murray murray newton march january american economist austrian school historian political theorist writings personal influence played seminal role development modern founder leading capitalism staunch advocate historical central figure twentieth century american movement wrote books political theory history economics subjects asserted services provided monopoly system corporate state provided efficiently private sector wrote state organization robbery writ large called reserve banking form fraud opposed central banking opposed military political economic affairs nations according protégé capitalist movement speak political economist economist jeff calls friend intellectual mentor wrote received mainstream rejected mainstream economic instead embraced important intellectual precursor von promote economic political ideas joined burton establish von institute alabama life work education murray parents david jewish immigrants immigrated poland russia respectively david chemist born family moved apartment upper west manhattan attended birch private school upper east later stated preferred birch public school system previously attended wrote having grown right old right friends neighbors communists fellow travelers characterized immigrant father embraced american values minimal government free enterprise private property determination rise merits socialism attended columbia_university received bachelor_of_arts degree mathematics years later phd economics delay receiving phd conflict advisor joseph arthur burns rejecting doctoral burns longtime friend family neighbor manhattan apartment building burns went leave columbia faculty head president council economic advisors thesis accepted received doctorate later stated fellow students extreme republicans columbia campus time 1940s acquainted frank read widely oriented works albert jay austrian economist von early 1950s teaching wall street division new_york university business school attended unofficial greatly influenced book human action attracted attention william fund group provided financial backing promote right wing 1950s early 1960s fund paid write textbook explain human action form introduce college views sample chapter wrote money credit won approval years paid fund designated senior analyst continued work enlarged project result book man economy state published publication praised work marriage employment activism new_york_city married called editor close adviser salon enjoyed loving marriage called framework life achievements according patronage fund allowed work home freelance theorist years marriage fund collapsed leading seek employment new_york academic institutions offered time position teaching economics engineering students brooklyn institute age institution economics department economics majors derided social science department writes liked role brooklyn working days week gave freedom contribute developments politics continued role years years old left brooklyn institute lee business school university nevada las_vegas held title hall distinguished professor economics endowed chair paid businessman according friend colleague fellow economist led fringe existence able attract large number students disciples writings creator principal agents contemporary movement maintained position death founded center studies journal studies founded von institute auburn alabama vice president academic affairs institute review austrian economics economics journal later renamed quarterly journal austrian economics founded death reflected happiness bright spirit managed living years having noon important recalled begin day phone conversation colleague laughter shake house apartment checked murray thought best possible way start day existence god describing mixture reform jew despite identifying critical left hostility religion later years friends anticipated convert catholicism new_york_times obituary called economist social philosopher fiercely defended individual freedom government intervention conflict attendees joined circle novelist founder soon parted writing things ideas original proclaimed similar aristotle thomas publication novel wrote fan letter calling book infinite treasure house merely greatest novel written greatest books written fiction wrote introduced field natural rights natural law philosophy prompting learn glorious natural rights tradition rejoined circle months soon broke differences including defense later play red essay cult red unpublished act play written characterized circle personality cult play parodies character sand friends set visit keith fan sand novel play famous novel ethical philosophical views austrian economics advocate austrian school tradition teacher von like rejected application scientific method economics dismissed statistical analysis tools mainstream social science useless study economics instead embraced strictly economic laws akin geometric mathematical fixed objective logical reasoning use evidence account economist scientific method evidence distinguishes approach current economic schools mark university foundation economic education critic mainstream economics praises brilliant writing style economic arguments nuanced rigorous sound citing absence academic publications effectively outside discipline mainstream economics work fell deaf ears outside ideological circles paralleling remarks fact non dismiss approach embraced wrote extensively austrian business cycle theory approach strongly opposed central banking money reserve banking advocated gold standard reserve requirement banks mainstream economics authored series scathing modern mainstream economics critical adam smith calling set economics track ultimately leading rise instead praised smith contemporaries works including richard anne developing theory value response charge smith wealth nations largely david scholarship character saying deliberately read book criticizing tony called treatment adam smith equally scathing criticism john labeling weak economic theory shallow political wrote generally style governmental regulation money credit created dismal monetary banking situation john stuart mill man speculated mill soft personality led economic thought critical economist entitled favorite establishment friend richard_nixon influence public policy said celebrate academic prestige political influence noting nasty work responded criticism calling cult builder memorial volume published institute protégé theorist wrote work man economy state presented variants mathematical economics included mind achievements lamented like mentor von died winning nobel prize says deserved twice acknowledged work largely ignored called intellectual giant comparable aristotle reception work self identified austrian economist odds austrians views austrian economist stating calling instead failed represent views von stated fact shared opposing view associated economist colleagues vienna relocated united_states von later urged american israel pursue phd studies university professors recently reviewed controversy stating interpretation shows austrian grounded post criticisms austrian economics based character furthermore interpretation provides setting build academic interaction austrians non austrians characteristic early twentieth century according tyler richard wrote term evenly rotating economy analyze complexity world change words introduced von alternative nomenclature mainstream economic method static general analysis found inconsistencies nature suggested uses sole exception economist adopted term concept continued called analysis article critical opposition inflation economist noted views increasingly gaining influence politicians right article contrasted rejection policies monetary views sophisticated austrian school monetary george larry white follow treating stability nominal spending monetary ideal position different according economist peter better described property rights economist austrian economist noted attacked books younger austrians ethics adopted von social theory economics parted question ethics specifically rejected conviction ethical values remain opposed favor principle based natural law reasoning defense free market views employed economic arguments aimed demonstrating policies society worse hand concluded policies fact benefit people including certain government employees social programs unlike attempted assert objective natural law basis free market called principle self ownership loosely basing idea writings john borrowing concepts classical anti old right accepted labor theory property rejected arguing individual mixes labor land proper owner time private property change hands trade gift strong critic title essay book revolt nature essays held equality natural order things crusade equal respect law certain disastrous consequences wrote heart left belief structure reality world changed moment desired direction mere exercise human commenting ideas says worth talking capitalism espoused legal similar capitalism person use term murray mid-20th century synthesized elements austrian school economics classical 19th century american according conscience strains contemporary advocates colleagues personally inspired example years graduate school late 1940s murray considered strict policy require private police agencies replace government protective services visited harper founder foundation economic education doubted need government whatsoever period influenced nineteenth century american like benjamin tucker belgian economist wrote system work combined economics views human rights rejection state unpublished memo written concluded order believe embrace began consider private property later began use capitalist describe political ideology capitalist model system protection agencies compete free market voluntarily supported consumers choose use protective judicial services capitalism mean end state monopoly force man economy state divides kinds state intervention categories intervention interference private non economic activities intervention forced exchange individuals state triangular intervention state mandated exchange individuals according gaps inconsistencies appear original writes power market role economist free market limited larger government economic policy recommendations argues self interest