Roy Harrod

Last updated

Sir
Roy Harrod
Railway Club at Oxford.jpg
The Railway Club. (Left to right) Back: Henry Yorke, Roy Harrod, Henry Weymouth, David Plunket Greene, Harry Stavordale, Brian Howard. Middle row: Michael Rosse, John Sutro, Hugh Lygon, Harold Acton, Bryan Guinness, Patrick Balfour, Mark Ogilvie-Grant, Johnny Drury-Lowe. Front: porters
Born(1900-02-13)13 February 1900
London, England
Died8 March 1978(1978-03-08) (aged 78)
Holt, Norfolk, England
Spouse Billa Harrod
Academic career
School or
tradition
Post-Keynesian economics
Alma mater New College, Oxford, King's College, Cambridge
Influences John Maynard Keynes, John A. Hobson
Contributions Harrod–Domar model

Sir Henry Roy Forbes Harrod (13 February 1900 – 8 March 1978) was an English economist. He is best known for writing The Life of John Maynard Keynes (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently. He is also known for his International Economics, a former standard textbook, the first edition of which contained some observations and ruminations (wanting in subsequent editions) that would foreshadow theories developed independently by later scholars (such as the Balassa–Samuelson effect).

Contents

Biography

Harrod was born in London to businessman Henry Dawes Harrod and novelist Frances Forbes-Robertson. [1] [2] He attended St Paul's School and then Westminster School. Harrod attended New College in Oxford on a history scholarship. After a brief period in the Artillery, in 1918 he gained a first in literae humaniores in 1921, and a first in modern history the following year. Afterwards he spent some time in 1922 at King's College, Cambridge. It was there that he met and befriended Keynes. [3]

After moving back to Oxford, he became a Student (i.e., Fellow) and Tutor in economics at Christ Church. He held the fellowship in modern history and economics until 1967. He remained in contact with Keynes until Keynes's death in 1946, and was later his biographer (1951). Harrod was additionally a Fellow at Nuffield College 1938 to 1947 and from 1954 to 1958.

At Oxford Harrod was part of the Railway Club, which included: Henry Yorke, Roy Harrod, Henry Thynne, 6th Marquess of Bath, David Plunket Greene, Edward Henry Charles James Fox-Strangways, 7th Earl of Ilchester, Brian Howard, Michael Parsons, 6th Earl of Rosse, John Sutro, Hugh Lygon, Harold Acton, Bryan Guinness, 2nd Baron Moyne, Patrick Balfour, 3rd Baron Kinross, Mark Ogilvie-Grant, John Drury-Lowe. [4]

During the Second World War, he was briefly in Winston Churchill's "S-branch" – a statistical section within the Admiralty.

At the 1945 General Election, he stood as Liberal candidate for Huddersfield and finished third of three candidates, with 16.2% of the vote. [5]

In 1966, Harrod, was the 2nd winner of the prestigious Bernhard-Harms-Preis. [6] After retiring in 1967, he moved to Holt, Norfolk.

Interviewed for the book Authors take Sides on Vietnam, Harrod declared himself a supporter of the American military campaign in Indochina. [7]

Assar Lindbeck, the former chairman of the Nobel Prize Committee, wrote that Harrod would have been awarded a Nobel Memorial Prize in Economic Sciences if he had lived longer.

Harrod married Wilhelmine "Billa" Cresswell (1911–2005), step-daughter of General Sir Peter Strickland, in 1938. [8] One of their sons was Dominick Harrod, an economics correspondent for the BBC. [9]

The Life of John Maynard Keynes

After the death of his Cambridge friend and colleague, the economist John Maynard Keynes, in 1946, Harrod and Austin Robinson wrote a lengthy obituary of Keynes for The Economic Journal. [10] At the encouragement of Geoffrey Keynes, Harrod then undertook the task of writing a major biography of Keynes. The Life of John Maynard Keynes was published to widespread acclaim in 1951, at a time when most of Keynes's family and friends were still alive.

With the post-war influence of so-called Keynesian economics and then challenges to it, cultural interest in the Bloomsbury Group, and the publication of thirty volumes of The Collected Writings of John Maynard Keynes in the 1970s and 1980s, [11] high interest in Keynes's life led to further biographies, most prominently by Robert Skidelsky and Donald Moggridge, and to detailed studies such as by Donald Markwell on Keynes and international relations. These works have corrected and added details to the Keynes depicted by Harrod, and Skidelsky in particular has contrasted his account of Keynes with what he has depicted as Harrod's hagiography. [12]

List of works

Honours

Harrod was knighted in the 1959 New Year Honours. [13]

Legacy

The Harrod Papers are housed at the British Library. The papers can be accessed through the British Library catalogue. [14]

Notes

  1. Oxford DNB
  2. Durlauf (ed.) & Blume (ed.) 2016, p. 836.
  3. Roy Harrod, The Life of John Maynard Keynes , Macmillan, 1951.
  4. Lancaster, Marie-Jaqueline (2005). Brian Howard: Portrait of a Failure. Timewell Press. p. 122. ISBN   9781857252118.
  5. "1945 – 1945 General Election – Huddersfield". Parliament of the United Kingdom.
  6. "Recipients of the Prize". Bernhard Harms Prize. Retrieved 9 June 2019.
  7. Cecil Woolf and John Bagguley (editors),Authors Take Sides on Vietnam, Peter Owen, 1967,(p.49).
  8. Josceline Dimbleby Billa Harrod, The Guardian, 10 June 2005
  9. Obituary: Dominick Harrod, telegraph.co.uk, 5 August 2013
  10. Volume 57, March 1947.
  11. "The Collected Writings of John Maynard Keynes | History of economic thought and methodology".
  12. For example, Skidelsky in his John Maynard Keynes: Hopes Betrayed 1883–1920 (1983) (unlike Harrod) gave prominence to Keynes's homosexual activity in his early adulthood, and to Keynes being a conscientious objector in World War I. See also, e.g., JSTOR   40257846 Markwell contrasted his account of Keynes's approach to free trade after the 1920s with Harrod's. See, Donald Markwell, John Maynard Keynes and International Relations: Economic Paths to War and Peace, 2006.
  13. United Kingdom list: "No. 41589". The London Gazette (Supplement). 30 December 1958. p. 1.
  14. Harrod Papers, archives and manuscripts catalogue, the British Library. Retrieved 2 June 2020

