Wilson. Wiles, Clegg, Edwards. Streelen. Worswick.. and Hallen. 21. See King (1988) p. 206 and !he recollections of Clowe r and Richardson. 22. See Young (1987). 23. See Young (1989). 24. See Hawlley Papers. file fITRy 10149. 25. See Harrod (l948b). 26. See Harrod (l948c & 1948ci). 27. See Harrod (194&). 28. See Young (1987) Chapler 4, pp. 126-44. 29. See Harrod (I952a) pp. 131-33; also see Young (1989) pp. 153-55. 30. Soc Hamxf (1953b) pp. 55..5-.59; also see Yoong (1989). 31. See Young (1989) pp. 121 - 29, Meade (1948) pp. 31£f. Sayers (1951). and Harrod (l948a) pp. t17ff. 32. See Young (1989) pp. 180--93. 33. See Young (1989) pp. 1I.5-3D; also see Meade (1939) and Young (1991). 34. See Young ( 1989) pp. 18.5-93; also sec: Meade (1961) and Harrod (1961). 35. See Young (1989) pp. 48-.50 and 19.5-98. 36. See Meade (1933 & 19(1). Hicks (1973b) p. II. and Young (1989) pp. 11.5-30 and 18.5-93. 37. See Harrod (19.50) pp. 55.5-56. 38. See Harrod (1960) pp. 291 - 92. 39. See Harrod (1964) pp. 146-47. NOles 237

40. See Harrod (1969) p. 177; also see Young (1987). 41. See Presley (1986); also see Patinkin (1972) p. 231 and Harrod (1961) pp. 165--66. 42. See Harrod (l96la) p. 166 and Harrod (1936a) pp. 125-38. 43. See Young (1981 &. 1989). 44. See Lachmann (1919) p. 69 and Klamer (1989). 45. See Klamer (1989) p. 175; also see Hicks (1940, 1942, 1936b, & 1969). 46. See Hicks (1932, 1939, 1965, 1969, 1973a, 1973b, 1974.. 1977, 1979a, & 1989); also see Klamer (1989). 47. See Hicks (1950,1960, &. 1962); also see Young (1987) and Hicks (1983). 48. See Hicks (1983,1950, &. 1960). 49. See Hicks (1936&) and (1960) pp. 707-08 and Robbins (1932) p. 15 cited in Young (1987) p. 61. 50. See Hicks (1962) p. 187. 51. Ibid., pp. 794ff.; also see Hicks (1973b. 1974.. 1977. &. 1979&). 52. See Hicks (1939, 1974a, &. 1989) and Klamer (1989) p. 178. 53. See Klamer (1989) p. 170.

8 CONTRIBUTIONS AND CONTROVERSIES. 1922 TO 1990

I. See Sayers (1951) p. I. 2. See Harrod (195tb). 3. See Harrod (195Ib), Alexander (1950), Baumol (1948), Higgins (19.50), Hicks (19.50), and Hahn (1952) pp. 815-16. 4. See Young (1987 &. 1989), Rose (1959), and Harrod (1959a) pp. 452-53. 5. See Shackle(I96I)p. 209, Meade (1933 &. 1961 ), Young (1989) pp. 115-30, and the recollections of Meade. 6. See Meade (1933, 1934a, &. 1948) and Young (1989). Interestingly enough, in 1934 Meade had published a preliminary study of banking statiSlic.~ in which he determined quasi-empirical estimates for various measr.ues of the sensitivity of the amount of money and the British banking system was to given changes in its structure and in the proportions of money held in various forms by the public - see Meade (1934c). 7. SeeSayel"S(195I)pp.1 and 4. 8. Ibid., pp. 4 and 10; also see AJ. Brown (1939). 9. Ibid., p. 4 note 1. 10. Ibid .• pp. 5 -7; also see Sayers (1940), Andrews (1940). and Lutz (1945). II. Sayers (1951) p. 5. citing Sayers (1940). 12. Ibid., pp. 14-15. 13. Ibid., pp. 9 and 15; atso see Meade (1948) pp. 31ff. and Kahn (1949). 14. See Young (1981 &. 1991). 15. See Hicks (1965,19738, 1974b, & 197%). 16 See Hicks (1934) pp. 343 and 346-47. 17. See Hicks (1932, 1973a, 1979&, & 1989), Shove (1933), and Han:oort (1975) p.348. 18. ~ Young (1991), Hahn (1990) pp. 54S--46, Hicks (1935b, 1962, 1967, 1969, 1914a, and 1989), and Young (1981) p. 188 note 42. 19. See Hicks (1989) Chapters 1-3; also see Laidler (1990). 238 Notes

