(Originally published in 1902. This volume from the Cornel...)
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(This reproduction was printed from a digital file created...)
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Money and Growth (Routledge Studies in the History of Economics)
(Allyn Young is one of the central figures in the developm...)
Allyn Young is one of the central figures in the development of American economic thought, and is one of the originators of modern endogenous growth theory. This book allows full appreciation of the full extent of Young's work because many of his most significant contributions are buried in obscure journals and unsigned articles. This volume addresses this by reprinting much of Young's lost work, as well as other selected pieces that reveal the scope of his vision which encompasses two of the grand themes of economics, growth and money. The volume includes sections on:
* the socialist movement
* the first world war and its aftermath
* money
* theories of growth
The Sherman act and the new Anti-trust Legislation
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Allyn Abbott Young was a celebrated American economist. He had a remarkably varied academic career, teaching at not less than nine universities.
Background
Young was born on September 19, 1876 in Kenton, Ohio, the son of Sutton Erastus and Emma Matilda (Stickney) Young. Both his parents were teachers, his father, superintendent of the public schools and later a lawyer, and his mother, a teacher in the high school until her marriage.
Education
His undergraduate work was done at Hiram College in Ohio, where Young graduated in 1894, and he received the Ph. D. degree at the University of Wisconsin in 1902.
Career
Young entered on a remarkably varied academic career, going to teach at Western Reserve University in 1902, to Dartmouth College in 1904, to the University of Wisconsin in 1905, to Leland Stanford Junior University in 1906, to Washington University at St. Louis in 1911, to Cornell University in 1913, to Harvard University in 1920, and to the London School of Economics and Political Science of the University of London in 1927.
During the World War, he was one of the group of scholars gathered by Col. E. M. House for the study of international problems preparatory to the expected peace settlement, and he went to Paris with that group in 1918-1919. He remained there for several months and was consulted more particularly on the reparations question and on post-war international trade policies. In 1927, being then professor in Harvard University, he accepted an appointment for three years as professor at the London School of Economics. He was a scholar of signal ability and of wide range. He combined a firm grasp of economic theory with an understanding of the realities of life, and was a mathematician and statistician as well as an economist; and also - a further indication of wide range - a competent musician.
In his main field, economics, his position was eclectic yet forward-moving. He was steeped in the classic economics of the nineteenth century and appreciated its achievements; understood the developments in the early twentieth century and was proficient in the use of the mathematical tools for the more precise formation of theory; and sympathized with the so-called institutionalists in the demand for a closer interrelation between economic study and general social analysis. Universally admired, he was prevented only by an untimely death from exercising a far-reaching influence on the thought of his generation.
His published work is meager. Some elaborate papers and articles, and a great number of reviews and notes, were printed in periodicals and the publications of societies. The more important of these were gathered in a volume, Economic Problems New and Old (1927). Others of note were an article on "Pigou's Wealth and Welfare" in the Quarterly Journal and Economics (August 1913); addresses on "Increasing Returns and Economic Progress, " before Section F of the British Association for the Advancement of Science in the Economic Journal (December 1928) and on "English Political Economy, " his inaugural address at the London School in Economica (March 1928); a number of papers and articles on vital statistics, among them his presidential address "National Statistics in War and Peace, " in the Publications of the American Statistical Association (new series, vol. XVI, 1918); and a series of statistical papers in the Review of Economic Statistics (October 1924, January 1925, April 1925, and July 1927) on bank statistics in the United States. Young died on March 7, 1929 in London, England.
Achievements
Young was an economist, notable for his views and works. The most important of them are gathered in a volume, Economic Problems New and Old (1927).
Young was a Secretary of the American Economic Association (1913-1919), a president of the American Statistical Association (1917), and a president of Section F of the British Association for the Advancement of Science (1928).
Connections
Young married on August 10, 1904, Jessie Bernice Westlake of Madison, Wisconsin, by whom he had one son.
Father:
Sutton Erastus Young
Mother:
Emma Matilda (Stickney) Young
Spouse:
Jessie Bernice Westlake
Friend:
Walter Francis Willcox
He was an American statistician.
Friend:
Thomas Sewall Adams
He was an American economist, and educator, Professor of Political Economy at Yale University and advisor to the U.S. Treasury Department.
Friend:
Wesley Clair Mitchell
He was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades.