A representative figure of the London School

From the previous introduction, we can know that the main representatives of London School are Cannan, Lionel C. Robbins, Friedrich von Hayek, John Hicks, Abba Lerner, Theodore Gregory, Nicholas Canido and others. Among them, except the founder Cannan, Hayek is the only one who keeps the tradition of London School and insists on economic liberalism from beginning to end.

Ednan Cannan

(186 1- 1935) was born in madeira, Spain. Less than three weeks after birth, due to the death of my mother, the whole family moved back to Bournemouth, England, where they spent their teenage years. Cannan entered the Burlio College of Oxford University on 1880, and obtained a bachelor's degree in literature on 1884 and a master's degree in literature on 1887. 1897- 1926 teaches at the London school of economics, 193 1 was hired by Oxford university as a lecturer in Bauer, Sydney. At 1902 and 193 1, he served as the chairman of part f of the British association, and during the period of 1932- 1934, he served as the president of the Royal Economic Society, and was awarded the honorary doctor of law from Glasgow University and the honorary doctor of literature from Manchester University. His contribution to economics is mainly reflected in the following aspects: 1. Teaching and scientific research on the history of economic theory.

In this regard, some of his research results are remarkable. 2. Editing and proofreading of Adam Smith's related works. As he edited & gt, it was once considered as the best and most standard version. He also edited the manuscript of 1896 Smith's law lecture at Glasgow University. 3. Teaching traditional economic theory. Judging from the textbooks used in his lectures and his economic theory, Can Nan is deeply influenced by the traditional theory of British economics and has similar views with Marshall, a famous economist of his time. For example, he took < < paper pound > > > in favor of restoring the gold standard with the exchange rate before World War I, which not only showed Cannan's position on the currency issue, but also directly led to the conflict with Keynes in his later years. Therefore, after his death,> when Cannan's obituary was published in the weekly magazine, he was named as an "orthodox economist". That is, his traditional economic thought trained a generation of scholars and made him naturally become the founder and leader of the London School. Kang Nan's main works are:>( 1888), << 1776- 1848 The history of production and distribution theory in British political economy >:>( 1893), << The history of British local theory >: & << economic outlook >>( 19 12), <<>( 19 14), << currency: relationship with price fluctuation >> (19/4) (1929), << modern money and its value adjustment >:>( 193 1 year), << economic panic >>( 1933), etc.

Lionel C. Robbins

(1898- 1984) was born in middlesex, England. 1920- 1923 studied at the London school of economics. After graduation, he almost always worked at the London School of Economics. In which 1923- 1924 is a research assistant, 1925- 1927 is a lecturer, 1929- 196 1 is an economics professor.1 In addition, he worked in Oxford University for some time. During World War II, he also served as the head of the wartime cabinet office, and together with Keynes, he represented Britain at the 1944 Bretton Woods Conference. Robbins' arch coupons in economics are mainly reflected in: 1. Research on the purpose and method of economics. In this regard, Robbins' views on the definition of economic research field and the difference from other social sciences have had a great influence on economists' determination of the nature of economic science; 2. Persist in economic liberalism for a long time and establish the unique role of London School; 3. The contribution to the teaching and research of the history of economic thought is mainly reflected in Robbins' own works and his influence on other economists. It is worth mentioning that Robbins seldom used the indispensable mathematical tools in modern economic analysis in his research work, but the London School of Economics under his leadership became the center of econometric theory at that time. Robbins' main works are: < On the Nature and Significance of Economic Science >; (1932), < < Great Depression >>( 1934), < < economic planning and international order >:>( 1937), < < the economic root of class conflict >:> (1) << Economic Causes of War >:>( 1939), << Economic Problems in Peace and War >:>( 1947), << Economic Policy Theory of British Classical Political Economics >: > (1952), < & << evolution of modern economic theory >:>( 1970), << anti-inflation > > (1979). Friedrich von Hayek (1899- 1992), "the central figure of economics in the 20th century. ...... "1899 was born in Vienna, Austria on May 8th. During World War I, he worked in the artillery. Later, he entered the Law School of Vienna University, where 192 1 obtained a doctorate in law and 1923 obtained a doctorate in political science. From 65438 to 0923, Hayek visited the United States, studied and worked at Columbia University, and served as a research assistant on American economic issues. From 65438 to 0924, Hayek returned to Vienna. Then he and a group of promising young economists gathered around the famous economist ludwig von mises and attended Mises' private seminar on Austrian economic problems in the 1920s. With the support of Mises (65438-0927), Hayek became the director of the Austrian Institute of Economic Cycle and a lecturer at Vienna University (65438-0929). Hayek has now become a famous economist in Austria. 193 1 year, at the invitation of Robbins, he gave a lecture at the London School of Economics. In this year, Hayek published his works in English. Price and production > > It produced a great response in English-speaking countries, which promoted Hayek to professor and accepted the position of Tuk. During the period of 19 in Britain, Hayek held high the banner of economic liberalism and started a debate with Keynes and Langer successively. Through the debate, Hayek not only developed and perfected his own economic liberalism, but also published a series of works with unique viewpoints, initially forming a theoretical framework called "Friedrich Hayek Economics", which greatly improved the prestige of the London School. 1938, Hayek became a British citizen. 1950, Hayek left Britain and went to the United States, where he became a professor of social and moral sciences at the famous University of Chicago. His research work turned to the history of ideas and wider fields, such as social, political and legal philosophy. 1969 After retiring, he returned to the motherland as an honorary professor and was invited to work at the University of Salzburg, Austria, where he worked until he was 78 years old (1977). 1984, at the suggestion of Prime Minister Thatcher, Hayek was knighted by Britain. In his later years, Hayek spent his time in Frejborg. 1992, Hayek stopped working at home forever. Hayek worked in economics and other fields for 70 years. He is not only the ideological leader of several schools, but also a famous scholar who has made great achievements in many disciplines. From the bibliography edited by Gray for Hayek in 1984, it can be seen that Hayek had 18 monographs, 25 individual books, 16 books edited or prefaced, and 235 papers. Hayek's contribution to economic theory is mainly reflected in his comprehensive and thorough exposition and persistence of economic liberalism around neutral currency, commodity-based theory, economic cycle, international monetary order, the relationship between economics and other social sciences, which makes him an extreme economic liberal and the spiritual leader of various economic schools that adhere to economic liberalism. His theoretical characteristics are inextricably linked with the Austrian school, and he creatively put forward his own unique views. Especially by criticizing Keynes, his economic liberalism thought and theory have distinct characteristics of the times, and his criticism of state intervention and the feasibility of the socialist system reached its peak. Therefore, "in the eyes of western economists, Hayek's main contribution lies in exploring the cognitive role of price in determining capital accumulation, industrial disintegration and national economic productivity, and taking free competition system as the basic condition for most people to survive." Milton friedman, a famous American liberal economist, also said: friedrich hayek's influence is enormous. His works are combined into a rigorous whole of economic theory, which has great influence on economic history, political philosophy and political science, and has influence on researchers of law, scientific methodology and even psychology. Hayek's main works are:>( 193 1 year), < < monetary theory and economic cycle >:>( 1933), < < (194 1 year), << Road to Slavery >>( 1944), << Freedom Charter >; & gt( 1960), << philosophy, politics and economics >:>( 1967), << law, legislation and freedom >:> (three volumes, published in 1973 and1respectively. < < new research on philosophy, politics, economy and the history of thought >>( 1978), < < economic freedom >>( 199 1 year), etc.

Theodore Emanuel Guggenheim

(1890- 1970) was born in London and studied at St. Owen College in Kingston, Ilya, Stuttgart and London School of Economics. 1913-1919 as teaching assistant of London school of economics, 1920 as international trade lecturer of Kassel lecture, 1927- 1930 as head of economics department./kloc Gregory is a talented and contributing person in the London School. Robbins once called him "one of the last talented teachers who made many contributions to the international status of the London School of Economics in the 1920s." Gregory's works are:>( 192 1 year), << tariff: research on methods >; & gt( 192 1 year), < & ltTuek and Newmarch's price history >>( 1928), << gold, unemployment and capitalism >:>( 1933), < &

