Richard Musgrave

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Richard Abel Musgrave (born December 14, 1910 in Koenigstein , † January 15, 2007 in Santa Cruz ), born Richard Abel-Musgrave , was a German-American economist . He was the son of the German-American translator, educator, journalist, publicist, chemist and author Curt Abel-Musgrave . His wife was Peggy Musgrave , a finance scientist with whom he published some of his most important books.

Career

Musgrave's mother came from Brighton to her mother's home in Koenigstein.

From 1930 to 1931 he studied economics in Munich. In Heidelberg he then continued his studies with Alfred Weber and graduated in 1933 with the examination to become a graduate economist . As a child of a family of Jewish faith, during his studies he experienced the persecution of Jews and the emergence of the injustice state through National Socialism . In the fall of 1933 Musgrave received a scholarship that had been applied for several years earlier to study in the USA . He used this opportunity to turn his back on Germany and to relocate to the USA. At Harvard University , he received his doctorate in 1937 and began to teach economics .

During the war , Musgrave worked at the Federal Reserve Bank in Washington DC In the following years he took several courses at universities, so at the University of Michigan , Princeton University and Johns Hopkins University . From 1965 to 1981 he returned to Harvard University.

He was available as an advisor to several US governments, especially during the time of US Presidents John F. Kennedy and Lyndon B. Johnson .

He also influenced the establishment of the International Institute of Public Finance (IIPF) and helped set up the Munich Center for Economic Studies (CES) .

Scientific work

Musgrave was mainly concerned with the economic role of the state in the national economy. Among other things, he coined the term merit goods , by which he understands a good that could provide a greater benefit than is reflected in the demand that exists in the free market economy. This justifies its promotion through state subsidies.

He also dealt with market failure .

Musgrave recognized three core tasks of a state :

  1. Stabilization of the economy : the state actively exerts influence on overall economic demand. High taxes inhibit consumption and thus also the investment activity of companies. Low taxes stimulate consumption, unless the state compensates for the tax shortfalls with debt.
  2. Correction of the distribution ( distribution ) of income : The state must show itself responsible for the expenditures within the framework of the social benefit systems, which produce a distributive justice. These include B. Social assistance, housing benefit, university benefits. As a rule, this is understood to mean a more even distribution.
  3. Allocation of merit goods.

His 1959 book Theory of Public Finance earned him great recognition. Here he combined the views of traditional German finance with Anglo-Saxon market theories and the theses of John Maynard Keynes . The book was published in 1966 under the title Finanztheorie in German.

Awards and honors

In 1961, Musgrave was elected to the American Academy of Arts and Sciences , and in 1986 to the National Academy of Sciences . He received an honorary doctorate from the University of Munich. The Richard Musgrave Prize of the National Tax Journal is named after him. The International Institute of Public Finance also awards the Peggy and Richard Musgrave Prize .

Works (selection)

  • The Theory of Public Finance: A Study in Public Economy. MacGraw-Hill, New York 1959.
  • Finanztheorie, 2nd edition, JCB Mohr (Paul Siebeck), Tübingen 1974 (German edition of 'The Theory of Public Finance').

literature

credentials

Web links

Individual evidence

  1. ↑ Hans-Werner Sinn: Please bring me the New York Times: on the European roots of Richard Abel Musgrave. CESifo working paper, No. 2050, Munich 2007.
  2. ↑ Specimen copy DNB 750011769 at the German National Library .
personal data
SURNAME Musgrave, Richard
ALTERNATIVE NAMES Musgrave, Richard Abel (full name); Abel-Musgrave, Richard (maiden name)
BRIEF DESCRIPTION German-American economist
DATE OF BIRTH December 14, 1910
PLACE OF BIRTH Koenigstein
DATE OF DEATH January 15, 2007
Place of death Santa Cruz