20. Hicks (1990) pp. 528 and 536. 21. See, for example, J. Hicks (1959), U. Hicks (1947, 1961, &. 19M), Little (1960), Little and Clifford (1965), Balogh (1961 &. 1963), Hazlewood (1967), and Harrod (19.59b & 19(2). 22. See Unle (1950,1957, & 1982) and Little, Scitovsky, and Sooll (1970). 23. See Harrod (1930, 1931, 1933b, &. 1934b), Hall and Hitch (1939), Meade (1936,1945, & 1948), and Hall (I937b); also see Durbin (1985) and Lee and Irving-Lessmann (1992). 24. See Hall (l937a & 1938b), Lee (1989), Hall and Hitch (1939), Andrews (1952b), and the recollections of Roberthall. 25. See Hall and Hitch (1939), Andrews (19518, 1952a, 19S2b, & 19S2c), and the rcoollocrions of Brown and Robenha1l. Shortly after the publication of Han and Hitch's article, there appeared in print a book entitled TM Econom· ics of Pric~ D~t~nnil1atjon (1942) by C.C. SaxtOJl. Saxton was a graduale of PPE in 1939 and in 1941 received a DPhiI in economics for his dissenation 'Costing and Prices in British Industry', whk:h he had then published. Saxton's book, which was an empirica1 investigation into price setting, would have contributed significantly to the development of the nonnal cost prices doc· trine, but for some unknown reason, Andrews chose to ignore it. See Lee (1983), Saxton (1942), and Saxton's recollections. 26. See Andrews (1949b, 1952a, & 1953); also see Lee (1991). There were other contrioolon to the normal cost prices doctrine who were not Oxford econo­ mists, such as SyJos-labini, R. Robinson, WJ. Eiteman, and J.B. Williams. For a more indcpth discussion of the normal COSl prices doctrine. see Lee 1983 & 1984) and Lce,Irving-Lessmann, Earl, and Davies (1986). 27. See Andrews (1951b, 1952., 1952b, & 1964b); also see Irving (1978), Lee (1991), and Lee, Irving-Lessmann, Earl, and Davies (1986). 28. See Andrews (1950, 1958,I9Mb,& 19(6) and Andrews and Friday (1960). 29. See Andrews (1950, 1952., & 1958) and Andrews and Brunner (1951 & 19(2). Regarding the investment decision-making process, Andrews con· c1uded that the level of dcsimt investment was an incrusing function of present sa1es, that the decision to undertake specific investment projects was based on existing cash resources and an earnings crilerion, and that neither the level of the inlereSt rale nor variations in that level affected management's decision on any specific investment project. Such conclusions are entirely consistent with the evidence and conclusions of the OERG inquiry on interest m .... 30. See Harrod (I952c), Hicks (1954), Lydall (1955), Lee and Irving-Lessmann (1992), and the recollections of Linle; also see Leyland (1950). 31. See Edwards (1952.19.55, & 1962) and his recollections. Edwards's work on barrien toentry was done independently ofSylos-Labini and Bain; but he has not received the lbCognition as a pioneer as he deserves, possibly because of his :lSSOCiation with the nonnal cost prices doctrine - see Bhagwati (1970). 32. See Richardson (1960, 1965, & 1967) and the recollections of Richardson and T. Wilson; a1so see Lee (1984). 33. See, for example, Reynolds (1987), Eichner (t99I), Eichner and Kregel (1975), and Kregel (1975). 34. See, for example, Kalocki (1939, 1939-40, and 1943b); also see Kriesler (\987). Notes 239

