Melchior Palyi

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Melchior Palyi (born March 14, 1892 in Budapest , Austria-Hungary ; died July 28, 1970 in Chicago ) was a German-American economist.

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Melchior Palyi was a son of the journalist Eduard (Ede) Pályi (1865–1930). His father was the founder of the newspaper "Magyar Szó" and editor-in-chief of the newspaper "Budapesti Napló".

Palyi attended a Protestant grammar school in Budapest and passed the Abitur examination there in 1909. He graduated from Budapest University, a commercial college and the University of Munich, studied law, private and economics, and received his doctorate in 1915. Moritz Julius Bonn had inspired him to write his doctoral thesis on “The Romantic Money Theory”, published in 1916 . Palyi then worked for the Austro-Hungarian state for a short time and from 1918 to 1922 took a teaching position at the Munich Commercial College.

From 1920 to 1922 Palyi participated in editions of Max Weber's estate . In particular, he researched current issues of balance of payments and currencies and the German banking system after the First World War . A habilitation in 1921 at the University of Göttingen was followed a year later by a re-habilitation at the Berlin School of Business . He then taught for some time in Kiel and as a visiting professor at universities in England and the USA. In 1929, the Berlin School of Management appointed him associate professor.

During this time, Palyi had numerous contacts in business and economic policy. From 1928 to 1933 he sat on a scientific advisory board of Deutsche Bank . He was director of the Berlin Institute for Currency Research, founded in 1931, and as a publicist justified the Reichsbank's political actions during the Great Depression and campaigned for the continuation of the gold standard .

As a native Jew who represented liberal views, Palyi emigrated to the United States via England in 1933 and accepted citizenship there. He taught at several universities and took on research projects, including the possible order of credit markets. From 1937 to 1940 he worked as a partner in a retail business and then worked as an independent management consultant and publicist. After 1945 he dealt extremely critically with the progress of the currency systems. He repeatedly pointed out the dangers posed by inflationary efforts and the restriction of individual freedoms by the modern state. He wrote articles for newspapers and several books, advocating a global gold standard .

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SURNAME Palyi, Melchior
BRIEF DESCRIPTION German-American economist
DATE OF BIRTH March 14, 1892
PLACE OF BIRTH Budapest
DATE OF DEATH July 28, 1970
Place of death Chicago