James Edward Meade FBA (23 June 1907 – 22 December 1995) was a British economist who made major contributions to the theory of international trade and welfare economics. Along with Richard Kahn, James Meade helped develop the concept of the Keynesian multiplier while participating in the Cambridge circus. In the 1930s, he served as specialist adviser on behalf of the British government at the Economic and Financial Organization of the League of Nations.
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👉 James Meade in the context of James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Yale University. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model.
Along with fellow neo-Keynesian economist James Meade in 1977, Tobin proposed nominal GDP targeting as a monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial markets and their relations to expenditure decisions, employment, production and prices."
In this Dossier
James Meade in the context of Christ's College, Cambridge
Christ's College is a constituent college of the University of Cambridge, England. The college includes the Master, the Fellows of the College, and about 450 undergraduate and 250 graduate students. The college was founded by William Byngham in 1437 as God's House. In 1505, the college was granted a new royal charter, was given a substantial endowment by Lady Margaret Beaufort, and changed its name to Christ's College, becoming the twelfth of the Cambridge colleges to be founded in its modern form.
Alumni of the college include the poet John Milton, the naturalist Charles Darwin, as well as the Nobel Laureates Martin Evans, James Meade, Alexander Todd, Duncan Haldane, and John Clarke. The Master is Lord McDonald of Salford.
James Meade in the context of Nominal income target
A nominal income target is a monetary policy target. Such targets are adopted by central banks to manage national economic activity. Nominal aggregates are not adjusted for inflation. Nominal income aggregates that can serve as targets include nominal gross domestic product (NGDP) and nominal gross domestic income (GDI). Central banks use a variety of techniques to hit their targets, including conventional tools such as interest rate targeting or open market operations, unconventional tools such as quantitative easing or interest rates on excess reserves and expectations management to hit its target. The concept of NGDP targeting was formally proposed by neo-Keynesian economists James Meade in 1977 and James Tobin in 1980, although Austrian School economist Friedrich Hayek argued in favor of the stabilization of nominal income as a monetary policy norm as early as 1931 and as late as 1975.
The concept was resuscitated and popularized in the wake of the 2008 financial crash by a group of economists (most notably Scott Sumner) whose views came to be known as market monetarism. They claimed that the crisis would have been far less severe had central banks adopted some form of nominal income targeting.
James Meade in the context of Bertil Ohlin
Bertil Gotthard Ohlin (Swedish: [ˈbæ̌ʈːɪl ʊˈliːn]) (23 April 1899 – 3 August 1979) was a Swedish economist and politician. He was a professor of economics at the Stockholm School of Economics from 1929 to 1965. He was also leader of the People's Party, a social-liberal party which at the time was the largest party in opposition to the governing Social Democratic Party, from 1944 to 1967. He served briefly as Minister of Commerce and Industry from 1944 to 1945 in the Swedish coalition government during World War II. He was President of the Nordic Council in 1959 and 1964.
Ohlin's name lives on in one of the standard mathematical models of international free trade, the Heckscher–Ohlin model, which he developed together with Eli Heckscher. He was jointly awarded the Nobel Memorial Prize in Economic Sciences in 1977 together with the British economist James Meade "for their pathbreaking contribution to the theory of international trade and international capital movements".