views favor increased government intervention race gender civil rights michael associate professor history george mason university characterizes overall tone regard ing civil rights movement women suffrage movement hostile women rights activists growth welfare state politically active responsibilities health heart pointed origins welfare state evolved age wanted bring version welfare state spearheaded shock troop yankee protestant jewish women lesbian called elimination entire civil rights structure stating property rights american consistently favored repeal civil rights act including title vii regarded employment discrimination called brown board education decision grounds forced integration schools aggressive urged state police crack street criminals writing allowed administer instant punishment subject course liability error advocated police clear streets cares response question people removed public property held strong opinions leaders civil rights movement considered black great black leader martin king favored whites major force developing negro revolution praised acting white use intellect wit contrasted favorably fraudulent intellectual black baptist minister style king compared black nationalism favorably king time praised black nationalism rejected vision separate black nation asking believe new africa content strike massive foreign aid suggested opposition king test members political movement race intelligence political scientist jean commented praise argument richard charles murray book bell curve blacks tend score average lower whites tests noted remark intellectual differences races self evident opposition war like believed war health state according david gordon reason opposition aggressive foreign policy believed stopping new wars necessary knowledge government led citizens earlier wars important essays expanded views war peace state anatomy state insights robert build model state personnel goals ideology obituary friend historical harry barnes wrote entry world war crucial act permanent economy society bringing country permanent garrison state military industrial complex permanent system conscription crucial act creating mixed economy run big government system state monopoly capitalism run central government collaboration big business big colleague joseph notes exceptions general condemnation war american revolution war southern independence viewed confederate condemned northern war slavery saying inspired religious faith characterized cheerful willingness institutions commit mass murder destroy high moral principle celebrated jefferson davis robert lee prominent heroes denouncing abraham_lincoln grant union leaders open ing box genocide civilians war south middle_east conflict forum blamed middle_east conflict israeli aggression fueled american arms money warned mid east conflict draw world war anti opposed involvement middle_east criticized camp david having betrayed palestinian aspirations opposed israel invasion lebanon essay war guilt middle_east states israel refused let refugees return reclaim property taken took negative views state solution israeli palestinian conflict saying hand palestinian arabs soil land palestine centuries group external come world claim entire land area given collective religion tribe remote legendary time past way claims resolved satisfaction parties genuine settlement peace face conflict war death uneasy practical compromise satisfy harsh reality middle_east historical embraced historical perceived dominant influence exerted corrupt court intellectuals mainstream historical narratives wrote mainstream intellectuals distorted historical record favor state exchange power prestige state characterized task penetrating fog lies deception state court intellectuals present public true history influenced champion historian harry barnes holocaust endorsed barnes world war favorably citing view murder germans japanese aim world war addition broadly supporting historical views promoted barnes influence future endorsing world war association barnes holocaust drawn criticism political right kevin wrote opinion piece published national review condemned making common cause historians term describe american holocaust associated james martin institute historical review piece characterized faction holocaust denial view specifically denies holocaust actually happened holds way exaggerated article 50th birthday friend buffalo state college historian stated main reason crucial position children rights parental obligations ethics liberty explores issues children rights terms self ownership contract include support woman right abortion condemnation parents showing aggression children opposition state forcing parents care children holds children right run away parents seek new guardians soon able choose asserted parents right child adoption sell rights child voluntary contract suggests free market children believes selling children consumer goods accord market forces monstrous benefit involved market natural parents children foster parents purchasing view parent legal obligation feed educate children obligations positive acts parent parent rights stated parents legal right let infant die starvation free engage forms child neglect according purely free society free market children fully society wrote existence free baby market bring neglect minimum economist gene cardiff university scholar affiliated institute observes allows logical legal theory arguments based moral parent watching month old child slowly death theory criminal justice consistently advocated abolition power court attendance contempt court powers testimony witnesses compulsory jury duty bail system arguing functions judiciary violations natural rights american common law instead advocated defendant convicted held prison writing cases criminal caught red handed certain guilt exists impossible justify imprisonment conviction let trial caught red handed important reform needs instituted system honest police authorities law supposed subject criminal law authorities law gives legal license commit continual aggression policeman criminal arrests judicial authorities trial conviction subject universal law argued police arrests charged kidnapping ethics liberty advocates frankly theory punishment system tooth teeth tooth emphasizes punishment proportional stating criminal loses rights extent deprived man applying theory states thief pay double extent theft gives example thief stole says return stolen money provide victim additional money thief right thief temporary state victim unable pay immediately applies theory justify beating violent criminals required proportional crimes punished torture criminal suspects chapter ethics turns attention suspects arrested police argues police able torture certain types criminal suspects including accused murderers information related alleged crime writes suppose police beat torture suspected murderer find information confession obviously confession considered valid suspect turns guilty police murderer parcel deserves return rights extent suspect convicted means police beaten tortured innocent man turn dock criminal assault gene examines position concludes rejects widely held belief torture inherently wrong matter victim goes state scheme gives police strong motive frame suspect having tortured science essay condemning study man rejected application human beings arguing actions human beings opposed nature determined prior causes free argued applied man self contradictory thesis man employs relies existence free opposed considered academy sought fuse disciplines economics history ethics political science create science liberty described moral basis capitalist position books new liberty published ethics liberty published power market describes economy function political activism young man considered old right anti anti branch republican_party presidential election jewish student columbia horrified peers organizing students chapter believe states rights late 1960s long winding consistent road taken anti new deal anti robert supporter friendship quasi nebraska republican congressman howard father warren league democrats tentative factions new left advocated alliance new left anti war movement grounds conservative movement completely establishment later criticized new left supporting people republic style draft phase associated founded left right journal thought george existed edited forum initially involvement ended forum provided platform writing despite small readership engaged conservatives associated national review nationwide debate rejected view ronald_reagan election president victory principles attacked reagan economic program series forum articles called reagan claims spending cuts fraud hoax accused economic statistics order false impression policies successfully reducing inflation unemployment criticized left wing criticized right wing content rely education bring state believed adopt moral tactic available order bring liberty idea war health state opposed wars lifetime engaged anti war activism 1970s 1980s active party frequently involved party internal politics founders institute came idea naming think tank letters powerful series british newspaper essays john thomas gordon played decisive influence america founding fathers revolution associated party radical caucus opposed low tax espoused party presidential candidate clark institute president edward crane iii according charles crane bitter rivals disputes emerging presidential campaign clark carried strategic direction management split radical caucus national convention cultural issues aligned called right wing populist wing party notably ron paul ran president party ticket worked closely joined later long time friend von institute publication report death evolved website left party began building bridges post cold war anti right calling conservative reaction cultural mainstream sought appeal working class whites synthesis cultural economics according reason advocated right wing frustrated mainstream adopting view suggested grand wizard david duke wisconsin senator joseph mccarthy models outreach effort broad coalition working coalition expose alliance corporate liberal big business media big government privileged caused rise parasitic blamed looting bulk middle