Bachelor of Commerce University Toronto, 1965. Master of Arts, Doctor of Philosophy, University Chicago, 1968, 1971.
Assistant Professor, Association Professor, University Toronto, 1968-1973, 1973-1978. Visiting Association Professor, University of California, Los Angeles, Calif., United States of America, 1975-1976. Professor, University Toronto, Toronto, Ontario, Canada, since 1978.
My earlier work was concentrated entirely in the area of monetary economics. I was one of the early researchers to distinguish formally between anticipated and unanticipated money supply growth. I investigated the effects of anticipated and
unanticipated money on economic activity, interest rates and inflation rates.
Towards the middle of the 1970s my research interests broadened significantly. I developed an interest in history of thought (in particular, history of monetary thought), in law and economics (I did work on liability rules), in the economics of religion and the economics of language. In a sense I view all these other interests as developing naturally from my interest in monetary economics. Money is a method of reducing the costs of making exchange.
Language can be viewed as performing a similar role and much of law and economics can be viewed as the search for an efficient set of laws which best facilitate exchange. From the beginning of my professional career I have always had an interest in policy. This has stemmed from my belief that economics must eventually be of use in formulating governmental policy.
My very first book, Cents and Nonsense, examined how formal economic analysis could be used to analyse a wide variety of policy problems facing Canada. This interest in policy has been maintained to the present.