35. See Kaled:i (1941a, 1941b, 1942, 1944a, 1944b, 1944c, & 1954). 36. See Sleindl (1945, 1952, &; 1990). 31. See Kalecki (1943b) p. 21, Andrews (1949a &; 1949b), Steindl (1990), and Lee and Irving-I...essmann (1992). 38. See Balogh (1982). 39. On Soddy, see Oimand (1991); also see G.O.H. Cole (1933), Soddy (1926), and Fisher (1935). Soddy was the Lee's Professor of Oiemistry ( 1919 to 1936) and before that he was a lecturer in physical chemistry and radioactiv­ ity at the University of Glasgow (1904 to 1914) and the Professor of Chem­ istry at Aberdeen University (1914 10 1919). Cole's book also contained an essay by Harrod and GaitskeJl's essay may have brought Keynes to survey Gesell's wort in the General Theary - see Gan-ey (1915) p. 392. 1be Economic Forum was published by New School for Social Research. 40. See Redvers Opie (1936) pp. 145 note 9 and 146 note l. On the Fel'dman model. see Domar(1951). Now, whelherornofOpie belonged to the interwar generation of radical Han-ard graduates such as Goodwin, Boorstein. and Schlatter, who attended Oxford as Rhodes Scholars. is a moot question. In any event, a detailed study of Redvers Opie's contributions to economic policy making during the Second World Wu and afterwards is long overdue. For a description of his role as the main British representative (as economic advisor at the British Embassy) in Washington before, during and in the aftennath of Brenan Woods, see Van Donnael (1918) pp. 90 and 110, and Redvers Opie (1951). 41. See Institute of Statistics (1944), Worswick (l9n), Durbin (1985), Wood (1984). SteindJ (1990), Schumacher (1944), Lee and lIving-l...essmann (1992), Osiatynski (1990) pp. 511-82. and the recollections of Bellamy. Steindl. Worswick, and Hicks. 42. See Kalecki (1943c), Institute of Statistics (1944), and Sieindl (1952). 43. See Baran and Sweezy (1966), Foster and Szlajfer (1984). Schumacher (l913a &; 1913b), and King (1988). 44. See Richardson (I959 & 19(0), Muth (1961), and Loasby (1986); also see Richardson (1953 & 1956). Chapters 1 and 2 of Investmefltand Expectations deal more fully with the themes found in the 1959 arocle. 45. See Richardson (1959) pp. 223, 225. 229. and 232. It should be noted that in his 1960 book, he used the tenns 'technical' and 'market' information - see Richardson (1960) pp. 29--30. 46. See Richardson (1959) pp. 232-33 and 231. 47. Interestingly enough, in recent work (1985) Muth fundamentally altered his original model of rational expectations to include 'errors in the variables' - see Lovell (1986). Now it is not our intention here to go into a history of the rational expectations hypothesis. II could be assened that Grunberg and Modigliani (1954) was an earlier statement, however Richardson (1953) predates this, and was a direct outcome of his own dissatisfaction with Hayek's early approach to economic ellpectations, knowledge. and perfect foresight. which was attacked by Morgenstern (1935). What is important to stress here is that in his 1959 article, Richardson actually used the tenn 'rational expectations' in the rational expectations hypothesis sense. whereas Grunberg and ModigJiani used a different set of terms. For another early version of the trealment of expectations, see Hart (1941). 240 Notes EPILOGUE, THE 'NEW GENERATION' OF OXFORD ECONOMISTS AND TIlE 'NEW' OXFORD ECONOMICS

I. See Klein (1985) pp. 7, IS, and 17-18; Klein and Ball (1959), and Klein, Ball, Hazlewood, and Vandome (1961), 2. SceZellncr(I962)pp.61s...17. 3. See Sen (1973.1976.1982, 1983. tit 198.5), Min'lces (197 1 &. 1986). Hendry (1986), and Hendry, Mucllbauer, and Murphy (1990). 4. See Ellis (1966, 1973, & 1984). S. See Ellis (198&) pp. S9S-96, and Ellis, Scott, and Wolfe (1970). 6. See Ellis (1988b) p. 604. 7. See Btaug (1990) p. 6. 8. See Young (1989) p. 200 and Lindbeck (1985). 9. See. for example. Beckerman (1968 & 1974), Corden (1974 &: 1m). and Bliss (1975). 10. See Nickell (1989) and (19'X) pp. 430-31. Bean. Layard. and Nickell (1986), Nickell and Symons (1986). Layard and Nickell (1986), Anyadike-Danes and Godley (1989), and Keynes (1936). I L See Hicks (1990) p. 538. 12. See Eichner (t978) p. 1436. 13. Hicks (1943) p. 120. 14. Allen, like SrafJa, did not publish mlJCh. but his influence upon his contem­ poraries at Oxford and the LSE was great. as shown above and elsewhere - see Young (1987 &. 1989). Bibliography

PRIMARY SOURCES

Arc:hiyts

P.W.S. Andrews Papers. British Library of Political and Economic Science, London School of Economics William Beveridge Papers. British Library of Political and Economic Science, London School of Economics G.D.H. Cole Papers. Nuffield College. Oxford Roy F. Harrod Papers, Chiba University of Commerce, Japan. and personal papers held by Lady Harrod Ralph Hawtrey Papers, Churchill College. Cambridge Hubert D. Henderson Papers, Nuffield College, Oxford Jacob Marschak Papers. UnivCI'Sity of California, Los Angeles James E. Meade Papers, British Libmy of Political and Economic Science, london School of Economics Wesley C. Mitchell Papers, Columbia University. New Yorlr: City Nuffield College Social Reconstruction Survey Papers, Nufficld College. Oxford Oxford University Archives, Bodleian Library, Oxford Dennis H. Robertson Papers. held privately by S.R. Dennison Rockefeller Foundation Archives. Rockefeller Archive Center. Nonh Tanytown. New York