working classes america noted david duke substantive political program louisiana governor race embraced lower taxes bureaucracy welfare system attacking action racial set calling equal rights americans including whites supported presidential campaign pat wrote pat leader shall break clock social democracy dropped republican primary race shifted interest support ross wrote brought excitement sense dynamics open possibilities threatened race ultimately supported george bush bill_clinton election like opposed north american free trade agreement disillusioned believing commitment round faith economic planning nation state death president von institute told new_york_times founder right wing william wrote critical obituary national review criticizing judgment views cold war von institute published murray included memorials individuals including academics journalist brian obituary follows died old pal william took pen hand grave colleagues institute took different view arguing important philosophers history works books man economy state van text reprint second edition scholar edition institute isbn panic reactions policies columbia_university press text reprint institute isbn america great depression van text reprint fifth edition institute isbn power market government economy text reprint man economy state institute isbn new liberty manifesto books text reprint audio book institute isbn essential von text reprint institute revolt nature essays review press text reprint second edition institute isbn conceived liberty vol arlington house publishers text collected single volume institute isbn logic action vol edward pub isbn isbn text reprint economic controversies institute ethics liberty press new_york university press text reprint audio book institute isbn mystery banking richardson text reprint institute isbn case fed institute text reprint institute isbn austrian perspective history economic thought vol edward pub isbn text vol economic thought adam smith vol classical economics institute making economic sense institute isbn text reprint updated version betrayal american right institute publication 1970s unpublished work isbn text reprint case percent gold dollar originally published editor search monetary constitution harvard_university press published separately institute isbn text reprint audio book government money pine tree press text reprint institute audio book isbn economic depressions causes constitutional alliance michigan text reprint von institute wall street banks american foreign policy world market perspective center studies institute text reprint second edition institute education free compulsory center independent education text reprint institute isbn philosophy social sciences introduction friedrich institute isbn articles essays left right selected essays includes essays etc press new_york_times company isbn institute information page richard editor austrian theory trade cycle essays includes essays von friedrich institute isbn text reprint institute free market david henderson encyclopedia economics 2nd indianapolis library economics liberty isbn collections editor report essays murray isbn joseph editor history money banking united_states writings institute isbn reprint murray editor complete forum vol text reprint isbn murray philosophers unpublished writings institute isbn text reprint


frank frank albert march march american economist austrian school treatise principles economics contributed increased american interest austrian school including theories von friedrich von von friedrich notably debated alfred marshall presenting theoretical land capital arguments credited prompting mainstream abandon idea land unique factor production special need special theory ground rent proponent theory value emphasized importance time preference rebuffed fisher abandoning pure time preference theory interest fisher earlier espoused book rate interest early life education frank born peru indiana family height american_civil_war proved able student youth demonstrated acceptance indiana university sixteen years old indiana joined psi fraternity track graduate class left college run family news father declining health working offered opportunity young man economic ideas later prove formative chief intellectual influences encountered time henry george progress poverty years returned finally completed taught indiana university acquired teaching position university new president white school history political science subsequently secured fellowship institution completed master philosophy degree year convinced study paris france earned university germany wrote doctoral critique population theory professional life earning doctoral degree accepted quickly left offered position professor indiana university stanford_university lured away indiana resigned stanford years later dispute academic freedom leaving stanford went remained years found professional transition accepting position chairman department princeton_university incorporated history politics economics chairman princeton_university department economics social institutions despite ideological proximity personal eminent austrian school von friedrich von favorable reviews works von referred specifically members american psychological school psychological school generally considered synonymous austrian school staunch opponent franklin roosevelt plan end gold standard worked lobbying currency indication role efforts january letter sent president elect urging lower barriers revive international trade maintain gold standard letter signed number prominent traditional headed american austrian frank princeton theoretical contributions economics land capital participated notable debate english economist alfred marshall principles economics number journal articles american economic association journals quarterly journal economics contested marshall position land theoretically distinct capital argued distinction impractical stating notion simple matter distinguish yield natural agents improvements confusing objective classification land capital natural artificial agents task human power discrimination stand issue led oppose ideas like land value tax mark specialist history economic thought credits john clark influencing mainstream abandon idea land unique factor production special need special theory ground rent fact basis attacks henry george contemporary certainly fundamental reason professional increasingly ignored applications value theory believed theory value supported pure time preference theory interest richard wrote constructed consistent theory value price cost production context emphasizing time element consumption production choices according asserted price consumer good determined solely value rate interest determined solely time preference likewise explains led conclude rental price producer good demand equal discounted marginal value product capital value good equal discounted value future contribution austrian tradition showed uniform theory value implies demise socialist theories labor exploitation theories rent productivity theories interest criticism fisher theory interest interest theories old new criticized fisher abandoning pure time preference theory interest fisher earlier espoused book rate interest heavily influenced murray recounts review fisher earlier work discovered seeds error fisher publication fisher stated present future goods imply money rate interest suggesting pure time preference explanation interest involves circular reasoning way contrast course explaining pure time preference theory interest showed time determination market rate interest reception age awarded honorary university president american economic association additional honorary doctoral degrees conferred college indiana university fellow american academy arts sciences member american philosophical society awarded medal austrian economic society treatise principles economics described von treatise preface edition capital interest rent notes introduced work citation human action describes views interest rent austrian influential views reading course writing man economy state struck brilliance consistency integrated theory distribution neglect current histories economic thought austrian oriented systematic theory challenging original particularly theories interest rent austrian school tradition death douglas brown later named princeton_university wrote memorial american economic review opened tribute announcement death frank albert great company american suffered loss books von des translation essay population doctrine based critique population principles fischer principles economics new_york century source book economics new_york century company economics volume economic principles new_york century manual references exercises economics use vol economic principles new_york century economics vol modern economic problems new_york century revised 2nd edition manual references exercises economics use vol modern economics new_york century monopoly new_york capital interest rent essays theory distribution institute humane studies kansas_city inc articles recent discussion capital concept frank quarterly journal economics


