An early Harvard memorandum on anti-depression policy: an introductory note

D. Laidler, R.J. Sandilands

Research output: Chapter in Book/Report/Conference proceedingChapter


The memorandum that this note introduces was completed by three young members of the Harvard economics department sometime in January 1932. Two of them, Lauchlin Currie and Harry Dexter White, were soon to play key roles on the American, indeed the worldwide policy scene... The third author Paul Theodore Ellsworth is perhaps best remembered as the author of a leading textbook on international economics and he was also a very early but hitherto unrecognized discoverer of what came to be called the IS-LM model as a means of elucidating issues raised by Keynes's (1936) General Theory.
Original languageEnglish
Title of host publicationKeynes, Chicago and Friedman
Place of PublicationLondon
PublisherPickering & Chatto Publishers
Number of pages39
ISBN (Print)1851967672
Publication statusPublished - 2003


  • Harvard memorandum on anti-depression policy
  • Lauchlin Currie
  • Harry Dexter White
  • Paul Theodore Ellsworth
  • great contraction
  • open market operations
  • international indebtedness
  • Harvard economists and the Depression
  • Harris Foundation recommendations

Cite this

Laidler, D., & Sandilands, R. J. (2003). An early Harvard memorandum on anti-depression policy: an introductory note. In Keynes, Chicago and Friedman (Vol. 2, pp. 251-290). Pickering & Chatto Publishers.