![Fred M](https://upload.wikimedia.org/wikipedia/commons/9/93/Fred_M._Taylor.png)
Fred Manville Taylor (July 11, 1855,
Northville, Michigan
Northville is a city in Oakland and Wayne counties in the U.S. state of Michigan. The population was 6,119 at the 2020 census.
Northville is a suburb of Metro Detroit and is located about west of the city of Detroit and northeast of Ann Arbo ...
– August 7, 1932) was a U.S.
economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
and educator best known for his contribution to the theory of
market socialism
Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned ...
. He taught mostly history at
Albion College
Albion College is a private liberal arts college in Albion, Michigan. The college was founded in 1835 and its undergraduate population was approximately 1,500 students in 2014.
They participate in NCAA Division III and the Michigan Intercolle ...
from 1879 to 1892. He taught in the department of economics at
University of Michigan
, mottoeng = "Arts, Knowledge, Truth"
, former_names = Catholepistemiad, or University of Michigania (1817–1821)
, budget = $10.3 billion (2021)
, endowment = $17 billion (2021)As o ...
from 1892 to 1929 after receiving his Ph.D. in
political philosophy
Political philosophy or political theory is the philosophical study of government, addressing questions about the nature, scope, and legitimacy of public agents and institutions and the relationships between them. Its topics include politics, l ...
there in 1888. His ''Principles of Economics'' (1911) went through 9 editions. Of a
libertarian
Libertarianism (from french: libertaire, "libertarian"; from la, libertas, "freedom") is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's e ...
ideology
An ideology is a set of beliefs or philosophies attributed to a person or group of persons, especially those held for reasons that are not purely epistemic, in which "practical elements are as prominent as theoretical ones." Formerly applied pri ...
, he was noted as a clear and rigorous expositor of economic theory in the
partial-equilibrium lineage of
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time. His book '' Principles of Economics'' (1890) was the dominant economic textbook in England for many years. I ...
.
In his
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics. It publishes several peer-reviewed journals acknowledged in business and academia. There are some 23,000 members.
History and Constitution
The AEA was esta ...
presidential address, Taylor (1929) laid out the conditions under which a
socialist economy
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may t ...
could in theory achieve an efficient allocation of resources. The conditions parallel those of a
private-enterprise economy. They include the state providing money income to its citizens, citizens using their income as they choose to buy output produced by
state
State may refer to:
Arts, entertainment, and media Literature
* ''State Magazine'', a monthly magazine published by the U.S. Department of State
* ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States
* ''Our S ...
enterprises, and the state setting prices equal to marginal cost so as to compensate factors of production, including labor, with prices set by trial-and-error to clear markets. In this, Taylor stated principles of
market socialism
Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned ...
developed by
Abba Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist.
Biography
Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which e ...
and
Oscar Lange in the following decade and anticipated in mathematical form by
Enrico Barone
Enrico Barone (; 22 December 1859, Naples, Kingdom of the Two Sicilies – 14 May 1924, Rome, Italy) was a soldier, military historian, and an economist.
Biography
Barone studied the classics and mathematics before becoming an army officer. He ta ...
in 1908.
[M. H. I. Dore and M. C. Kaser (1984). "The Millions of Equations Debate: Seventy Years after Barone, ''Atlantic Economic Journal'', ]
p. 30
44.
Notes
Bibliography
*
*
*
*
External links
*
*
1855 births
1932 deaths
American economists
American socialists
University of Michigan faculty
University of Michigan alumni
Presidents of the American Economic Association
{{US-economist-stub