economics effect occurs technological progress increases efficiency resource reducing necessary use rate consumption resource rises increasing demand widely known environmental economics governments generally assume efficiency gains lower resource consumption ignoring possibility arising english economist william stanley observed technological improvements increased efficiency coal use led increased consumption coal wide range industries argued contrary common technological progress relied reduce fuel consumption issue examined modern studying consumption rebound effects improved energy efficiency addition reducing needed given use improved efficiency relative cost resource increases quantity demanded extent reduction use improved efficiency additionally improved efficiency economic growth increasing demand resources occurs effect increased demand better efficiency leads resources considerable debate exists size rebound energy efficiency relevance energy conservation dismiss worry self defeating pursue increasing energy efficiency environmental proposed efficiency gains coupled conservation policies cost use higher avoid conservation policies cap trade display control rebound effect history described english economist william stanley book coal question observed england consumption coal james introduced steam engine greatly improved efficiency coal fired steam engine thomas earlier design innovations coal cost effective power source leading increased use steam engine wide range industries turn increased total coal consumption coal required particular application fell argued improvements fuel efficiency tend increase decrease fuel use writing confusion ideas suppose economical use fuel equivalent diminished consumption contrary truth time britain worried coal reserves rapidly experts opined improving technology reduce coal consumption argued view incorrect increases efficiency tend increase use coal improving technology tend increase rate england coal deposits depleted relied solve problem originally focused issue coal concept extended use resource including example water usage widely known environmental economics cause observed consumers tend travel cars fuel efficient causing rebound demand fuel increase efficiency resource fuel causes decrease cost resource measured terms achieve travel generally speaking decrease cost price good service increase quantity demanded law demand lower cost travel consumers travel increasing demand fuel increase demand known rebound effect large offset original drop demand increased efficiency occurs rebound effect greater exceeding original efficiency gains size rebound effect determined price demand good perfectly competitive market fuel sole input price fuel remains constant efficiency doubled effective price travel twice travel purchased response travel purchased doubles demand price elastic fuel consumption increase occur demand price travel purchased double fuel consumption decrease goods services generally use type input fuel labour machinery factors input cost affect price factors tend reduce rebound effect making likely occur 1980s daniel revisited case society energy use chief economist atomic energy authority argued attempts reduce energy consumption increasing energy efficiency simply raise demand energy economy focused narrower point potential rebound ignored mandatory performance standards domestic set california energy commission economist harry dubbed hypothesis improvements energy efficiency work increase decrease energy consumption argued hypothesis broadly supported growth theory mainstream economic theory capital accumulation technological progress long run economic growth showed occurs growth model wide range assumptions according increased energy efficiency tends increase energy consumption means increased energy efficiency makes use energy relatively cheaper encouraging increased use direct rebound effect second increased energy efficiency leads increased economic growth pulls energy use economy level looking individual market rebound effect improvements energy efficiency usually result reduced energy consumption rebound effect usually level efficient comparatively cheaper energy leads faster economic growth increases energy use economy argued taking account effects technological progress improves energy efficiency tend increase overall energy use energy conservation policy warned fuel efficiency gains lead increase use fuel efficiency gains imply improved fuel efficiency worthless higher fuel efficiency enables greater production higher material quality life example efficient steam engine allowed cheaper transportation goods people contributed industrial revolution correct increased fuel efficiency reduce rate fossil considerable debate correct relevance energy conservation policy governments pursue policies improve efficiency holding lower resource consumption reduce environmental problems including environmental doubt efficiency strategy worry efficiency gains fact lead higher production consumption hold resource use fall efficiency gains coupled policies limit resource use argue energy conservation efforts futile example efficient use oil lead increased demand slow arrival effects peak oil argument usually presented reason enact environmental policies pursue fuel efficiency cars efficient simply lead driving points raised argument context mature market oil developed countries direct rebound effect usually small increased fuel efficiency usually reduces resource use conditions remaining constant second increased efficiency reduce total fuel remain benefits associated improved efficiency example increased fuel efficiency price increases shortages global economy associated peak oil environmental pointed fuel use decrease increased efficiency coupled intervention fuel tax keeps cost fuel use higher indicates increased efficiency reduce fuel use sustainable energy policy rely types government applies technological improvements increase fuel efficiency conservation standards government increase costs display control rebound effect ensure efficiency enhancing technological improvements reduce fuel use efficiency gains paired government intervention reduces demand green taxes cap trade higher emissions standards ecological william suggested cost savings efficiency gains away removed economic circulation captured natural capital rehabilitation economic effects government designed promote sustainable activities efficiency improving technological progress likely implemented


great great america ate low hanging fruit modern history got sick eventually feel better pamphlet tyler published argues american economy reached historical technological plateau factors drove economic growth america history spent low hanging fruit title include cultivation free previously unused land application spread technological particularly period including transport electricity mass communications education large numbers smart people previously received professor economics george mason university looks factors explain median middle american wage analysis set great idea great divergence set explanations blame rising income inequality stall related debates examined internet effect fully realized production users enjoy significant consumer surplus integrated economy final set questions concerns appropriate policy responses problem pamphlet words long published january electronic book priced usd version dubbed published june reviewers agreed thesis arguments book largely welcomed timely skilled framing debate future american economy synopsis main thesis economic growth slowed united_states advanced economies result falling rates innovation chapter describes major forms low hanging fruit ease free unused land rapid invention capitalized scientific 18th 19th centuries large returns sending intelligent children school university potentially minor forms cheap fossil strength american constitution concludes modern united_states built forms low hanging fruit fair produced extremely large returns future advances offers statistical illustrations compares changes witnessed grandmother generation cites median income statistics rate growth drastically slowed onwards argues failure trend led degradation political discourse left right leaning actors blame policies like honest middle heard din chapter examines productivity contemporary economy describes productivity growth asks thesis gains certain areas information technology argues important areas finance value created whilst productivity figures improved median stock market prices returns capital labor improved furthermore government consumption government activity excluding transfer payments represents sector measured cost productive grows larger government consumption published figures tend growth living standards health care problems information moral hazard mean increased spending results little improvement health outcomes similar result observed education outcomes improved years chapter considers internet computing technologies argument writes internet fantastic curious little raise material standards living biggest internet companies employ thousand people relatively services paying collective historical memory technological progress brings big predictable stream revenue growth economy comes web assumptions turning wrong misleading chapter examines american politics light thesis says paul conscience liberal puts cart horse asking high marginal tax rates distribution income wealth policies worked precisely real income growth support argues failure recognize led poor policy ideas right revenue generating tax cuts left sides influence political lobbying economic policy growth government says affordable period fruit advances transportation industrial production electronic communications scientific management facilitated chapter proposes simple cause financial crisis thought richer argues despite series regular smaller crises 1980s crash ultimately caused investors taking risk economy housing sub prime loans chapter looks solutions problem praises development india china producers consumers role internet scientific community growing consensus reform educational policy suggests social status scientists raised strong factor money analysis place growth literature matthew described book themes continuation expansion developed paul age diminished expectations edition economic policy 1990s books treat diminishing rate return basic science effects politics specifically growing share innovative energy going rent seeking activities compared prosperity coming year boom means bob davis david enormously popular book time today penny described prosperity great examine puzzle median wages offer different opinions prospects future growth particular role information technologies concluded calling appeal realistic expectations growth weird conservative echo club rome liberal era limits gospel 1970s summer robert gordon paper economic growth prompted comparisons thesis gordon points easy gains increased labor force participation schooling land use spent major innovations industries transport enjoyed gradual improvement internet growth quality life annie writing slate compares treatment internet productivity 1980s quoted robert growth theorist wrote computer age productivity statistics explain growth picked strongly boom computing products 1970s onwards suggested changes firms leaving little