Early Professional Life
Currie remained at Harvard until 1934 as a lecturer and assistant to, successively, Ralph Hawtrey, John H. Williams, and Joseph Schumpeter. Paul Sweezy was one of his students in money and banking at Harvard.
In 1934, Currie constructed the first money supply and income velocity series for the United States. He blamed the government's "commercial loan theory" of banking for monetary tightening in mid-1929, when the economy was already declining, and then for its passivity during the next four years in the face of mass liquidations and bank failures. Instead, he advocated control of the money supply to stabilize income and expenditures. In a January, 1932 Harvard memorandum on antidepression policy, Currie and fellow instructors Harry Dexter White and Paul T. Ellsworth urged large fiscal deficits coupled with open market operations to expand bank reserves, as well as the lifting of tariffs and the relief of interallied debts.
Read more about this topic: Lauchlin Currie
Famous quotes containing the words early, professional and/or life:
“Quintilian [educational writer in Rome around A.D. 100] thought that the earliest years of the child’s life were crucial. Education should start earlier than age seven, within the family. It should not be so hard as to give the child an aversion to learning. Rather, these early lessons would take the form of play—that embryonic notion of kindergarten.”
—C. John Sommerville (20th century)
“So-called professional mathematicians have, in their reliance on the relative incapacity of the rest of mankind, acquired for themselves a reputation for profundity very similar to the reputation for sanctity possessed by theologians.”
—G.C. (Georg Christoph)
“The power to guess the unseen from the seen, to trace the implications of things, to judge the whole piece by the pattern, the condition of feeling life in general so completely that you are well on your way to knowing any particular corner of it—this cluster of gifts may almost be said to constitute experience.”
—Henry James (1843–1916)