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:
“To be candid, in Middlemarch phraseology, meant, to use an early opportunity of letting your friends know that you did not take a cheerful view of their capacity, their conduct, or their position; and a robust candour never waited to be asked for its opinion.”
—George Eliot [Mary Ann (or Marian)
“Smoking ... is downright dangerous. Most people who smoke will eventually contract a fatal disease and die. But they don’t brag about it, do they? Most people who ski, play professional football or drive race cars, will not die—at least not in the act—and yet they are the ones with the glamorous images, the expensive equipment and the mythic proportions. Why this should be I cannot say, unless it is simply that the average American does not know a daredevil when he sees one.”
—Fran Lebowitz (b. 1950)
“People are less self-conscious in the intimacy of family life and during the anxiety of a great sorrow. The dazzling varnish of an extreme politeness is then less in evidence, and the true qualities of the heart regain their proper proportions.”
—Stendhal [Marie Henri Beyle] (1783–1842)