Everything about James Laurence Laughlin totally explained
» This article is about the economist. For the poet, see James Laughlin.
James Laurence Laughlin (
April 2 1850 -
November 28 1933) was an
American economist who helped to found the
Federal Reserve System.
Born in
Deerfield, Ohio, Laughlin received his
PhD from
Harvard University. His thesis regarded "
Anglo-Saxon Legal Procedure". A conservative, he generally subscribed to the economic theories of
John Stuart Mill and opposed
bimetallism. He taught in
Boston for five years, at
Cornell for two years, and then became the department-head of the new economics department at the
University of Chicago from 1892 to 1916. Notably, he appointed many economists with whom he avidly disagreed, such as
Thorstein Veblen, to high positions at the university. He was a member of the
Indianapolis Monetary Commission, organized in 1897, and prepared its report, one of the important documents in the history of American banking and monetary reform.
(External Link
) In 1906 he lectured, by invitation, in
Berlin, and in 1909 he served as delegate to the
Pan-American Scientific Congress at
Santiago, Chile. From 1911 to 1913 he was chairman of the Executive Committee of the
National Citizens League for the Promotion of a Sound Banking System. Under his efficient leadership the league contributed materially to removing the inertia and prejudice that had blocked the way to banking reform in the United States.
In addition to teaching, he edited the
Journal of Political Economy from 1892 to 1933, but refused to become a member of the
American Economic Association because of differences in philosophy. He advised various state and national governments on economic matters, including overhauling the monetary system of
Santo Domingo. He prepared an abridgment of
Mill's Political Economy (1884) and wrote many important books on
macroeconomics and
monetary policy.
Works
- The Study of Political Economy (1885)
- History of Bimetallism in the United States (1886)
- Elements of Political Economy (1887; revised edition, 1902)
- Facts about Money (1895)
- Principles of Money (1903)
- Reciprocity (1903), with H. P. Willis
- Lectures on Commerce (1904)
- Industrial America (1906)
- Latter Day Problems (1909)
- Banking Reform (1912)
Further Information
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