James Meade Quotes
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To spend this particular year reading essays to Dennis Robertson as one's supervisor, and, simultaneously, enjoying membership of the group round Keynes was indeed an intellectual treat.
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But my shift to the serious study of economics gradually weakened my belief in Major Douglas's A+B theorem, which was replaced in my thought by the expression MV = PT.
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He was lucky enough to rub shoulders with a fellow student, Mr. W T. Newlyn, now lecturing on money at the University of Leeds, who was less of an engineer but more of a monetary theorist than himself. Together they discussed how monetary theory could be represented by an hydraulic model.
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I have learned as much in the last three years as in any other comparable period of my life, but with an added realisation of how little over a half century of study one has in fact managed to learn of the whole range of economic policy issues.
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In the 1930s one was aware of two great evils - mass unemployment and the threat of war.
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Margaret had close links with Geneva where she had spent some years as a student while her parents had been wardens of the Quaker Hostel there and where she had gone back as secretary to Gilbert Murray.
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The frontiers of knowledge in the various fields of our subject are expanding at such a rate that, work as hard as one can, one finds oneself further and further away from an understanding of the whole.
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The same transactions are not always entered in the same category for receiving and paying country.
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From 1931 to 1937, I was a Fellow and Lecturer in Economics at Hertford College, Oxford.
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My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
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Any one country can be in any of four possible disequilibrium situations. It can be (1) a surplus country with a domestic slump, (2) a surplus country with a domestic boom, (3) a deficit country with a domestic slump, or (4) a deficit country with a domestic boom.
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Second, there were the discussions and drafts leading up to the White Paper on Employment Policy of 1944 in which the UK government accepted the maintenance of employment as an obligation of governmental policy.
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After the outbreak of war, in April 1940, we left Geneva with our three children aged 4 years, 2 years and 2 weeks only to become part of the disordered refugee crowds fleeing across France from the German army.
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I remained a member of the section till 1947, becoming Director in 1946.
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My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.
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In Oxford before the war, I had, with this interest in mind, written a short textbook entitled, An Introduction to Economic Analysis and Policy. It was now my intention to rewrite this work.
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We shall talk as if the objective of internal balance were simply that of maintaining a level of total demand for all the country’s products sufficiently high to maintain full employment, but not so high as to lead to a continuing inflation of money prices and costs.
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We assume...that the banking system must be prepared to expand (or contract) the total supply of money to the extent necessary to prevent any scarcity (or plenty) of funds in the capital market which may be induced by any other disturbing factor, from causing a rise (or fall) in interest rates