Tuesday, January 08, 2008

Correct Predictors of 1929 Depression

My Dad, E.C. Harwood, is getting some long-overdue credit in this article by Gerald Jackson of Brookesnews.com for having predicted the 1929 depression, and for being one of the few who did.

[Thanks to AIER for the photo.]

Yes indeed, there still exist volumes containing the letters he wrote to various periodicals of the day, plus his exchanges with Keynes on the subject. Those interested in finding out more about this interesting economist should go to the site of the economic research organization he founded. I recommend also a booklet called "Keynes vs. Harwood--a Contribution to Current Debate" by Professor Jagdish Mehra, who was at Youngstown State University at the time (and perhaps still is). The book is available through their website.

Personal note: In Mr. Jackson's article, I learn for the first time of the existence of another organization back then, the Austrian Institute for Economic Research. I wonder if my Dad was inspired by this name to call his the American Institute for Economic Research. I wouldn't be surprised, because his views definitely coincide with some emanating from the Austrian School, and he was more than just a casual acquaintance of Professor Hayek.

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