Background
Gallaway, Lowell Eugene was born on January 9, 1930 in Toledo. Son of Leroy and Bessie Marguerite (Hiteshew) G. Means.
(Redefining the way we think about unemployment in America...)
Redefining the way we think about unemployment in America today, Out of Work offers devastating evidence that the major cause of high unemployment in the United States is the government itself.
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Gallaway, Lowell Eugene was born on January 9, 1930 in Toledo. Son of Leroy and Bessie Marguerite (Hiteshew) G. Means.
Bachelor of Science, Northwestern University, 1951. Master of Arts, Ohio State University, 1955. Doctor of Philosophy, Ohio State University, 1959.
Assistant Professor, Colorado State University, 1957-1959. Assistant Professor, San Fernando Valley State College, 1959-1962. Visiting Association Professor, University Minnesota, 1962-1963.
Chief, Analytic Studies Section, United States Social Security Administration, 1963-1964. Association Professor, University Pennsylvania, 1964-1967. Professor, Ohio University,
1967-1974.
Visiting Scholar, Lund University, Sweden, 1973. Visiting Professor, University Texas, Arlington, 1976, University New South
Wales, Sydney, 1978, University N. Carolina, Chapel Hill, 1980. Staff Economics, Joint Economics Committee, United States Congress, 1982.
Distinguished Professor of Economics, Ohio University, Athens, Ohio, United States of America, since 1974. Association Editor, Review of Social Economy.
(Redefining the way we think about unemployment in America...)
(Study prepared for the Joint Economic Committee of Congress.)
In my younger days I had socialist leanings. By the time I left graduate school, these had been refined into a predilection towards Veblenian institutionalism. Once into the world of academe, though, I found these paradigms almost useless from the standpoint of providing meaningful answers to the questions in which I was interested.
To my surprise, I found the standard neoclassical notions more capable of generating testable hypotheses and, unexpectedly, the available evidence generally seemed to support the neoclassical reasoning. Thus I started down the path towards becoming a thorough-going neoclassicist. The primary emphasis has been on evaluating the behaviour of labour markets, originally at the microeconomic level, but, more recently, as a macroeconomic phenomenon.
The basic thrust of my research findings has been that the world appears to behave in accordance with neoclassical theory, both at the microand macro-levels. In the past few years, I, along with R. Vedder, have developed a considerable body of evidence that suggests that the economic profession ‘backed the wrong horse’, beginning in the 1930s, when it came to accounting for variations in unemployment. Specifically, contrary to the aggregate demand-oriented Keynesian theories, a real wage centred model will explain movements in unemployment quite well during such diverse periods.
Served with United States Navy, 1951-1954. Member Manhattan Institute (associate), Indiana Institute, Pacific Institute, Ludwig von Mises Institute (adjunct scholar), European Academy Arts and Sciences and Humanities (correspondent member), Phi Beta Kappa, Beta Gamma Sigma.
Married Gladys Elinor McGhee, December 19, 1953. Children: Kathleen Elizabeth Gallaway Searles, Michael Scott, Ellen Jane Gallaway Kroutel.