Arthur J. Brown's Lecture Notes

1be original notes are still in the possession of Professor AJ. Brown; however. each of the authors have a copy of them. The notes were taken of the following lectures: R.L. Hall, 'Queslions in Advanced Economic Theory,' TrinilY, 1935 R.F. Harrod, 'The Federal Reserve SYsIem,' Trinily, 1935 L.M. Fraser. 'The Value of Money,' Michaclmas, 1935 E.L. Hargreaves, 'Public Finance.' Michaelmas, 1935 D.H. MacGregor, 'The Narional Income and Its Distribution,' Michaelmas, 1935, and Hilary, 1936 D.H. MacGregor. 'Seminar (Candidales taking Special Subjccts in 1936),' Michaelmas. 1935 Redvers Opie. 'Theory of Imernational Trade,' Hilary, 1936

Recoliections

Beginning in 1980, the authors began collecling recolleclions from former Oxford

241 242 Bibliography

students and Oxford economists and from non-Oxford economists on Oxford economics and Oxford economists forlhe period 1925 to 1955. 1lte recollections consist of letters and interviews in which answers were given 10 specific ques­ tions. A listing of the individuals who are cited in the book, along with their class, School, and dale of graduation where appropriate. are given below. A compilation of all the imerview5 and letters. which includes more individuals than are cited below, has been produced with the tide OJ/oro Economics and Oxford Economists, }922 to /955: Recollections o/Students and EconomislS and can be obtained from the authors.

Students N_ School Class Graduation Mad E. Allen PPE SCH 1939 Maurice P. Ashley Modem History FCH 1929 Anthony S. Ashlan PPE SCH 1937 Ronald Bellamy PPE FCH 194' Kenneth Boulding PPE FCH 1931 Anthony Bowlby Oemistry 1928 Ashley Braman PPE SCH 1938 Thomas E. Bromley PPE SCH 1932 Harold A. Caccia PPE SCH 1927 H.A. Clegg PPE FCH 1947 John H. Collier-Wright PPE SCH 1936 H.A. Copeman PPE FCH 1939 Stewart Crawford PPE SCH 1935 Michael 1. Creswell PPE FCH 1932 George E. Dudman PPE FCH 1939 John W. Farnsworth PPE SCH 1933 Michael Fogarty PPE FCH 1938 Terence W. Garvey PPE FCH 1938 Richard Goodwin PPE SCH 1936 A.T.K. Grant Modem History SCH 1928 John R. Hicks PPE SCH 1925 Donald M. Hodson PPE SCH 1935 Henry V. Hodson PPE FCH 1928 H.D. Hughes Modem History SCH 1936 Philip B. Hunt PPE FCH 1938 Peter Hutchison PPE SCH 1928 George Ignatieff PPE SCH 1938 Anhur G.C. Ives PPE SCH 1927 D. Gordon Johnson PPE SCH 1933 Richard Keane PPE SCH 1930 Francis H. Keen1yside PPE FCH 1933 Henry A. Lascelles PPE SCH 1933 A. Cedric Maby PPE SCH 1938 Ian Maclennan PPE FCH 1932 Alastair Macleod-Smith PPE SCH 1938 Eric G.R. Moses PPE SCH 1934 Bibliography 243

N~, 5

Old'ord Economists .nd Post..graduate Students

R.F. Brethenon AJ. Brown Raben Clower H.R. Edwards G. Hallen E.M. Hugh-Jones I.M.D. Linle E.H. Phelps Brown G.B. Richardson Lord Raben Roberthall G.LS. Shackle Josef Steindl P. Strcctcn Peter Wiles 'Thomas Wilson G.D.N. Worswick

