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 Interco ...

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, ...

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 en ...

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 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

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 ...

and Oscar Lange in the following decade and anticipated in mathematical form by Enrico Barone 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

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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