Raymond W. Goldsmith
Encyclopedia
Raymond W. Goldsmith was an American economist
specialising in historical data on national income, saving, financial intermediation, and financial asset
s and liabilities.
Goldsmith was born in Germany to a family of Jewish ancestry, and grew up in Frankfurt. After finishing secondary school, he worked in a bank for a yeear that include the German hyperinflation
of 1923. He then studied at the Berlin Handelshochschule and obtained a Ph.D. from the University of Berlin in 1928. From then until he left for the USA in 1934, he was employed by the German statistical office and the Institut fur Finanzwesen, working on studies of the banking and economic systems of Latin America and elsewhere. He was a fellow at the Brookings Institution
, 1930-31, and a postdoc at the London School of Economics
, 1933-34.
Between 1934 and 1951, he worked in various capacities at the Securities and Exchange Commission and the War Production Board
. At the Department of State, he helped devise the Colm-Dodge-Goldsmith plan for the German currency reform of 1946, and the financial implementation of the 1947 Austrian peace agreement.
In 1951, Goldsmith was appointed professor at New York University
and a staff member at the National Bureau of Economic Research
, and began working on his magnum opus, A Study of Saving in the United States (1955). This work, partly coauthored with Dorothy Brady and Horst Menderhausen, ran to three volumes totalling more than 2000 pages and included many hundreds of tables of time series
data. These data were crucial for early empirical tests of the life cycle
and the permanent income
theories of consumption, as the official national income accounts for the USA begin only in 1929. From 1962 to 1973, he was Professor of Economics at Yale University
, remaining an active scholar until the end of his life.
Goldsmith is mainly known as the author of about 15 scholarly books, immensely rich in historical economic and financial data about the USA, other countries, and the ancient world.
The books by Goldsmith are a good place to look for American data on national income flows before 1929, stocks of tangible assets before 1925, and on financial asset
s and liabilities before 1945. His method for estimating Roman GDP from meager ancient evidence provided the basis for subsequent attempts by economic historians such as Angus Maddison
, Peter Temin
and others.
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
specialising in historical data on national income, saving, financial intermediation, and financial asset
Financial asset
A financial asset is an intangible asset that derives value because of a contractual claim. Examples include bank deposits, bonds, and stocks. Financial assets are usually more liquid than tangible assets, such as land or real estate, and are traded on financial markets....
s and liabilities.
Goldsmith was born in Germany to a family of Jewish ancestry, and grew up in Frankfurt. After finishing secondary school, he worked in a bank for a yeear that include the German hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
of 1923. He then studied at the Berlin Handelshochschule and obtained a Ph.D. from the University of Berlin in 1928. From then until he left for the USA in 1934, he was employed by the German statistical office and the Institut fur Finanzwesen, working on studies of the banking and economic systems of Latin America and elsewhere. He was a fellow at the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
, 1930-31, and a postdoc at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
, 1933-34.
Between 1934 and 1951, he worked in various capacities at the Securities and Exchange Commission and the War Production Board
War Production Board
The War Production Board was established as a government agency on January 16, 1942 by executive order of Franklin D. Roosevelt.The purpose of the board was to regulate the production and allocation of materials and fuel during World War II in the United States...
. At the Department of State, he helped devise the Colm-Dodge-Goldsmith plan for the German currency reform of 1946, and the financial implementation of the 1947 Austrian peace agreement.
In 1951, Goldsmith was appointed professor at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
and a staff member at the National Bureau of Economic Research
National Bureau of Economic Research
The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
, and began working on his magnum opus, A Study of Saving in the United States (1955). This work, partly coauthored with Dorothy Brady and Horst Menderhausen, ran to three volumes totalling more than 2000 pages and included many hundreds of tables of time series
Time series
In statistics, signal processing, econometrics and mathematical finance, a time series is a sequence of data points, measured typically at successive times spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the...
data. These data were crucial for early empirical tests of the life cycle
Life cycle hypothesis
The Life Cycle Hypothesis is an economic concept analysing individual consumption patterns.The life-cycle hypothesis considers that individuals plan their consumption and savings behaviour over the long term and intend to even out their consumption in the best possible manner over their entire...
and the permanent income
Permanent income hypothesis
The permanent income hypothesis is a theory of consumption that was developed by the American economist Milton Friedman. In its simplest form, the hypothesis states that the choices made by consumers regarding their consumption patterns are determined not by current income but by their longer-term...
theories of consumption, as the official national income accounts for the USA begin only in 1929. From 1962 to 1973, he was Professor of Economics at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, remaining an active scholar until the end of his life.
Goldsmith is mainly known as the author of about 15 scholarly books, immensely rich in historical economic and financial data about the USA, other countries, and the ancient world.
- Financial Intermediaries in the American Economy since 1900.
- 1962. The national Wealth of the U.S. in the Postwar Period.
- 1963 (with Robert Lipsey and Morris Mendelson). Studies in the National Balance Sheet of the U.S. In two volumes.
- 1969. Financial Structure and Development.
The books by Goldsmith are a good place to look for American data on national income flows before 1929, stocks of tangible assets before 1925, and on financial asset
Financial asset
A financial asset is an intangible asset that derives value because of a contractual claim. Examples include bank deposits, bonds, and stocks. Financial assets are usually more liquid than tangible assets, such as land or real estate, and are traded on financial markets....
s and liabilities before 1945. His method for estimating Roman GDP from meager ancient evidence provided the basis for subsequent attempts by economic historians such as Angus Maddison
Angus Maddison
Angus Maddison was a British economist and a world scholar on quantitative macroeconomic history, including the measurement and analysis of economic growth and development...
, Peter Temin
Peter Temin
Dr. Peter Temin is a widely cited economist and economic historian, currently Gray Professor Emeritus of Economics, MIT and former head of the Economics Department....
and others.
Works
- (1984) "An Estimate of the Size and Structure of the National Product of the Early Roman Empire," Review of Income and Wealth 30(3): 263–288.
External links
- William ParkerWilliam Parker-Sportsmen:* Tony Parker, William Anthony Parker II, , Belgian basketball player* Smush Parker , American basketball player* Sir William Parker, 3rd Baronet , British rower and Olympic medalist*Will Parker, rugby union player...
(1989) "In Memoriam, Raymond W. Goldsmith (1904-1988)," Review of Income and Wealth 35: 103-105. Source for most of this entry.