Roy Harrod

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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
Died8 March 1978(1978-03-08) (aged 78)
NationalityBritish
Spouse(s) Billa Harrod
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).

Economist professional in the social science discipline of economics

An economist is a practitioner in the social science discipline of economics.

<i>The Life of John Maynard Keynes</i> book by Roy Harrod

The Life of John Maynard Keynes is a non-fiction work by Roy Harrod, about the life of John Maynard Keynes. It was first published in 1951. A paperback edition was published in 1983. The paperback edition of Harrod’s authorized biography of Keynes runs 708 pages. According to the preface of the book, Harrod was solicited by Keynes’s younger brother, the scholar Geoffrey Keynes, to write the biography and thus had full access to Keynes' personal papers and his family. Harrod’s biography does not include any unflattering or controversial aspects of Keynes' life.

The Harrod–Domar model is a classical 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 productivity 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.

Contents

Biography

Born in London [1] he attended St Paul's 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. [2]

New College, Oxford constituent college of the University of Oxford in the United Kingdom

New College is one of the constituent colleges of the University of Oxford in the United Kingdom. Founded in 1379 by William of Wykeham, the full name of the college is St Mary's College of Winchester in Oxford. The name "New College", however, soon came to be used following its completion in 1386 to distinguish it from the older existing college of St. Mary, now known as Oriel College.

University of Oxford university in Oxford, United Kingdom

The University of Oxford is a collegiate research university in Oxford, England. There is evidence of teaching as early as 1096, making it the oldest university in the English-speaking world and the world's second-oldest university in continuous operation after the University of Bologna. It grew rapidly from 1167 when Henry II banned English students from attending the University of Paris. After disputes between students and Oxford townsfolk in 1209, some academics fled north-east to Cambridge where they established what became the University of Cambridge. The two 'ancient universities' are frequently jointly called 'Oxbridge'. The history and influence of the University of Oxford has made it one of the most prestigious universities in the world.

Kings College, Cambridge college of the University of Cambridge

King's College is a constituent college of the University of Cambridge in Cambridge, England. Formally The King's College of Our Lady and Saint Nicholas in Cambridge, the college lies beside the River Cam and faces out onto King's Parade in the centre of the city.

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.

A fellow is a member of an academy, learned society or group of learned people which works together in pursuing mutual knowledge or practice. There are many different kinds of fellowships which are awarded for different reasons in academia and industry. These often indicate a different level of scholarship.

Christ Church, Oxford Constituent college of the University of Oxford in England

Christ Church is a constituent college of the University of Oxford in England. Christ Church is a joint foundation of the college and the cathedral of the Oxford diocese, which serves as the college chapel and whose dean is ex officio the college head.

Nuffield College, Oxford college of the University of Oxford

Nuffield College is one of the constituent colleges of the University of Oxford in England. It is a graduate college and specialises in the social sciences, particularly economics, politics and sociology. Nuffield is one of Oxford's newest colleges, having been founded in 1937, as well as one of the smallest, with around 75 postgraduate students and 60 academic fellows. It was also the first Oxford college to accept both men and women, having been coeducational since its foundation.

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. [3]

Henry Thynne, 6th Marquess of Bath British politician

Henry Frederick Thynne, 6th Marquess of Bath, JP, styled Lord Henry Thynne until 1916 and Viscount Weymouth between 1916 and 1946, was a British aristocrat, landowner, and Conservative Party politician.

David Plunket Greene

David Plunket Greene, together with his brother Richard and sister Olivia, was part of the Bright Young Things who inspired the novel Vile Bodies to Evelyn Waugh, a family friend.

Edward Henry Charles James Fox-Strangways, 7th Earl of Ilchester (1905-1964), Soldier

Edward Henry Charles James, 7th Earl of Ilchester, was a British peer and philanthropist. He also held the subsidiary titles and styles of Baron of Woodford Strangways of Dorset and Baron of Redlynch of Dorset.

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

Winston Churchill Prime Minister of the United Kingdom during most of World War II

Sir Winston Leonard Spencer-Churchill was a British politician, army officer, and writer. He was Prime Minister of the United Kingdom from 1940 to 1945, when he led Britain to victory in the Second World War, and again from 1951 to 1955. Churchill represented five constituencies during his career as a Member of Parliament (MP). Ideologically an economic liberal and imperialist, for most of his career he was a member of the Conservative Party, which he led from 1940 to 1955, but from 1904 to 1924 was a member of the Liberal Party.

At the 1945 General Election he stood as Liberal candidate for Huddersfield and finished third.

Huddersfield (UK Parliament constituency) Parliamentary constituency in the United Kingdom, 1983 onwards

Huddersfield is a constituency represented in the House of Commons of the UK Parliament since 1983 by Barry Sheerman of the Labour Co-operative Party.

In 1966, Harrod, was the 2nd winner of the prestigious Bernhard-Harms-Preis. [4] 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. [5]

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. [6] One of their sons was Dominick Harrod, an economics correspondent for the BBC. [7]

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. [8] 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, [9] 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. [10]

Contributions to Endogenous Money Theory

Although Harrod is also typically remembered for his contributions to growth theory with his Harrod-Domar growth model some argue that he was the first Post-Keynesian economist to provide a detailed institutional exposition of the theory of endogenous money. In his book Money he provides a detailed institutional discussion of how the contemporary monetary system operates. He highlights, among other things: that loans create deposits; that central banks attempt to control the level of economic activity through the influence they exert on interest rates; and that central banks automatically extend funds when government borrowing puts upward pressure on interest rates. This last point discredits the mainstream views on crowding out and makes Harrod an early progenitor of the Modern Monetary Theory school of economics. [11]

List of works

Notes

  1. Oxford DNB
  2. Roy Harrod, The Life of John Maynard Keynes , Macmillan, 1951.
  3. Lancaster, Marie-Jaqueline (2005). Brian Howard: Portrait of a Failure. Timewell Press. p. 122. Retrieved 20 January 2018.
  4. "Recipients of the Prize". Bernhard Harms Prize. Retrieved 9 June 2019.
  5. Cecil Woolf and John Bagguley (editors),Authors Take Sides on Vietnam, Peter Owen, 1967,(p.49).
  6. Josceline Dimbleby Billa Harrod, The Guardian, 10 June 2005
  7. Obituary: Dominick Harrod, telegraph.co.uk, 5 August 2013
  8. Volume 57, March 1947.
  9. http://www.cambridge.org/au/academic/subjects/economics/history-economic-thought-and-methodology/collected-writings-john-maynard-keynes
  10. 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.
  11. Philip Pilkington, A Brief History of the Bank of England's Endogenous Money Policies: An Ode to Roy Harrod, Fixing the Economists, 9 May 2014.

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References