Henry Walcott Farnam

Last updated
Henry Walcott Farnam (1853-1933) 02.jpg

Henry Walcott Farnam (November 6, 1853 – September 5, 1933) was an American economist.

Contents

Background

The son of railroad executive Henry Farnam, he attended Yale University graduating with a bachelor's degree in 1874, and then studied towards a M.A. in Roman law and economics in 1876. Like many American economists of the late 19th century, Farnam then went to Germany to study under the leading figures of the German historical school. Farnam earned a PhD from the University of Strasbourg in 1878. [1]

Career

Farnam was professor of political economy at Yale University from 1880 to 1918. In 1911, he served as president of the American Economic Association.[ citation needed ]

In 1906, Farnam made of a gift of US$30,000 to be used for the erection of a new building for Lowell House. The gift was the largest of its kind on record and would allow the settlement work to be conducted on a broader and more effective basis. Farnam was one of five Yale professors who, together with several women of New Haven, Connecticut composed the Council of the organization. [2]

That same year, Farnam co-founded the American Association for Labor Legislation (AALL) with other economists. [3]

Related Research Articles

<span class="mw-page-title-main">Joseph Schumpeter</span> Austrian-born political economist (1883–1950)

Joseph Alois Schumpeter was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship.

<span class="mw-page-title-main">James Tobin</span> American economist (1918-2002)

James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model.

<span class="mw-page-title-main">Thorstein Veblen</span> Norwegian-American academic

Thorstein Bunde Veblen was a Norwegian-American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism.

<span class="mw-page-title-main">Ellsworth Huntington</span> American geographer (1876–1947)

Ellsworth Huntington was a professor of geography at Yale University during the early 20th century, known for his studies on environmental determinism/climatic determinism, economic growth, economic geography, and scientific racism. He served as President of the Ecological Society of America in 1917, the Association of American Geographers in 1923 and President of the Board of Directors of the American Eugenics Society from 1934 to 1938.

<span class="mw-page-title-main">George Akerlof</span> American economist (born 1940)

George Arthur Akerlof is an American economist and a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. Akerlof was awarded 2001 Nobel Memorial Prize in Economic Sciences, jointly with Michael Spence and Joseph Stiglitz, "for their analyses of markets with asymmetric information."

<span class="mw-page-title-main">Irving Fisher</span> American economist (1867–1947)

Irving Fisher was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.

<span class="mw-page-title-main">Arthur Twining Hadley</span>

Arthur Twining Hadley was an American economist who served as President of Yale University from 1899 to 1921.

<span class="mw-page-title-main">Mancur Olson</span> American economist and political scientist

Mançur Lloyd Olson Jr. was an American economist and political scientist who taught at the University of Maryland, College Park. His most influential contributions were in institutional economics, and in the role which private property, taxation, public goods, collective action, and contract rights play in economic development.

<span class="mw-page-title-main">Henry Farnam</span>

Henry Farnam was an American philanthropist and railroad president.

<span class="mw-page-title-main">Richard T. Ely</span>

Richard Theodore Ely was an American economist, author, and leader of the Progressive movement who called for more government intervention to reform what they perceived as the injustices of capitalism, especially regarding factory conditions, compulsory education, child labor, and labor unions.

Sharon Monica Oster was an American economist. She was the Frederic D. Wolfe Professor Emerita of Management and Entrepreneurship and a dean of Yale School of Management, where she was the first woman to receive tenure, and the first female dean. She was widely known as an economist focusing on business strategy and non-profit organization management.

<span class="mw-page-title-main">Henry Rogers Seager</span> American economist (1870–1930)

Henry Rogers Seager was an American economist, and Professor of Political Economy at Columbia University, who served as president of the American Association for Labor Legislation.

<span class="mw-page-title-main">William Nordhaus</span> American economist

William Dawbney Nordhaus is an American economist, a Sterling Professor of Economics at Yale University, best known for his work in economic modeling and climate change, and one of the 2 recipients of the 2018 Nobel Memorial Prize in Economic Sciences. Nordhaus received the prize "for integrating climate change into long-run macroeconomic analysis".

<span class="mw-page-title-main">Leonid Hurwicz</span> Polish-American economist and mathematician (1917–2008)

Leonid Hurwicz was a Polish-American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90.

<span class="mw-page-title-main">Henry Carter Adams</span>

Henry Carter Adams was a U.S. economist and Professor of Political Economy and finance at the University of Michigan.

<span class="mw-page-title-main">David Kinley</span>

David Kinley was a Scotland-born economist who worked in the United States. He was head of the department of economics of the University of Illinois and later president of the University. As an economist, he was of the classical school, and his main interest was in money and banking. Administration gradually took up most of his time as his career progressed.

Douglas Warren Diamond is an American economist. He is currently the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).

The American Association for Labor Legislation, (AALL) (1906–1945) was an early advocacy group for national health insurance in the United States of America, conceived in 1905, established in 1906, active to 1943, and disbanded in 1945. John Bertram Andrews ran the organization for three decades (1910-1942) as its secretary.

John Henry Gray was an American economist. He was a professor of economics at Northwestern University, Carleton College, and the University of Minnesota. In 1914, he served as president of the American Economic Association.

Lowell House was an American social settlement, the first in New Haven, Connecticut. Established in 1900, it formed an association in 1903.

References

  1. "Obituary: Henry Walcott Farnam". American Economic Review . 24 (1): 175–177. 1934. JSTOR   1808417.
  2. Yale Alumni Weekly (Public domain ed.). 1906. p. 716. Retrieved 30 April 2022.PD-icon.svg This article incorporates text from this source, which is in the public domain .
  3. Moss, David A. (1994). "Kindling a flame under federalism: Progressive reformers, corporate elites, and the phosphorus match campaign of 1909-1912". Business History Review. doi:10.2307/3117443. JSTOR   3117443. S2CID   155436193 . Retrieved 2 May 2022.