net gain problem partly deficiencies measurement income internet promotes free culture consumption provides utility happiness people captured figures measure revenue economist free exchange blog argued recent innovations digital technologies society process organising growth expected years decades warned furthermore particularly large gains area innovations opposed labor innovations writing forbes steve described low hanging fruit theory nonsense world young young person today wrote adding qualification apart internet equivalent saying apart wheel discussing transport financial times reviewer recognized prominent blogger thinks life fun interesting internet argued look consumer technology find internet effect productivity organizations super efficient retailers incorporated logistics furthermore pace change means generation implementation concession internet increase scientific output allowing better communication scientists remote places davis incorrectly predicted coming boom middle class computers equally wrong suggest computer technology verge education employment writes real challenge keeping technological change sense scientific management key american technological advance 20th century allowed american companies provide large numbers jobs semi skilled workers supply chain management rule based systems businesses adjust informed consumers disdain wish delighted related challenge shifting managing semi skilled knowledge workers economist contrasted great thesis great divergence traces pay gap increasing demand skilled workers writing slate share optimism future american educational basis president obama getting tough teachers unions reforms implemented thirty years unions initially opposed united_states poorer outcomes countries stronger unions reminds earlier authors optimistic increased level enrollment fallen graduation rates united_states remains significantly advanced countries educational outcomes offering hope improvement david brooks argued fundamental shift post mindset occurred recent generations generations born early century increased income improvements lifestyle longer true people born affluent information driven world younger generations live diverse lives cites user generated content including produced outside monetary economy brought large increases human happiness little economic activity relationship financial crisis recession economist criticized economic problems resulting financial crisis broader thesis arguing instead caused demand shock scholars jim howard song etc point demand shock phenomenon result underlying structural problem american economy furthermore howard argues education producing high quality scientists engineers american citizens instead increasingly relying foreign students universities support intellectual need science engineering matthew disagreed link rich countries experienced past months key evidence technological thesis rich countries experienced broadly similar fate past years writes policy responses writes way improve innovation raise social status scientists suggestion described bit fully problem recent innovations private goods financial sector innovation public ones rail road described encouragement free trade higher status scientists resignation new normal half hearted writing economist free exchange blog concluded analysis education suggested rich world better aiding mass education programs developing countries pursuing diminishing returns domestic education research contrary president obama state union speech immigration law allow rich poor countries exploit source growth secondly proposed harvest policy low hanging fruit reforming costly policies proposed traffic congestion pollution goods income reducing spending medical treatments clear benefits removing agricultural subsidies mortgage interest reduction economist different sets policy responses considered depending true cause ailing technological innovation decline workers power face emerging market progressive taxation offset labor position weakness whilst limited state reduce commitments expect fulfill economy publication reception book words long published january electronic book priced usd economist noted publishing model fascinating right version dubbed published june described publication innovation current affairs publishing shorter cheaper conventional book way actually leaves wanting read finish guess future books book compared economic political pamphlets 17th century frequently quickly ideas current affairs circulation economist welcomed great important book profound impact way people think thirty years praised trains thought suggests said book rigorous debate encourage different policy choices political spectrum matthew described book performance interesting said remarkably silent intellectual property law implications society world increase output comes catch growth poor countries wall_street_journal described book book direction leads debate exciting imagine students scientists country reading book coming terms depth challenge pursuing new ways trying fix things generally improve lot small book big worthwhile question concluded economist new_york_times david brooks praised great debated non fiction book far year described great favor book marketing considering discussion surrounding battle hymn tiger mother amy sequel september sequel titled average america age great published books sequel focused vision united_states economy recover grow coming decades types jobs exist new economy


john john 1st baron june april english economist ideas fundamentally changed theory practice economic policies governments built greatly refined earlier work causes business cycles widely considered influential 20th century founder modern ideas basis school thought known economics 1930s spearheaded revolution economic thinking challenging ideas economics held free markets short medium term automatically provide employment long workers flexible wage demands instead argued aggregate demand determined overall level economic activity inadequate aggregate demand lead prolonged periods high unemployment according economics state intervention necessary moderate boom bust cycles economic activity advocated use fiscal monetary policies adverse effects economic depressions following outbreak world war leading western economies adopted policy recommendations decades following death capitalist governments influence waned 1970s partly result severe stalled anglo american economies decade partly criticism theories predicted condition disputed ability government regulate business cycle favorably fiscal policy said monetary theory influenced federal reserve response global financial crisis raised concerns validity longevity theories characterized government economic policies undertaken period worldwide resurgence thought time magazine included important people century said radical idea governments spend money don saved capitalism economist described britain famous 20th century economist addition economist civil servant director bank england group intellectuals early life education john born cambridge england upper middle class family father john economist lecturer moral sciences university_of_cambridge mother florence local social reformer born followed children margaret surgeon margaret married nobel prize winning hill according economist biographer robert parents loving remained house lives children welcome return receive considerable support father including expert coaching help pass scholarship exams financial help young man assets nearly wiped onset great depression mother children interests according grow children home january age half started school girls week quickly showed talent health poor leading long home mother january half started day pupil faith preparatory school class mathematics faith wrote head shoulders boys school confident scholarship won scholarship college displayed talent wide range subjects particularly mathematics classics history experienced love life dan older brother future prime minister despite middle class background mixed easily upper class pupils left king college cambridge receiving scholarship read mathematics alfred marshall economist drew philosophy especially ethical system moore joined club active member semi secretive cambridge society debating club largely reserved students like members retained bond club graduating continued attend occasional meetings life leaving cambridge president cambridge union society cambridge_university liberal club said received class mathematics aside months spent holidays family friends continued involve university years took debates studied philosophy attended economics lectures informally graduate student term constituted formal education subject studied following year took civil service exams economist harry johnson wrote optimism early life key understanding later thinking confident find solution problem turned attention retained lasting faith ability government officials good optimism cultural senses generation raised empire height power generation felt entitled govern culture expertise according sense cultural unity current britain 19th century end world war provided framework educated set spheres knowledge relation life enabling draw different fields addressing practical problems career october civil service career began clerk india office enjoyed work bored resigned position return cambridge work probability theory privately funded university father economist arthur published professional economics article economics journal effect recent global economic india founded political economy club weekly discussion group accepted economics funded personally alfred marshall earnings rose began pupils private tuition elected fellow editor economic journal published book indian currency finance appointed royal commission indian currency finance topic book showed considerable talent applying economic theory practical problems written work published family friends known father john known middle world war british government called expertise world war formally join civil service travelled london government request days hostilities started pushing suspension payments gold help chancellor lloyd george persuaded bad idea hurt future reputation city payments suspended absolutely necessary january