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The Editor's introduction to this special issue reviews the contributions of Lauchlin Currie (1902-1993) to monetary theory and policy over the six decades of his professional career. This is followed by 27 of Currie's hitherto unpublished papers and memoranda. These include Currie's own memoirs of his work at Harvard, 1925-1934, when he was almost alone in blaming the Fed for its failure to prevent the Great Depression of 1929-1933; and of his work at the US Treasury and Fed, 1934-1939. During this latter period he drafted the 1935 Banking Act that shifted the power base of the monetary syste

The Editor's introduction to this special issue reviews the contributions of Lauchlin Currie (1902-1993) to monetary theory and policy over the six decades of his professional career. This is followed by 27 of Currie's hitherto unpublished papers and memoranda. These include Currie's own memoirs of his work at Harvard, 1925-1934, when he was almost alone in blaming the Fed for its failure to prevent the Great Depression of 1929-1933; and of his work at the US Treasury and Fed, 1934-1939. During this latter period he drafted the 1935 Banking Act that shifted the power base of the monetary system from New York to Washington and gave the Federal Reserve Board enhanced powers to control money in a more effectively counter-cyclical manner. He became the intellectual leader of the "spending wing" of the New Deal, and this eventually led to his being drafted into the White House as FDR's administrative assistant for economic affairs, 1939-1945. Also published here for the first time are numerous memoranda, reports, and speeches on various aspects of monetary policy in the USA and, later, in Colombia too. They include his work in developing a "net Federal income-increasing expenditures" series for the USA that showed the impact of fiscal policy more accurately than did the official cash deficit series; and there is also his controversial defence of the raising of reserve requirements in 1936-1937 to mop up the unprecedentedly large accumulation of excess reserves. His memoranda reveal new insights into the thinking of the Fed at that time, and offer a fuller perspective on the causes of the sharp recession of 1937-1938. Also included are several letters and memoranda prepared for President Roosevelt: on the role of gold in 1933, the causes of the 1937 recession, and on unemployment figures and the expansion possibilities of the economy in 1940. Finally,

Frontmatter -- Contents -- Preface -- 1 The Early Years, 1902-25 -- 2 "Enter Here and Grow in Wisdom": The Harvard Years, 1925-34 -- 3 The Treasury and Federal Reserve Board, 1934-39 -- 4. In the White House: Peace and War, 1939-45 -- 5. Postwar America and the McCarthy Period, 1945-54 -- 6. The World Bank Mission to Colombia and Its Follow-Up, 1949-53 -- 7. A Farming Interlude, the Return to Economic Advising, and the Magdalena Valley Mission, 1954-60 -- 8. The Origins and Development of Operation Colombia, 1960-67 -- 9. An Academic Interlude in Canada and Britain, 1967-71 -- 10. The Plan of the Four Strategies, 1971-74 -- 11. The "Cities-within-Cities" Design for Urban Growth -- 12. Perspectives on the Future and the Past in the Light of Allyn Young, 1975-82 -- 13. Toward a General Theory of Reactivation and Growth, 1978-89 -- 14. Epilogue -- Notes -- Bibliography of Currie's Writings -- Index