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acceleration principle 175 Bliss, CJ. 212 Adams, W.G.S. 9, 10-11, 16.26. 21S Blunt, H.W. 2,3, 14, IS, 25, 26, 21S adYanced economics 72, 73, 74 Boulding, Kenneth SO. S2-3. 81, 206 Ady. P.H. 153. 1S5, 163-4. 194, 233 Bowen, I.l. 43,46, 127, 138, lSI, All Souls College 43, 120 IS2, ISS, 216 Allen, Mark E. 49 Bowley, A.L. 137, 13~, 147, 148. Allen, W.M. 20,24,33,35,36,43, 218 45,52,92, lSI. 216, 230n; Bowley, Marian 127,130, I3S, 216, Harrod and 95-7,101-3; Meade 231n and 107, 108-13 Bowra, M. I S8 Andrews. P.W.S. 130,131,135,136, Brethenon, R.F. 19, 20, 33, 42, 44, 147-50,151,152.154,160. S2, 82. I3S,216 168-71.202-3,208,218,23ln, Briggs, A. ISS, 161 233n, 238n; competitive British Association 206 oligopoly 198; norma.I cost British Bank Clearing System 126 prices doctrine 198-200; theory British banking statistics 12S; set of manufacturing business Qlso Bank of England, banking 197-8 British Census of Production 148 applied economics 24 BroWII, AJ. 22.33,44. 4S, 46. S2. Ashton, A. 51 54-73,81.129. lSI, IS2, IS9, Ashton, T.S. 13 163; Fraser's lectures on the value AtJ;;inson, F. 162 of money 60-6; Hall's lectures on price detennination 69-70; Hargreaves' lectures on public Baker, lB. IS finance 70-1; Harrod's lectures balance of payments 68 on the Federal Reserve S4-60; Ball. S. 2,6,215 Institute research 126-7; Balogh, T. 140,141,143.146,151, MacGregor's lectures 71-3; 153,154-5,161,165,194.203, Redvers Opie's lectures on 218 international trade 66-S Bank of England 58 Brown, E.H. Phelps xi, 19,20,23. banking 63-6 24, 3S, 37, 40, 43, 4S, 46, 52, 81, Barker. E. 7,9, 15,25,26,215 83,134, I3S, 138, lSI, 154, 218: Barnett House 231 n Institute research 12S-6; Beckennan, W. 212 OERO 13S Bellamy, R. ISO BuckalsCh, E. 1S3, 163 Benham. F. 85 building industry 127 Berlin. I. 82 Burchardt, F.A. 22,43, 4S. 131, I3S, Bertrand, J. 96 139,140,141,143, lSI, 152, Beveridge, W. 22, 140-1. ISS, 216; 1S4, 162.216 Rcpon on Social Securily 140 business, cycle 124; large 202-3; Blair, W. 127 monopoly 203 8laug, M. 211 Butler, C.V. 12,14,216 265 266 hula