The following comments on the London School and Hayek are detailed and brief: comments on the London School. From the perspective of the history of western economics, the London School does not have much influence in the field of western economics, nor does its theory and economic policy seem to have much influence. A typical example is that it is difficult to find the phrase "London School" in authoritative books and dictionaries of western economics. The London School was born at an inopportune time. It came into being in 1930s, when the problems of market mechanism were exposed, and the traditional laissez-faire theory was hard to justify. The economic crisis that broke out in the capitalist world in this era completely shattered the myth that the market is natural and reasonable, and the harsh reality forced many western economists to change their course and seek new theories. In this situation, even the Cambridge School, which inherited Marshall's mantle, began to give up its usual laissez-faire theory and regroup under the banner of Keynes. However, the London School at this time went against the trend of the times, trying to hold high the banner of laissez-faire, oppose Keynes's state intervention policy, and establish the center of neo-liberal economic thought. The result must be congenital deficiency, and it is difficult to achieve positive results. The most obvious example is Robbins, one of its leaders. After insisting on the idea of free economy for most of his life, he had to publicly announce in his later years: "The problem lies in human intelligence, and I became a slave to the theoretical structure."

This theoretical structure is totally unsuitable for the development situation, so I made a wrong judgment. Robbins' recognition of Keynes's theory should be said to announce that the London School began to withdraw from the historical stage. However, as the leaders of London School, Connan and Robbins are still famous figures in the history of western economics. As mentioned above, they have made great contributions in their respective research fields, and they have all been named as great economists by later generations. The short history of London School shows once again that with the change of production and production relations, economics, which should express and describe this change, must keep up with the development of history. If you want to change with constancy, you are bound to fall behind and have a hard time.

Hayek

Comments on Hayek. There is no doubt that Hayek is a famous economist, which is proved by his contribution to the study of pure economic theory and his unique research method of economic theory. His position in the history of western economists is indelible. However, from the course of his persistence in economic liberalism all his life, from the course of his argument with most famous economists in western economics, especially from his experience of completely denying socialism and planned economy, he is also a figure lacking dialectical materialism, especially in the multidimensional coordinates of human historical development, materialist dialectics and historical materialism, we can find some fatal weaknesses and problems. 1. How to treat the historical position of Hayek's economic thought? Hayek's economic thought belongs to the theoretical category of neo-liberalism, but Hayek's neo-liberalism is the most thorough economic liberalism, which focuses on discussing the meaning of freedom and equality from the ethical point of view, opposes any form of state intervention, and advocates a free market economy under a competitive private monetary system, so Hayek can also be called an extreme economic liberal. To correctly judge the position of Hayek's economic thought in history, we must analyze the historical environment in which Hayek's economic thought came into being and test Hayek's economic thought with the mirror of history. When evaluating the London School, it has been said that since the economic crisis 1929- 1933 broke out in the capitalist world, great changes have taken place in the western economic theory that studies the operation of capitalist economy. Because this crisis is by far the most serious and profound crisis in the history of capitalist economic crisis, it embodies the characteristics of extremely deep depth, extremely wide breadth and extremely long time, and has caused great losses to the capitalist world. Judging from the situation at that time, the dominant traditional laissez-faire theory could not stand the test, it was difficult to justify itself in theory, and it was at a loss in policy and fell into an unprecedented predicament. At that time, western countries were mired in economic policies based on laissez-faire theory for a long time. This great crisis profoundly showed that capitalism had decayed at that time, and the contradiction between private possession of means of production and socialization of production predicted by Marx had dragged the whole capitalist world to the brink of collapse. This inevitable trend of historical development, of course, should completely deny the old theory and method of relying solely on the capitalist market mechanism, supplemented by the traditional credit adjustment policy in the monetary and financial fields to maintain the normal operation of the economy. Therefore, we can draw such a conclusion: in the face of the test of the great economic crisis in the 1930s, the phenomenon that the old methods of the traditional laissez-faire theory completely failed is by no means accidental, but the inevitable result of the qualitative change of productivity and production relations in the development of capitalist society. Therefore, the great crisis that broke out in 1930s, while declaring the bankruptcy of the laissez-faire traditional economic thought centered on Marshall's neoclassical theory, was not only a turning point in the history of capitalist social development and capitalist economic crisis, but also a major turning point in the history of western economic theory development. During the period of 1933, the capitalist world was in a panic and the economy was bleak. The capitalist world had an important impact on capitalist society twice. One is that Hitler, the head of German fascism, became prime minister at the end of 1, and the other is that Roosevelt entered the White House in early March. These two leaders, who pursued completely different goals, both began to implement the policy of direct state intervention in the economy and began to use state monopoly capitalism to deal with the deepening economic crisis. Keynes's < < general theory > > published, put forward his general theory about alcohol and its policy measures, and realized the so-called Keynesian revolution in theory.