This paper introduces an unpublished 1970 work written by the distinguished development economist Lauchlin Currie (1902-93) on Paul Rosenstein Rodan's famous 1944 essay on the "Big Push" which led to the debate on balanced and unbalanced growth in which Albert Hirschman (1915-2012) was an important contributor. Both Currie and Hirschman had been key economic advisers to the Colombian government and here their respective views on development planning are contrasted. In particular, it is shown how Currie's 1970 paper clarifies the theory that serves as the basis for Colombia's 1971-74 National Plan, which he designed and helped execute, and whose institutional innovations have had a lasting impact on Colombia's recent economic history. ; Este escrito presenta un trabajo inédito de 1970 del distinguido economista del desarrollo Lauchlin Currie (1902-1993) sobre el famoso artículo de 1944 acerca del "Gran Impulso" de Paul Rosenstein-Rodan, que llevó al debate del crecimiento balanceado y desbalanceado en el que Albert Hirschman (1915 - 2012) fue un partícipe importante. Tanto Currie como Hirschman fueron asesores económicos del gobierno colombiano y aquí se contrastan sus respectivos puntos de vista sobre la planeación del desarrollo. En particular, se muestra que el artículo de Currie de1970 esclarece la teoría que sirve de base al Plan Nacional 1971-1974 de Colombia, que él diseñó y ayudó a ejecutar, y cuyas innovaciones institucionales han tenido un impacto duradero en la historia económica reciente de Colombia. ; Este texto apresenta um trabalho inédito de 1970 do reconhecido economista do desenvolvimento Lauchlin Currie (1902-1993) sobre o famoso artigo de 1944 referente ao "Grande Impulso" de Paul Rosenstein-Rodan, que levou ao debate do crescimento balanceado e desbalanceado no que Albert Hirschman (1915-2012) foi um partícipe importante. Tanto Currie quanto Hirschman foram assessores econômicos do governo colombiano, e aqui se contrastam seus respectivos pontos de vista sobre o planejamento do desenvolvimento. Em particular, mostra-se que o artigo deCurrie de 1970 esclarece a teoria que serve de base para o Plano Nacional 1971-1974 da Colômbia, que ele desenhou e ajudou a executar e cujas inovações institucionais têm tido um impacto duradouro na história econômica recente da Colômbia.

This paper evaluates Solow's neoclassical growth model and related empirical estimates of the sources of growth. Invoking Allyn Young, it is argued that the fundamental sources of growth cannot be measured by the value of factor inputs (including research inputs) without reference to the overall growth of product demand in the economy that both induces and limits increased specialization. What is attributed to the factors—the value of their marginal products—is not a measure of their contribution. Integration does not give the social picture. Young's theory of macroeconomic increasing returns reveals the limitations of models that assume an aggregate production function exhibiting constant returns to scale while "augmented" by exogenous technical progress. His endogenously self-sustaining growth paradigm is also shown to differ in important respects (including in its policy implications) from modern endogenous growth theory.

Presents memorandum in the form of a list of Lauchin Currie's ideas on changes to the Federal Reserve System that he thought were necessary.

Presents an interview conducted in 1981 by London Weekend Television with Lauchlin Currie on the Great Depression of the 1930s in the USA, which contains his own suggested questions and answers.

Presents a memorandum written by Lauchlin Currie and Martin Krost in which they attempt to state and clarify the issues involved in, and to present estimates of the magnitude of Federal income‐increasing expenditures.

Presents a memorandum dated March 29, 1935 which was prepared by Lauchlin Currie for Governor Eccles, probably as a basis for a speech. Currie includes a section in which he opposes the right, as under existing law, of the Governor to remain on the Federal Reserve Board if his term of office as Governor is not renewed. He also opposed the removal of the Secretary of the Treasury and the Comptroller of the Currency as ex‐officio members of the Board.

Presents Lauchlin Currie' views on the monetary aspects of the excess reserves problem which he gave at a board meeting on May 18, 1936.

Present a paper and an accompanying letter sent to Governor Eccles by Lauchlin Currie, explaining the Tripartite Agreement between Britain, France and the USA and appealing to him to think twice before heeding calls for a return to the gold standard.

Presents a memorandum written by Lauchlin Currie in December 1940 to the President of the USA on the subject of expansion possibilities of the US monetary system.

Presents a paper written by Lauchlin Currie in January 1991 in which he attempts to demonstrate how lack of precision in the use of terms relating to money and savings can lead to a lack of precision in theories, which in turn leads to errors or misunderstandings in policies. Concludes that an essential step to correct the confusion would be the recognition that the most important portion of means of payment is that which performs a distinct service for which there is a demand, and which entails a cost for which the community is prepared to pay.

Presents a paper written by Lauchlin Currie in November 1992 in which he identifies and defends the concepts of money and the demand for it. The paper argues that the heavy cost of maintaining checking accounts is not reasonably explained by the conventional listing of motivations, especially in the case of large deposits. A new hypothesis is given on the demand for money. The paper concludes that checking accounts possesses the further essential quality of being quantitatively subject to control, which in turn permits a limitation of the total quantity of demand deposits and hence of money.