took official government position treasury responsibilities design terms credit britain continental allies war acquisition scarce according economist robert nerve mastery legendary performance duties case managed assemble difficulty small supply spanish secretary treasury delighted hear amassed provide temporary solution british government hand choosing instead sell break market paid scarce expensive king birthday honours appointed companion order bath wartime work success led appointment huge effect life career appointed financial representative treasury versailles peace conference appointed officer belgian order versailles peace conference experience versailles influential shaping future outlook successful main interest trying prevent germany compensation payments set high innocent german people damage nation ability pay sharply limit ability buy exports countries hurting germany economy wider world unfortunately conservative powers coalition emerged election able ensure treasury largely excluded formal high level talks concerning place taken heavenly twins judge lord banker lord nickname derived high war compensation wanted demand germany forced try exert influence scenes principal players versailles britain lloyd george france america president wilson lloyd george direct access election sympathy view campaigning found speeches received public promised harshly punish germany committed delegation high payments lloyd george win loyalty actions paris conference intervening french ensure dispatch needed food supplies german civilians pushed substantial high proposed british security grounds france argued severe settlement britain wilson initially favoured relatively treatment germany feared harsh conditions rise wanted germany left sufficient capital pay imports dismay lloyd george able pressure wilson agree include bill end conference came plan argued help germany impoverished central european powers good world economy involved radical writing war debts possible effect increasing international trade round time thrown entire cost european reconstruction united_states lloyd george agreed acceptable british electorate america plan largest time wilson started believe merits harsh peace thought country excessive sacrifices despite best efforts end result conference treaty disgusted moral economic grounds led resignation treasury june turned offer chairman british bank northern commerce job promised salary return morning week work analysis predicted damaging effects treaty appeared highly influential book economic consequences peace published work described best book able bring gifts bear passion skill economist addition economic analysis book contained pleas reader sense compassion leave subject treatment wholly depended economic facts policy reducing germany generation lives millions human beings nation happiness possible enriched decay life europe present striking imagery year year germany kept impoverished children crippled bold predictions later justified events aim deliberately central europe vengeance dare predict delay long final war forces reaction revolution late german war fade followers assert predictions disaster borne german economy suffered collapse republic outbreak world war historian claims historians paris peace conference view economic terms treaty harsh germany obligations damages inevitably stressed debates paris satisfy reading daily newspapers intention quietly germany substantial help paying bills meet german objections amendments way schedule practice carried small fraction paid fact historian stephen demonstrates american germany capital american loans substantially exceeded german net basis germany received support equal times post world war marshal plan shows years versailles informal adviser german government wrote major german notes actually supported political grounds economic consequences peace gained international fame caused regarded anti establishment outbreak world war offered major british bank acceptable offer return government formal job able influence government policy making network contacts published works serving government committees included attending high level policy meetings consultant 1920s completed treatise probability war published work notable contribution philosophical mathematical probability theory important view truth values intermediate simple truth developed upper lower interval approach probability chapters book having developed decision weight approach conventional risk weight chapter addition academic work 1920s saw active journalist selling work internationally working london financial consultant wrote obituary tutor alfred marshall joseph called brilliant life man science read marshall widow memorial rated best works continued advocate reduction german revision treaty attacked post world war policies tract monetary reform argument countries target stability domestic prices avoiding cost allowing currency britain suffered high unemployment 1920s leading recommend sterling boost jobs making british exports affordable advocating fiscal response government create jobs spending public works 1920s pro views limited effect policy makers mainstream academic opinion according reason time theoretical justification tract called end gold standard advised longer net benefit countries britain participate gold standard ran counter need domestic policy autonomy force countries pursue policies exactly time measures called address rising unemployment treasury bank england favour gold standard able convince chancellor winston_churchill establish depressing effect british industry responded writing economic consequences churchill continued argue gold standard britain finally abandoned great depression begun theoretical work examine relationship unemployment money prices 1920s work treatise money published volumes central idea work money saved exceeds invested happen interest rates high unemployment rise result people wanting spend high proportion employers pay making difficult aggregate employers profit key theme book financial representing accurate meaningful indication general shifts purchasing power time particular criticised justification britain return gold standard pre war reference wholesale price index argued index understated effects changes costs services labour deeply critical british government measures great depression believed budget good thing product wrote government borrowing kind nature remedy speak preventing business losses severe slump present great bring production altogether height great depression published means prosperity contained specific policy recommendations unemployment global recession chiefly counter public spending means prosperity contains mentions effect addressed chiefly british government contained advice nations affected global recession copy sent newly elected president franklin roosevelt world leaders work taken seriously american british governments according robert helped way later acceptance ideas little immediate practical influence london economic conference opinions remained diverse unified course action agreed like policies adopted sweden germany sweden seen small command attention deliberately silent successful efforts germany dismayed ambitions treatment jews apart great_britain attention primarily focused united_states received considerable support views counter public spending chicago america foremost centre economic views alternative mainstream orthodox economic opinion remained generally hostile fiscal intervention depression outbreak war late persuaded address president roosevelt directly letters face face men spoke highly according consensus efforts began marginal influence economic policy general theory employment interest money published researched favourite students later economist david butt work served theoretical justification policies favoured recession general theory challenged earlier economic held provided government interference market naturally establish employment partly setting teachers marshall believed classical theory special case applied particular conditions present 19th century theory general classical believed law simply states supply creates demand free market workers willing lower wages level employers offer jobs innovation concept price recognition reality workers refuse lower wage demands cases classical economist argue rational price established interaction aggregate demand aggregate supply lead stable unemployment cases state market economies depend salvation general theory argues demand supply key variable governing overall level economic activity aggregate demand equals total income society defined sum consumption investment state unemployment unused production capacity enhance employment total income increasing expenditures consumption investment government intervention increase expenditure economy remain trapped low employment demonstration possibility described revolutionary formal achievement work book advocated activist economic policy government stimulate demand times high unemployment example spending public works let idle resources increase wealth wrote men plants unemployed ridiculous afford new developments precisely plants men shall afford general theory viewed foundation modern senior american agreed 1930s ideas soon achieve widespread acceptance eminent american professors agreeing general theory outbreak world war limited participation theoretical debates followed publication general theory suffered heart attack requiring long periods rest post argued result ideas keen compromise classical render concepts mathematical models like model argue ideas began recover rest life professional energies largely directed practical economics problems ensuring allocation resources war efforts post war negotiations america new international financial order presented woods conference general theory later responded left wing liberals argued especially great depression 1930s capitalism caused war argued capitalism managed domestically internationally coordinated international policies international monetary system didn pit interests countries high degree freedom trade system managed capitalism promote peace conflict countries plans world war post war international economic institutions policies contributed creation woods