Keynes

Keynes opposed the traditional western economic theory and put forward:

1. Abandon the traditional theory of the perfection of the capitalist system and admit that there are problems of unemployment and uneven distribution in the capitalist system. 2. Abandon Say's law that supply will create demand by itself, deny the theory that capitalism has an economic crisis of overproduction, and acknowledge the economic crisis and serious unemployment; 3. Abandon the traditional theory that full employment balance can be achieved through automatic market regulation, and admit that without government intervention, the effective demand in capitalist society is insufficient and it is difficult to achieve full employment; 4. In terms of specific economic policies, Keynes put forward an expansionary fiscal policy, that is, expanding government expenditure, deficit budget and borrowing costs. Raise fiscal policy to the main position of anti-crisis, and put the primary monetary policy in traditional theory in a secondary position; 5. Modern macroeconomic analysis is initiated in analytical methods, focusing on the causes of extreme fluctuations in total employment, total production and national income, in order to distinguish Marshall's price analysis microeconomics with laissez-faire as the basic content. Although Keynes's economic theory was disturbed by the economies of various countries in World War II, it did play a huge role after the war. Western countries' economies have developed rapidly and their economic fluctuations have decreased. The universal prosperity of the western capitalist world in 1950s and 1960s proved the correctness of Keynes's economic theory, and the facts showed that Keynes's theory eased and saved capitalism to some extent. The fundamental reason is that Keynesian theory has adapted to the needs of capitalist system, private monopoly capitalism and state monopoly capitalism, that is, it has adapted to the needs of the development of productive forces and production relations in capitalist society and is the product of the development trend of human society.

However, Hayek started a heated debate with Keynes in 1930s, denying the economic policy of macro-control and government intervention, and trying to replace Keynes's fiscal policy with neutral money theory to offset the effect of big prescription. On the other hand, wantonly attacking the planned economy and the socialist system and alarmingly creating the United States and Britain are in danger of repeating the mistakes of Germany, and the statement that the socialist system is through slavery is obviously a mockery of reality regardless of historical facts. Therefore, Hayek's insistence on the extreme theory of economic liberalism is not wrong, but from the perspective of historical and economic axis, it is obviously contrary to the trend of social development, which determines that all kinds of theories he put forward at that time, especially the criticism of socialist system, planned economy, Keynesian theory and policy, are wrong and violate the general direction of social trend at that time.

Second, the advantages of Hayek's economic theory. There is no doubt that Hayek is an influential western economist. His serious research for more than 60 years has left many valuable wealth for future generations, even in the process of building a socialist market economy, there are places worth learning from. Hayek is an extreme economic liberal, so he is also a combat scientist who thoroughly studies the theory of market economy and the operation process of market mechanism. Therefore, his important role in promoting competition and optimizing resource allocation, such as information dispersion theory, deserves serious and in-depth study; His views on the role of the rule of law in ensuring fair competition, the significance of the rule of law and the difference between the meaning of the rule of law, legislation and law enforcement are also worthy of in-depth consideration, especially in the process of continuously strengthening legislation and promoting the rule of law in China to ensure the establishment and implementation of the socialist market economic system and mechanism. Hayek's analysis of the disadvantages of planned economy and state intervention can also provide us with reference to problems that may lead to the rule of man; He strengthened competition and prevented excessive fairness, which is what we can learn from when we carry out specific reforms such as survival of the fittest and selecting the best posts. In the study of pure economic theory, Hayek has in-depth research, unique insights and important innovations in monetary theory, neutral monetary theory and economic cycle theory, which has been confirmed by western economic theory circles and is worth further discussion in the study of western economic theory. His special research method, using the research results of social sciences such as ethics, sociology and philosophy, excavates the moral and cultural foundation of a social system, establishes new value standards, and examines social economy and social phenomena from various angles, which is also worth learning, because it will also be of great help to increase the sense of social responsibility and improve the research and formulation level of economics and economic policies.