Wesley C. Mitchell (1874–1948)
Author of Types of Economic Theory: From Mercantilism to Institutionalism, Vol. 2
About the Author
Wesley Clair Mitchell was an American economist. Born in Illinois, he studied at the University of Chicago under Thorstein Veblen and taught at Columbia University. As Veblen's student he developed an "institutional" view of the economy based on his belief that financial factors, especially show more corporate profits, are the driving force in industry. Director of the National Bureau of Economic Research (NBER) for 25 years, he devoted his life to the study of business cycles. Mitchell is regarded by many as the greatest of the business-cycle analysts. His first major work, Business Cycles (1913), identified various economic processes at work during periods of economic expansion and contraction, and suggested techniques for identifying leads, lags, and turning points. This work, along with Measuring Business Cycles (1946), which he coauthored with Arthur Burns, set the standard for determining business-cycle turning points in U.S. economic history. Most of the business-cycle indicator terminology used today is a direct result of Mitchell's work. Mitchell's last work, What Happens During Business Cycles: A Progress Report (1951), was an early but incomplete effort to construct a dynamic, self-generating theory of business cycles. Marshall's legacy to the profession was enormous. Such is the reputation of the NBER's work on business cycles that even the U.S. Department of Commerce defers to it for the dating of cycle turning points. (Bowker Author Biography) show less
Works by Wesley C. Mitchell
A History of the Greenbacks: With Special Reference to the Economic Consequences of Their Issue: 1862-65 [ 1903 ] (2009) 11 copies
Types of Economic Theory: vol.1 3 copies
What Happens During Business Cycles?: A Progress Report (Studies in Business Cycles No 5) (1951) 2 copies
Measuring Business Cycles (National Bureau of Economic Research. Studies in business cycles) (1946) — Author — 2 copies
Associated Works
Tagged
Common Knowledge
- Canonical name
- Mitchell, Wesley C.
- Legal name
- Mitchell, Wesley Clair
- Birthdate
- 1874-08-05
- Date of death
- 1948-10-29
- Gender
- male
- Education
- University of Chicao (PhD|Economics|1899)
- Occupations
- University of Chicago faculty
- Short biography
- Awarded PhD to Arrthur Burns.
- Nationality
- USA
- Associated Place (for map)
- USA
Members
Reviews
says std. of living rose w/ind. rev. -how defining std. of living? Since mid. ages, says: but subsistence==food and shelter. lower prices !matter iff !enough $ to buy bread...
Smith was right that given a fair/free choice, each person picking own job ->max good for comm. but mkt -> choice constraint based on what mkt will bear/support (i.e. me as IT person ==just plain wrong!!)
Bentham -Tory ->radical (full suffr, annual parliaments, abol. crown/lords/clerics): saw that upper classes only help show more themselves, not normal people...; wanted to mk calc. for soc. int. (be Newton for soc.sci) -"felicific calculus"
Malthus vs. Ricardo -both though demand might lag, so producers might need to create a consuming class: prophetic; also argued -landlords lazy vs. wage earners -ignorant, but either is bad for Adam Smith (so there is not a diligent and well-informed Scotsman in all of us...)
Chartists more influential than Ricardo w/workers...
capitalists used Malthusian the. to say workers respons. for own poverty; cap. used Ricardo's ideas & honesty
JS Mill -knowledge -> exp. and regarded (a Benthamite)happiness as a goal, but can't aim for it directly..
(see A System of Logic)
saw econ. as possible help for mankind (via wife's promptings...)
p. 577-578 -bus./$ system 'out of order' exerts ind. influence of its own.
breakdown of fuedal sys. show less
Smith was right that given a fair/free choice, each person picking own job ->max good for comm. but mkt -> choice constraint based on what mkt will bear/support (i.e. me as IT person ==just plain wrong!!)
Bentham -Tory ->radical (full suffr, annual parliaments, abol. crown/lords/clerics): saw that upper classes only help show more themselves, not normal people...; wanted to mk calc. for soc. int. (be Newton for soc.sci) -"felicific calculus"
Malthus vs. Ricardo -both though demand might lag, so producers might need to create a consuming class: prophetic; also argued -landlords lazy vs. wage earners -ignorant, but either is bad for Adam Smith (so there is not a diligent and well-informed Scotsman in all of us...)
Chartists more influential than Ricardo w/workers...
capitalists used Malthusian the. to say workers respons. for own poverty; cap. used Ricardo's ideas & honesty
JS Mill -knowledge -> exp. and regarded (a Benthamite)happiness as a goal, but can't aim for it directly..
(see A System of Logic)
saw econ. as possible help for mankind (via wife's promptings...)
p. 577-578 -bus./$ system 'out of order' exerts ind. influence of its own.
breakdown of fuedal sys. show less
says std. of living rose w/ind. rev. -how defining std. of living? Since mid. ages, says: but subsistence==food and shelter. lower prices !matter iff !enough $ to buy bread...
Smith was right that given a fair/free choice, each person picking own job ->max good for comm. but mkt -> choice constraint based on what mkt will bear/support (i.e. me as IT person ==just plain wrong!!)
Bentham -Tory ->radical (full suffr, annual parliaments, abol. crown/lords/clerics): saw that upper classes only help show more themselves, not normal people...; wanted to mk calc. for soc. int. (be Newton for soc.sci) -"felicific calculus"
Malthus vs. Ricardo -both though demand might lag, so producers might need to create a consuming class: prophetic; also argued -landlords lazy vs. wage earners -ignorant, but either is bad for Adam Smith (so there is not a diligent and well-informed Scotsman in all of us...)
Chartists more influential than Ricardo w/workers...
capitalists used Malthusian the. to say workers respons. for own poverty; cap. used Ricardo's ideas & honesty
JS Mill -knowledge -> exp. and regarded (a Benthamite)happiness as a goal, but can't aim for it directly..
(see A System of Logic)
saw econ. as possible help for mankind (via wife's promptings...)
p. 577-578 -bus./$ system 'out of order' exerts ind. influence of its own.
breakdown of fuedal sys. show less
Smith was right that given a fair/free choice, each person picking own job ->max good for comm. but mkt -> choice constraint based on what mkt will bear/support (i.e. me as IT person ==just plain wrong!!)
Bentham -Tory ->radical (full suffr, annual parliaments, abol. crown/lords/clerics): saw that upper classes only help show more themselves, not normal people...; wanted to mk calc. for soc. int. (be Newton for soc.sci) -"felicific calculus"
Malthus vs. Ricardo -both though demand might lag, so producers might need to create a consuming class: prophetic; also argued -landlords lazy vs. wage earners -ignorant, but either is bad for Adam Smith (so there is not a diligent and well-informed Scotsman in all of us...)
Chartists more influential than Ricardo w/workers...
capitalists used Malthusian the. to say workers respons. for own poverty; cap. used Ricardo's ideas & honesty
JS Mill -knowledge -> exp. and regarded (a Benthamite)happiness as a goal, but can't aim for it directly..
(see A System of Logic)
saw econ. as possible help for mankind (via wife's promptings...)
p. 577-578 -bus./$ system 'out of order' exerts ind. influence of its own.
breakdown of fuedal sys. show less
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