international monetary fund world bank later creation general agreement trade eventually world trade organization aimed effect vision widely criticised especially members chicago school economics advocating irresponsible government spending financed borrowing fact firm believer balanced budgets regarded proposals programs public works great depression exceptional measure meet needs exceptional circumstances second world war second world war argued pay war published war effort largely financed higher taxation especially compulsory saving essentially workers lending money government deficit spending order avoid inflation compulsory saving act domestic demand assist additional output war efforts taxation advantage helping avoid post war slump demand workers allowed withdraw savings september proposed fill vacancy court directors bank england subsequently carried term following april june rewarded service hereditary king birthday honours july title baron county sussex took seat house_of_lords liberal party benches allied victory began look certain heavily involved leader british delegation chairman world bank commission negotiations established woods system plan concerning international clearing union argued radical system management proposed creation common world unit currency new global institutions world central bank international clearing union envisaged institutions managing international trade payments system strong incentives countries avoid substantial trade usa greater negotiating strength meant final outcomes accorded closely conservative plans harry white according economist point overruled americans later proved correct events new institutions later known world bank international monetary fund founded compromise primarily reflected american vision incentives states avoid large trade surplus instead burden trade continue fall deficit countries argued able address problem inflicting economic populations pleased accepting final agreement saying institutions stayed true founding principles brotherhood man phrase postwar war continued represent united_kingdom international negotiations despite deteriorating health succeeded obtaining terms united_states new outstanding debts facilitate rebuilding british economy death told henry clay professor social economics advisor bank england hopes adam smith invisible hand help britain economic hole find relying solution problems invisible hand tried economic thinking years ago legacy end great depression mid-1970s provided main inspiration economic policy makers europe america rest world policy makers increasingly won way thinking mid late 1930s outbreak world war governments started borrow money spending scale sufficient eliminate unemployment according economist john kenneth government official charged controlling inflation rebound economy wartime spending better demonstration ideas revolution associated rise modern west post war period ideas popular scholars point representing ideals modern adam smith represented ideals classical war winston_churchill attempted check rise policy making united_kingdom rhetoric critical mixed economy election campaign despite popularity war hero churchill suffered landslide defeat government economic policy continued influenced ideas neo economics late 1930s 1940s notably john franco paul attempted interpret writings terms formal mathematical models known synthesis combined analysis economics produce neo economics came dominate mainstream thought years 1950s policies adopted entire developed world similar measures mixed economy developing nations views economy mainstream world universities 1950s 1960s developed emerging free capitalist economies enjoyed exceptionally high growth low unemployment professor gordon written 1950s 1960s influence peak appear retrospect golden age capitalism late time magazine ran cover article title comment later echoed president richard_nixon article described exceptionally favourable economic conditions prevailing reported washington economic managers scaled heights adherence central theme modern capitalist economy automatically work efficiency raised level intervention influence government article states important lived general theory influential opera famous like adam smith wealth nations economics favour economics officially discarded british government forces begun gather ideas years earlier friedrich formed society explicit intention intellectual currents day displace similar influences members included austrian school economist von young initially society little impact wider world according raised death people refused allow work questioned began emerge formidable critic economics mid-1950s especially publication monetary history united_states practical economic life big government appeared firmly entrenched 1950s balance began shift power private interests 1960s written allowing selfish kind influence enjoyed world war decades world war public opinion strongly private label typical described period international speculation severely restricted capital controls place woods according journalists larry dan pivotal year power shifted favour private agents currency key event picked america suspension conversion dollar gold request foreign governments identified beginning breakdown woods system criticisms ideas begun gain significant acceptance early 1970s able credible case models longer reflected economic reality included explicit mathematical models general theory limited use mathematics partly result phenomena inherently uncertain economic activity adequately captured mathematical models models developed famous example phillips curve predicted relationship unemployment inflation implied unemployment reduced government cost inflation published paper arguing fixed relationship implied curve exist suggested sustained policies lead unemployment inflation rising phenomenon soon known early 1970s appeared britain predicted economic conditions deteriorating oil crisis aided prestige gained successful forecast led increasingly successful criticisms consensus convincing academics politicians general public radio television broadcasts academic credibility economics undermined additional criticism trained chicago school economics lucas critique criticisms austrian school successful criticisms robert lucas claimed offence described principles fared increasingly poorly practical economics displaced primary influence anglo american economic policy officials sides atlantic retained preference federal reserve officially discarded principles partial comeback influence policy making academics accepted criticism argued economics excessive mixing ideas 1950s unfortunate branch economics continued called writing american prospect robert argued excessive activism caused economic problems 1970s breakdown woods system capital controls allowed capital flight regulated economies economies fashion similar law phenomenon weak undermine strong historian peter stated key cause economic problems america 1970s refusal raise taxes finance vietnam war advice typical response accept elements criticisms economic theories defend arguments framework resulting body work largely composing new economics wrote restoration work based ideas extent fashionable mainstream highly thinking world policy making free market influences broadly sympathetic remained strong government level powerful institutions like world bank treasury prominent opinion forming media financial times economist resurgence global financial crisis led public skepticism free market consensus economic right march martin wolf chief economics commentator financial times announced death dream global free market capitalism month james 25th annual distinguished lecture launch sweeping attack consensus economics argued economics far relevant emerging crises economist robert begun advocating robust government intervention tackle financial crises specifically citing nobel paul actively argued case vigorous intervention economy columns new_york_times prominent economic commentators argued government intervention financial crisis include george robert joseph newspapers media cited work relating robert series major pursued financial crisis starting september announcement government government sponsored enterprises oversaw mortgage market mac october british chancellor referred announced plans substantial fiscal head worst effects recession accordance economic thought similar policies adopted governments worldwide stark contrast action imposed indonesia asian financial crisis forced close banks time prompting bank run post crisis discussion reflected advocacy international coordination fiscal monetary international economic institutions world bank argued reformed new woods crises broke united_nations advocated coordinated international approach fiscal argued absence international approach risk international relations possibly world war arising economic factors similar present depression 1930s end december financial times reported sudden resurgence policy stunning reversal past decades december paul released book return depression economics crisis arguing economic conditions similar existed earlier 20th century returned making policy relevant february robert george published animal spirits book argue current package small account insight importance confidence expectations determining future behaviour economic agents march speech entitled reform international monetary system governor people bank china came favour idea centrally managed global reserve currency argued unfortunate reason woods system breaking failure adopt proposed gradual increased use special drawing rights ideas broadly accepted leaders meeting april london summit agreed allow billion special drawing rights created distributed globally plans credited contributing better expected economic outlook reports published june july organisations warned global leaders recovery likely slow counter measures ought rolled early need measures broadly accepted policy makers debate fund spending leaders institutions angela european central bank expressed concern potential impact inflation national debt risk large create recovery professional revival economics divisive george paul robert joseph supported believe higher government spending help united_states economy recover great