Lives of the Laureates by Roger W. Spencer;David A. Macpherson; & David Macpherson

Author:Roger W. Spencer;David A. Macpherson; & David Macpherson [Неизв.]
Language: eng
Format: epub
Tags: W. Arthur Lewis; Lawrence R. Klein; Kenneth J. Arrow; Paul A. Samuelson; Milton Friedman; George J. Stigler; James Tobin; Franco Modigliani; James M. Buchanan; Robert M. Solow; William F. Sharpe; Ronald H. Coase; Douglass C. North; John C. Harsanyi; Myron S. Scholes; Gary S. Becker; Robert E. Lucas Jr.; Vernon L. Smith; Clive W.J. Granger; Edward C. Prescott; Thomas C. Schelling; Edmund S. Phelps; Eric S. Maskin; Joseph E. Stiglitz; Paul Krugman; Peter A. Diamond; Roger B. Myerson; Thomas J. Sargent; Amartya Sen; A. Michael Spence; Christopher A. Sims; Alvin E. Roth;
Publisher: MIT Press
Published: 2020-05-28T21:00:00+00:00

City Lights Again

In 1934, my father returned to the Bridgeport Machine Company for alternate-week half-time work and subsequently full-time work. This was fortuitous, as we lost “ownership” of the farm to the mortgage bank, with which we had always shared ownership, unable to meet payments on the loan. We would have had to move back to Wichita, whether Dad had employment or not. We would also have lost our home in Wichita, but my parents recognized this possibility and earlier had temporarily deeded the asset in the name of Grandpa Lomax to protect it from being added to the default obligation; so the issue never arose—probably some kind of horrible criminal offense.

We were returning from the farm world of personal exchange through the trading of favors to a world of impersonal exchange through markets. More, but far from all, of our needs would be met by store-bought goods, and that world would gradually be emerging, reinvigorated, from the Great Depression.

In 1920, my mother cast her first vote for Eugene Victor Debs, the socialist candidate for president who was campaigning from jail, where he had been sentenced as a result of his opposition to World War I. Bertrand Russell once said that there had been only two wars worth fighting: the American Revolution and World War II. He was surely right about World War I: we won the war, but then lost the peace in a fit of retribution that set the stage for the rise of Hitler and World War II, which we had to fight to stop the beast. Russell did not live to see the Vietnam War that Eisenhower avoided. Russell’s favorite war (and mine) has always been the American Revolution. Our ancestors were doing God’s work when they threw the redcoats out of this land. Going after the Tories in Canada was a little headstrong, but the War of 1812 might well have been another good one for the arrogant Americans to win.

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