Butler. Harold 141 Courtauld, Samuel 147-50 credit system in America 59 Cambridge Ecooomic Handbook 17 Crosland, C.A.R. 163 Cambridge economic tripos 84, 86 currency and credit 74 Cannan, E. 2,10,12,18,82,215 Capital Martet Group 126. 127 Carlyle. AJ. ilt, 2. 10, 14, IS, 25, 26, Davis, H.W.C. 3, 10, 25, 26, 215 215 Day, Edmund 231n Cassel, K.O. 20,24.73 Dearie, N.B. 12. 153, 155 Caustin, H.E. 137-8 degrees; B.Phil 159, 164; M.Sc. Chair of Finance and Currency (ecoo) 166; Ph.D. 166 proposal 119 depreciation 109 Chamberlin. E.H. 24, 96 development studies 194 Champcmowne. David G. 137,156, Dibble<:, G.B. 12,217 1S7, 158. 160,218 Diploma in Economics and Political Chatham House 145 Science 3,4,5,6,7, 221n; Chester, N. ISS, 162 Committee 9 Chichele Professor of Economic Dowdell, E.G. 19,20,24,33,35, History 13, 22. 223n 36-7,45, lSI, 152-3, ISS, 162, Christian Social Union O"ford 217 """"h 2 Drummond Chair in Political Chudnowsky. W. 127 Economy xii, I, 12. 158, 169, Clapham, J.H. 13 235n Clark, Colin 27 duopoly 95, 96 Clark,O.N. 13,216. 223n Durbin, Evan 82, 166--7 Clay, Hcnry 10.12,25,26.149,158, 168,216 Clegg, H.A. 163 Econometric Society 12.5 Clower, Robe" xii,169-71 Econometrica Committee 231n Cole,O.O.H. 16-17,23.24,32.35, econometrics 166; research xiii,75 36,42,44,49,82, 151-2, 154, Economic Advisory Council 23, 128 164.216: Cole Group 25--7; economic history at Odord }-8, 14, Courtauld Inquiry 146-50; 223-4 NCSRSC 141-2 Economic History Rrvirw 13, 15 collective bargaining 9S &:onomic History Society 13 Collins, HJ. 163 Economic Journal. the (EJ) 8, 73. Colonial Survey Project 233n 178 Commitlee for Economics 4, 9, 17 economic organisation 46 Commiuee on Working Class Economic Review 2 Education S-6 economic specialisation 16 company finance 233n economic theory 16. 17. 19, 24, 164 competitive oligopoly 198 economics: historical aspects 19; CongR:gation 10 mathematisation of 25; Convocation 4 models 25; see also advanced Copeman, H.A. 50 economics; applied economics: Corden, W.H. 212 mainstream economics; core economists 17 macroecorwmics: Coumot, A. 96 microeconomics: Oxford Courtauld Inquiry xii, 138, 146--50 economics Index 267 oconomics at Oxrord 21; s~~ also price delenninacion 69-70 Oxford economics Halpern. 0.8. 151, 153, ISS Edgewonh, F.Y. viii, ix, 2-3, 8, 10. Hancock, K. ISS 12.32,91,92,92-4,96.215 Hugreaves, E.L. 15-16,35,42. Edwards, H.R. 199 44-5,82,151.152, 155,217; elasticity 100 lectures on public fmance 70-1 Ellis. W.A. 171,210-11 Hmod, Roy F. viii-x, IS, 16, 24, 31. empiricism 209 35.36,37-8,41,42,49-51, 82, equations or exchange 66 92-107, lOS. 117-18, 120, 122. examinations and examiners 73-84 124, lSI. 152, 1S4. 160. 164-5. 168. 171, 188-9.217; and Facuity of Social Studies 21; su also Allen 95-7,101-3; sub-racuhy or economics correspondence with Fay, C.R. 82 Hawtrey 172-4; Domu growth Federal Reserve System 54. 57 model 210-11; Economics Feuer. FA 20 Institute 122-3; and Finer, S.E. 20 Edgewonh 92-4,213-14; Fisher, HAL. 3.5,62,215 Federal Reserve lectures 54-60; Fisher,l. 20,24,203 and Henderson 97-100; Aanders, A. 163 inflation 194,210-11; interest Fogarty, Michael 81,144-5.147, nltes 179.180,191; KaJdor 163,218 and 101-3; Keynes 34,87-8; Foot. Michael 16,82 Manchak 103-7; Fortheimer, K. 153 Marshall 100; Meade Frankel, H. ISS, 163 and 177-9; 1930s 44; Fraser, L.M. 1948-52 157; Pilvin 176-7; free trade 7 Polak 175; post-wu xii.IS4; Furniss, H.S. 8, 18,215 Ramsey 93-4; Robertson 94-5, 103-7; on Shackle 89-90; Gaitskell, Hugh 82, 203 Tinbergen 175; trade cycle 55, General Strike 1926 26 85,97,98-9, 101-3, 118: Wesley Gennan economic plans 145 MilChc:J1 53 Gide, A. 7 Hawttey, R. 139,172-4,191 Goodwin, R. 37,81,125, 1S9 Hayek, FA 73, 166, 200 graduate programmes 156, 164-71 Hazlewood, A. 194 Onlfll. AJ.K. 82 Heath, Edwud 82 Green, T.H. I Hebdomadal Council 4, 8, 119 Grier, M.L.D. 13,211 Heckscher, E.F. 164 growth and dynamics 103-7,172, Henderson, Huben D. 22, 23. 24, 32, 178,187 43,45,92, 137, 160, 162, 165, 217; on applied economics 165; Hacker, Professor 164 Drummond Chair in Political Hahn. F. 188, 193 Economy 154. IS8,23Sn; Hall, Margaret 81,154,182 Harrod and 97-100: Hall. R.L. (lord Robert OERO 128-30,131,132.134; Roberthall) IS, 16, 11,24,33, trade cycle 97-8 35, 36, 39. 42, 44, 52, 82, 134. Hendry. D. 210 136. lSI, 1S4, 213, 217; full cost Hicks,lR. xii, 24,48,81, lOS, 143, principle 195-7; ICClW'eS on 154, IS7. 158. 164-5, 186-7, 188. 268 INkx

