Background
Walter Tessier Newlyn was born on July 26, 1915, in Wimbledon, southwest London, United Kingdom. The younger of two sons, he never knew his father, who was killed in the First World War on the Somme when Walter was just a year old.
Houghton St, Holborn, London WC2A 2AE, United Kingdom
Walter Newlyn earned a Bachelor of Science from the London School of Economics.
(This Wonderful and informative Edition: Theory of Money, ...)
This Wonderful and informative Edition: Theory of Money, covers all aspects of monetary theory. It begins with a general model of the reserve constraints of bank expansion and its effectiveness as a money supply control and then goes on to introduce complications, such as price behavior and international trade and payments, which effect the real behavior of the economy.
https://www.amazon.com/Theory-Money-Walter-Tessier-Newlyn/dp/0198771002/ref=sr_1_4?dchild=1&keywords=Walter+Newlyn&qid=1598519437&s=books&sr=1-4
1961
economist educator author scholars
Walter Tessier Newlyn was born on July 26, 1915, in Wimbledon, southwest London, United Kingdom. The younger of two sons, he never knew his father, who was killed in the First World War on the Somme when Walter was just a year old.
Walter Newlyn educated privately in Richmond, Surrey, he left at 16 - without any qualifications. In the 1930s, he signed up for evening classes in economics and politics, developing firm left-wing political views. Newlyn's interest in economics, which had been sparked after visiting a coal field in Wales in 1939, led him to apply to the London School of Economics, from which he received his Bachelor of Science in 1948. It was while a student that Newlyn met and became friends with Bill Phillips. Both students were interested in macroeconomics, and they decided to develop what became known as the Phillips hydraulic machine, which calculated money circulation based on Keynesian theories of economic systems.
After working as a clerk and then chartering broker for a grain merchant company in London, Walter Newlyn joined the Royal Corps of Signals in the late 1930s. In June 1940, he was evacuated from Dunkirk in the same boat as his brother, and, back in the United Kingdom, was commissioned and posted to India, where he attained the rank of major.
In 1945, he persuaded the London School of Economics to admit him to read economics. By 1948, he had been appointed as an assistant lecturer at the University of Leeds. In 1949, Newlyn together with Bill Phillips devised the idea of the hydraulic machine. Phillips was an engineering genius and Newlyn provided the economic input. They built the prototype of the Phillips hydraulic machine, a model of the circular flow of money later immortalized in an Emmet cartoon in Punch. It also formed the basis of flow charts found in his books. The model had proved even more realistic than intended and had begun to spring leaks at critical junctions.
A research project in 1950 took Walter Newlyn to Africa, to investigate the colonial banking system. Between 1953 and 1954, he and his wife Doreen ranged across Nigeria, studying mechanization. While living in a hut 60 miles from Ibadan, they proofed Walter's Money And Banking In British Colonial Africa (1954), which he co-wrote with David Rowan. This book emphasized the dependent nature of African economies, years before the dependency school of development theory became popular. While arguing for independent central banks and institutional reform, it stressed that these would do little to ease economic dependence, for which there were no monetary or financial panaceas.
Newlyn was a research fellow at the West African Institute of Social and Economic Research (now Nigerian Institute Of Social And Economic Research) in 1953-1954, an economic advisor for the government of Uganda in 1956-1959, and, in 1965-1967, a director of economic research at the East African Institute of Social Research in Kampala, where he built up a solid, policy-oriented research program. He was also a director of the Bank of Uganda, and a consultant to the government of Bechuanaland. These experiences made him eminently qualified to become a teacher of development economics at the University of Leeds in 1967, where he set up the African studies center and was a professor until his retirement in 1978. After his retirement from Leeds, Walter Newlyn and his wife Doreen spent two years in Malaysia on a project for the institute of development studies at Sussex University. They were instrumental in helping to create the Leeds Playhouse (now the West Yorkshire Playhouse), and Walter Newlyn wrote a seminal paper on the economics of the theatre.
One of Walter Newlyn's major concerns was the extent to which new central banks could prudently advance credit to their governments for development spending. In Money In An African Context (1967) and Finance And Development (1968) he developed an approach to measuring this. More importantly, in the latter, he argued that the technicalities of financing development raised larger issues of wealth own membership and its consequences for growth and equity. He expressed doubts about the feasibility of a watered-down welfare state in poor countries with a small capitalist economy, but believed it possible for the major means of production to be collectively owned while giving a limited, but guaranteed, the role for private capital.
In addition to his work as an economist, Walter Newlyn loved the theatre; he and his wife established the Uganda Pilgrim Players, made donations to Uganda's national theatre, and, in the United Kingdom, helped found the Leeds Playhouse.
(This Wonderful and informative Edition: Theory of Money, ...)
1961Walter Newlyn was noted for his kindness and generosity towards students - and was much loved by them. He and his wife Doreen, with their friends Arnold and Margot Kettle, did much to encourage working-class students to pursue an academic career. His career was informed throughout by a concern for greater equality of opportunity in all spheres of life.
Walter Newlyn had been married to Doreen Newlyn since 1952. He had four daughters: Lucy, Gill, Kate, and Sally.