Herbert Joseph DAVENPORT, economist. President, American Economic Association,
DAVENPORT, Herbert Joseph was born in 1861 in Wilmington, Vermont, United States of America.
Doctor of Philosophy University Chicago, 1898.
A pupil and admirer of Veblen, although his conviction that most economic doctrines were relative
truths did not lead him to the study of institutions. He sought a theory based on prices and excluding the psychological elements of Marshall and the Austrians. He used the concept of opportunity cost and in his avoidance of utility theory pointed in the direction of the indifference curve approach.
In many other respects, his writings bristle with indications of later developments in economics. Teacher Economics, University Chicago, 1902-1908. Professor, Dean, University Missouri, 1908-1916.