Hicks, lR. COni.: Kahn. R.F. lOS 191-4, 209,213,218; Kaldor, N. 92,101- 3,143, lSI, Andrews 167-71; economic 166-7. 168,210: Harrod principles 160; 'The Fonnation and 101- 3 of an Economisl' 183; Kalecki. M. xii, 139, 140, 141. 143, interest 191- 2; monetary 153,204, 205,218; nuttk.up theory 193; tnIde cycle, capital prices doctrine 200-1 and Keynesian economics 181-5 Kennedy, C. 163 Hicks, Unula 150',160,194 Keynes, 1M. viii-ix, 23. 24, 93, 140, high theory 84.89-118 143, 173,204; on general Hilton, John 50 theory 84-8; Harrod and 34, Hitch, CJ. 22,23,24,35,36,38-9, 179-81; interest rate 179 43,46,52,82,92,117,127, 134, Klamer. A. 182 136, lSI. 152. 154. 21 7; full cost Klein, L.R. 209-10 principle 195-7 Knowles, K. 163 Holland. D.G. 161 Homan, Professor 164 labour mobility group 128 Hugh-Jones, E.M. se~ Jones, E.M. labour studies 163 Hugh- Langley, K.M. 163 lectures and Iccturen 40-53; imperfect competition 89-90,95, 228n undergmduate lecturer 151--6. income laX 109 160-4, 165 in(\etenninacy 69 inflation 76, 172, 174; su also under 'lcft-wing' keynesianism 204-5 Lennard. R.V. 6,8, 10,12,215, 22ln Harrod. R.F. Leubuscher. Miss 153 Institute of Statistics see Oxford Leyland. N. 161 Institute of Statistics (015) Lindsay. A.D. 8. 10, 16,25. 26, 120. interest rate 133, 189; see also under 124, 215 Harrod. R.F., Hicks, lR.; Keynes, Lipson, E. 13, 14-15, 217 I.M.; Meade. J.E. liquidity 127, 173,176, 193 international trade 66, 67 literae Humaniores 1,2,9,25. 221n intertemporai switch in output (ITSO) 192 Liule,I.M.D. 162,194. 198 investment 232n London and Cambridge Economic Service 126 Issawi, C. 82 London School of Economics (LSE) 84, 85,89-91.166 Jenkinson, AJ. 7.10, 14. 15.25. 26, Lutz. F.A. 190 lIS Jevons, W.S. 28 Jewkes, J. 162, 163. 165 Maby, Cedric 50 Johnson, A.H. 5,215 MacDougall. G.D.A. 155, 162.218 Johnson, Gordon 50-1,51- 2 MacGregor.D.H. 12.13-14.16. 24. Joint Imemalional Committee 138, 32. 42.44.48-9.71- 3.82.131. 145-6 151.217: lectures on advanced Jones, John 220n oconomics 72- 3: lectures on the Jones, Peter d 'A. 220n national income 71 - 2 Jones, E.M. Hugh- 19-20,35. 36, Macleod-Smith, Alastair ru Smith. 40,42- 3, lSI, 152. 155. 162. Alastair Macleod­ 163. 217 macroc:conomics 24, 193.204. 205. Joseph, H.W.B. 222n 209 Index 269 mainstream economics 181-94,203, Ogilvie, F.W. 10, 12,14,15,25,26, 2'lS 217 Makower, Helen 121, 128, 138, 155 OhJin, B. 119 Mandelbaum, K. 141, 145-6 Opie, Redvers xii, 20, 33, 35, 40, 43, Mann, J. de Lacy 13,14-15,211, 45, 52,82,83,211.23911; lectult!s 222n on intemationallnlde 66-8; on manufacturing business theory 191 Soviet economy 181, 204 marginalism 25,197,201 Drwin, C.S. ISO Marriott, JAR. 3, 5, 14, 15.25,26, over-determinacy 69 215 Oxford Economic P~rs 126, 134, Marschak, 1 x, 22-3, 24, 35, 43. 45, 190 52,92. 122,125, 131,151. 158, Oxford Economic Society 2 211; on capital marltelS 126. Oxford economics 16. 18-22, 25, 91, 121; Harrod and 103-1; 209-14; inter-war 186; su also labour 33, 128; in USA 137 core economists Marshall, A. 2.1, 13. 14. 17.22-3, Oxford Economic Resean::h Group 28, 33,208,213; and (OERO) xi, 25, 125, 128-36, Harrod 100; trade cycle 12 189-91,23In Marx, Karl 28 Oxford inquiry 185, 190 Mason. P. 82 Oxford Institute of Statistics mathematics 25, 36 (OIS) xiii,40, 119-28, 131-41, Mayhew. C.P. 82 209, 233n, 234n; diary 138-9; Meade, J.E. 19,20,22, 24,27.31, 2nd world war 139, 140,204 33, 35, 36, 38, 41 , 43, 45,51- 2, Oxford political economy 1-2, 12, 81,86,118,136, 151,189, 190. 