recession robert lucas questioned theoretical basis packages like robert evidence beneficial effects exist growing academic literature shows fiscal expansion helps economy grow near term certain types fiscal particularly effective reception views praise economic thinking began achieve close universal acceptance years life personal level charm generally received went found wrong occasionally sharp tongue rarely bore speech closing woods negotiations received lasting standing ovation rare international relations delegates acknowledged scale achievements despite poor health austrian school economist friedrich prominent contemporary critic sharply opposing views economy death wrote great man knew admiration world poorer place head economics department london school economics engaged heated debates 1930s observing early negotiations americans drawing plans woods went mood effect irresistible moments find thinking remarkable men lived quick logic vivid fancy wide vision sense fitness words combine degrees limit ordinary human achievement douglas official canadian high commission wrote beautiful creature listened belong species order fabulous sense massive like hint wings russell named intelligent people known commenting intellect known argued felt took life hands seldom emerged feeling fool obituary times included comment man brilliant gay jokes humane man genuinely devoted cause common good critiques man centre described having greatest impact 20th century economist attracted considerable criticism sides political spectrum 1920s seen anti establishment mainly attacked right red 1930s young favoured views cambridge engaging principally right try persuade merits progressive policy criticism came left saw supporter capitalism 1950s onwards attacks right friedrich extensively treatise money reading road wrote morally find agreement virtually concluded letter recommendation need opinion change economic programmes lead practice results philosophy contrary greatest danger probable practical failure application philosophy united_states pressing issue time deficit spending lift country depression replied criticism following way conclude differently want planning planning certainly want planning place community people possible leaders followers wholly share moral position moderate planning safe carrying oriented minds hearts moral issue asked expressed moral philosophical agreement road explained believed fundamentally classical english liberal wasn aware far moved away basic ideas individual freedom think systematically conflicts sense corrupted political necessity according observers felt post world war gave power state led socialism described general theory great book argues implicit separation nominal real possible desirable policy argues reliably influence nominal consequently argued economics result combination low growth high inflation developed economies suffered early 1970s taste tract monetary reform regarded best work focus maintaining domestic price stability joseph economist age main rivals reviewers argue general theory general theory fact special case said work expressed attitude decaying death wrote brief biographical piece economist personal level positive man praising pleasant nature courtesy kindness assessed biographical editorial work best seen remained critical economics linking saw essentially short term view considered kind unconscious patriotism caused fail understand problems nations practical foreign soil dies poisonous dies president harry convince government spend dollar got told economist chaired council economic advisers views race explained mass murder took place years communist russia racial basis russian jewish nature result communist rule trip russia wrote short view russia russian jewish allied wrote cruelty old russia emerge beneath cruelty new russia ideal lie hid comments anti russian critics including murray sought sympathy number writers described private letters contain portraits descriptions characterized scholars suggested reflect clichés current time accepted racism occasions influence help jewish friends notably successfully lobbied allowed residency united_kingdom explicitly order rescue deported nazi occupied austria supporter serving committees supporting cause allegations racist beliefs rejected robert biographers professor gordon wrote suggestion link support sustained aggressive tendencies nazis jews minorities apparent clear lifelong initially favoured peaceful nazi_germany began advocate forceful resolution conservatives arguing war started criticised left losing nerve confront hitler left demanding nazi aggression resisted costs comes showdown scarce weeks passed remember write letters columns leaving defence freedom colonel old school tie cheers views inflation characterised indifferent positive mild inflation expressed preference inflation saying choose better inflict pain working class families supported german way free obligations aware dangers inflation economic consequences peace wrote said declared best way destroy capitalist system currency continuing process inflation governments secretly important wealth citizens means existing basis society currency process engages hidden forces economic law destruction manner man million able personal life relationships early romantic sexual relationships exclusively men relationships cambridge significant early partners daniel open affairs kept separate diaries sexual encounters relationship later close friendship fortunate company published tract economic consequences peace attitudes group involved relaxed homosexuality writer victorian attitudes cambridge time homosexual relations members time common wrote russell artist duncan grant met great loves involved love rivals lovers won affections arthur grant fell jealous previously found manner treat ing love affairs political opponents sexuality attack academic work line attack held long term theories children friends group initially surprised later years began dating pursuing affairs women demonstrating bisexual ray later marry oliver early interest written fallen love ray little bit isn male haven able think suitable steps marriage wrote fallen love known russian stars early years courtship maintained affair younger man tandem eventually chose exclusively married lover duncan grant best man marriage beauty brains fair john said time later commented beauty intelligence rarely found person duncan grant found combination union happy biographer peter clarke writing marriage gave new focus new emotional stability sheer delight pregnant friends initially subjected criticism manners mode conversation supposedly humble social origins causes particularly noted letters bell virginia novel bases character warren smith later write support arts thought pursuit money sake condition proper aim work provide leisure wanted shorter working hours longer holidays interested literature general drama particular supported cambridge arts theatre financially allowed institution major british stage outside london personal interest classical opera dance led support royal opera house garden ballet company wells war member council encouragement music arts helped secure government funds maintain companies venues shut following war instrumental establishing arts council great_britain founding chairman start organisations received largest grants new body royal opera house wells like notable british authors time member group virginia biographer tells virginia discussed religion dinner party context struggle victorian era morality confirmed according cambridge_university clearly remained death according biographer able religion seriously strange human mind investments ultimately successful investor building private fortune assets nearly wiped following wall street crash soon death net worth stood short equivalent million million sum amassed despite lavish support good causes personal ethic reluctant sell falling market cases saw behaviour likely slump built substantial collection fine art including works paul seen museum enjoyed collecting books collected protected newton papers basis papers wrote newton successfully managed king college cambridge active component portfolio british equity index average year quarter century earning favourable mention later investors warren george political causes lifelong member liberal party 1920s main political parties united_kingdom late dominant power government helped campaign liberals elections refused run office despite asked separate occasions lloyd george leader liberals took major role defining party economics policy liberals displaced party status labour_party option enter parliament independent university_of_cambridge seat election seat held illness elderly master college obtained agreement major parties field candidate chose stand declined invitation felt greater influence events remained free agent proponent served director british society late shortly death declared important significant add genuine branch exists remarked youth religion save communism worse founded better misunderstanding given time deal thoroughly solve economic problems theories threaten cause following accept communist doctrine sets bible criticism obsolete textbook know scientifically erroneous interest application modern world adopt creed preferring mud fish faults quality life surely carry seeds human achievement need religion find rubbish red hard educated decent intelligent son western_europe find ideals suffered strange process conversion changed values firm supporter women rights vice chairman marie society provided birth control education campaigned job discrimination women unequal pay outspoken reform law homosexuality death life worked benefit public friends health poor sort finances old college helping set woods system worked institute international monetary system beneficial world economy suffered series heart attacks ultimately proved fatal began negotiations anglo american loan savannah georgia trying secure favourable terms united_kingdom united_states process described absolute hell weeks returning united_states died heart attack farmhouse home near east sussex england april age parents father john years mother florence brother sir distinguished surgeon scholar include richard widow died children publications