Bibliography

Related Research Articles

<span class="mw-page-title-main">John Maynard Keynes</span> British economist (1883–1946)

John Maynard Keynes, 1st Baron Keynes,, was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics".

Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.

<span class="mw-page-title-main">John Hicks</span> British economist (1904–1989)

Sir John Richard Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.

<span class="mw-page-title-main">Arthur Cecil Pigou</span> English economist (1877–1959)

Arthur Cecil Pigou was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, index numbers, and measurement of national output. His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on income tax.

<span class="mw-page-title-main">Jacob Viner</span> Canadian economist

Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago school of economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. He was an important figure in the field of political economy.

<span class="mw-page-title-main">Lionel Robbins</span> British economist (1898–1984)

Lionel Charles Robbins, Baron Robbins, was a British economist, and prominent member of the economics department at the London School of Economics (LSE). He is known for his leadership at LSE, his proposed definition of economics, and for his instrumental efforts in shifting Anglo-Saxon economics from its Marshallian direction. He is famous for the quote, "Humans want what they can't have."

<span class="mw-page-title-main">Colin Clark (economist)</span> British and Australian economist and statistician

Colin Grant Clark was a British and Australian economist and statistician who worked in both the United Kingdom and Australia. He pioneered the use of gross national product (GNP) as the basis for studying national economies.

The Harrod–Domar model is a Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and of capital. It suggests that there is no natural reason for an economy to have balanced growth. The model was developed independently by Roy F. Harrod in 1939, and Evsey Domar in 1946, although a similar model had been proposed by Gustav Cassel in 1924. The Harrod–Domar model was the precursor to the exogenous growth model.

<span class="mw-page-title-main">Robert Skidelsky</span> British historian and economist

Robert Jacob Alexander, Baron Skidelsky, is a British economic historian. He is the author of a three-volume award-winning biography of British economist John Maynard Keynes (1883–1946). Skidelsky read history at Jesus College, Oxford, and is Emeritus Professor of Political Economy at the University of Warwick, England.

<span class="mw-page-title-main">Alvin Hansen</span> American economist

Alvin Harvey Hansen was an American economist who taught at the University of Minnesota and was later a chair professor of economics at Harvard University. Often referred to as "the American Keynes", he was a widely read popular author on economic issues, and an influential advisor to the government on economic policy. Hansen helped create the Council of Economic Advisors and the Social Security system. He is best remembered today for introducing Keynesian economics in the United States in the 1930s and 40s.

Evsey David Domar was a Russian-American economist, famous as developer of the Harrod–Domar model.

Richard Ferdinand Kahn, Baron Kahn, CBE, FBA was a British economist.

<span class="mw-page-title-main">Ralph George Hawtrey</span>

Sir Ralph George Hawtrey was a British economist, and a close friend of John Maynard Keynes. He was a member of the Cambridge Apostles, the University of Cambridge intellectual secret society.

Donald John Markwell is an Australian social scientist, who has been described as a "renowned Australian educational reformer". He was appointed Head of St Mark's College, Adelaide, from November 2019. He was Senior Adviser to the Leader of the Government in the Australian Senate from October 2015 to December 2017, and was previously Senior Adviser on Higher Education to the Australian Minister for Education.

<span class="mw-page-title-main">Keynesian Revolution</span> Economic theory

The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework, namely neoclassical economics.

<span class="mw-page-title-main">History of macroeconomic thought</span>

Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.

<i>Keynes: The Return of the Master</i>

Keynes: The Return of the Master is a 2009 book by economic historian Robert Skidelsky. The work discusses the economic theories and philosophy of John Maynard Keynes, and argues about their relevance to the world following the Financial crisis of 2007–2010. In contrast to the 30 years he needed to write his prize-winning biography on Keynes, the author was able to write this 240-page book in only three months.

A Treatise on Probability, published by John Maynard Keynes in 1921, provides a much more general logic of uncertainty than the more familiar and straightforward 'classical' theories of probability. This has since become known as a "logical-relationist" approach, and become regarded as the seminal and still classic account of the logical interpretation of probability, a view of probability that has been continued by such later works as Carnap's Logical Foundations of Probability and E.T. Jaynes Probability Theory: The Logic of Science.

Wilhelmine Margaret Eve, Lady Harrod, known as Billa Harrod, was a British writer and architectural conservationist, best known for saving the mediaeval churches of Norwich, and the wife of the economist Sir Roy Harrod.

<span class="mw-page-title-main">Frances Forbes-Robertson</span> British artist, novelist, and actor

Frances Forbes-Robertson was a British artist, novelist, and actor. Among her publications can be counted The Devil's Pronoun (1894), Odd Stories (1897), The Potentate (1898), Mother Earth (1902), The Hidden Model (1902), What We Dream (1903), Trespass (1928), and Stained Wings (1930).

References