16, 18,23, 25, 223n 21 3,217; and Allen 107. OxfOld Political Economy Club 1 108-13; Harrod and 111- 9; on Oxford University Extension interest rate 107, 189; and movement 2 RobertsOn lOS, 113-11; OxfordUnivusityGault~ 32,40,165 statistics 121- 2.231" microeconomics 25, 213 Mill, J.8. 2,28 Parker. John 82 Mirrices, lA. 210 Pemon, T.". 6,8,10,12,14,15, 16. Mitchell, Wesley C. ix, 43, 52- 3, 216, 221n 119-20, 155 f'tJelps, L.R. 2,3, 15,215 Modem History School 1,5 Phelps Brown, E.H. su Brown, E.H. money 61,62,11, 126 Phelp' Moos, S. 140 philosophy 1 Myim, H. 163, 166, 194 Philosophy, Politics and Economics (PPE) ix, I. 14, 11,25,32,1.56, 222", 225; Honour School Nationallnstitute of Economic and formation 8-11; student Social Research 121 growth 19; studies 28,29-30, Neave, A. 82 34-5; 1930s staff expansion 44 Nicholson, L. 7. 139, 153, 155, 219 Pilvin, H. 176-7, 194 Nickell, S. 212 Polak, JJ. 115 non-mainstream conlributions 203-8 political economy 2-1,15, 21. 73. Nuffield College 149: Committee 14, 76, 22On; U~ also Oxford (NCC) 141 ; Social political economy Reconstruction Survey 141 - 5 post-war employment policy 143 270 Index Price, L.L. 2, 3--4, 5, 6, " 8, 10, 12. Salvesen, H.K. IS, 16, 3!i, 36, 42, 216. 221n 43,218 prices 7,69,133,195,201; full cost Sargent.I.R. 163 principle 195-7; Saunders. Christopher 83 elasticity 201; marginaIisl Saxton. C.C. 238n approach 195; mark-up prices Sayers. R.S. 22, 3!i. 39, 43, 46, 1!i2, doctrine 200-2; nonnal cost 186. 189-91.218 prices doctrine 191- 200; theory Schneider, lR.L. 148 of 16,25,194-203 School of Modem GlUts viii professionalisation 157.159-60 School of Modem Humanities 9 profit margins 202 Schulz, T. 139 public finance 70, 166 Schumacher, E.F. 140,141,143, public works and the trade cycle 135 204. 205-6,219. 234n Schumpeter,I.A. 24,75,91. 204 Radice. E.A. 27,126.2250 Scott, H.M. 85 Ramsey, Frank 92-4 Sea8er, H.R. 7 rational expectations 23911 Seers, D. 160-1 Readership in Statistics 119 seminars 47 research 1,123,137-50,209 Sen, A. 210 rc-evalualion 157--8 Senior, Derek 52 Rhodes, D.E. 13, 15,218 Seton·Watson, H. 82 Ricardo. D. 28, 75 Shackle.O.L.S. 89-90,92, 117-18, Richardson,O.B. "ii, 164, 170, 171. 126, 134, 138, 159, 189,218, 200,206-8.219,2390 231n, 232n Robbins. Lord 16,20,24,28.35,36, Silverman, H.A. 144. 145, 147 42,43.70,85, 166. 168 Smith, Alastair Madood· 52 Robenson, C.O. 7. 15, 216 Smith. A.L. 3.7, 15.216 Robertson, DR 85,92.94--5, Social Reconstruction Survey 114-16,143, \92-3; Harrod (SRS) 142 and 94--5, 104; Meade Social Science Club 2 and 108,113-17 social studies 28 Robinson, Herben W. 128, 138, 159 Social Studies Research Committee Robinson, Joan 24,94, 107, 112, (SSRC) 124, 125 I.' social theory 16 Robinson. Kenneth 40-1, 48-9 Soddy. F~rick 187,203,2390 Rockefeller Foundation 123. 124. Soviet economy 204 130-I,231n speculative motive 174 Rodger. A.B. 152,222n Spooner, W.A. 2,15,216 Ross, C.R. 161 static equilibrium 78 ROSIOW, W. 155--6 statistics 20, 74,77, 119--20,123; see RoyaJ Economic Society 28, 184 olso Oxford Instiwte of Sratistics; Royal Institute of International Readership in Statistics Affairs 145 Steindl. J. 22. 140, 148, 149, ISO, Rusk, Dean 37, 82 151,152,201-2,202,205.219 Rutherford, R.S.O. 131,135. lSI, Stewan. Michael 82 153, 155,218 Stock Exchange 60 Ryle. G. 82 Streeten. P. 162, 194 studies su gnduate programmes; Salter, AJ. 218 lectures and lecturers; tutors In