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

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.