Walter Lippmann: Public Economist

Unemployment, monetary and fiscal policy, and the merits and drawbacks of free markets were a few of the issues the journalist and public philosopher Walter Lippmann explained to the public during the Depression, when professional economists skilled at translating concepts for a lay audience were not yet on the scene, as Craufurd Goodwin shows.

Table of Contents:
Contents Preface Note on Citations and Abbreviations Introduction Chapter 1. The Making of a Public Economist Chapter 2. Building Intellectual Community Chapter 3. “You Can Always Tell a Harvard Man" Chapter 4. Recovery Chapter 5. Keynesian Conversion Chapter 6. Reform I: Redistribution Chapter 7. Reform II: Monopoly Chapter 8. “Regenerated Liberalism” Chapter 9. War Chapter 10. Peace Chapter 11. The Economy of the Postwar World Chapter 12. The Good Economy Draft of Declaration of Principles, 1936 Columns by Walter Lippmann References Index

About the Author :
Goodwin Craufurd D. : Craufurd D. Goodwin is James B. Duke Professor of Economics Emeritus at Duke University.

Review :
It is unusual for a historical narrative to feature a journalist. Yet...Goodwin employs the writings of the once-famous newspaper columnist Walter Lippmann to describe the fervid U.S. debates that began with the 1929 stock-market crash. The device works beautifully. Lippmann, who wrote from 1931 to 1967, was so prolific, and his correspondence with other thinkers and decision makers was so cogent and extensive, that his oeuvre provides excellent material for examining a crucial moment in American history and essential aspects of the American economy, as hotly debated today as in Lippmann's time...[An] insightful chronicle. -- George Melloan Wall Street Journal An excellent study of the man who was probably the most influential economics columnist and commentator of his era, even though he is not usually remembered as such. -- Tyler Cowen MarginalRevolution.com From the early 1920s until the mid-1960s, Walter Lippmann was among the most prominent American public intellectuals, a sought-after adviser to politicians and the author of many books and more than a thousand articles and columns for The New Republic, the Herald Tribune, and The Washington Post. Goodwin's worthy book serves to remind readers that Lippmann was more than a mere pundit. -- Richard N. Cooper Foreign Affairs This is a timely biography. Lippmann's concern to navigate through the real complexities and uncertainties of a transitional, even revolutionary, economic era while avoiding the appealing, easy answers was admirable... Lippmann is well worth re-discovering as we continue through our own period of economic and political upheaval, and this book sheds light on what made him an important figure who deserves to be better known. -- Diane Coyle Enlightened Economist An insightful biography of esteemed journalist and philosopher Walter Lippmann...Opening up new perspectives on past political debates, Goodwin delivers a finely limned portrait of a man whose career was based on standards and purposes that seem to have largely disappeared from public life. -- Kirkus Reviews We have many pundits and probably too many economists. But we have no Walter Lippmann, and Craufurd D. Goodwin's wonderful biography of the great journalist shows us why this is a tragedy. Lippmann was the voice of the profound generalist fighting the damaging defenders of meaningless abstraction. This is a fascinating book that reminds us how much better public commentary on the economy can be than it is today. -- Jeff Madrick, author of Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World Walter Lippmann set an unmatched standard for a journalist interpreting (and leavening) expert opinion to newspaper readers in the middle third of the twentieth century. He introduced Keynesian macroeconomics to the generation of the New Deal but never lost interest in markets themselves. He precipitated the founding of the Mont Pèlerin Society after World War II but declined to join. And he remained on top of the story well into the Sixties, when the New Economics actually became public policy. It was a golden age. Craufurd Goodwin, who in the forty years that followed became the dean of the history of economic thought in America, has reanimated Lippmann and his approach with an eye to its many lessons for the present day. -- David Warsh, economicprincipals.com Anyone interested in the great economic and political events of the middle of the last century will have encountered Walter Lippmann. The prolific journalist and public intellectual wrote regular newspaper columns and numerous books wrestling with the challenges of economic depression, war, and reconstruction. In this volume, Goodwin provides a synthesis of the evolution of Lippmann's views on economic issues...Goodwin concludes this fascinating volume with a brief chapter summing up Lippmann's importance in creating the role of the public intellectual in economic policy. -- J. L. Rosenbloom Choice A fascinating glimpse into the workings of a brilliant mind striving mightily to understand the changing world around him and explain it to his readers...In splendid detail, Goodwin traces the process by which Lippmann, influenced by so many different minds from so many different fields, assumed the role that became his mission, that of public economist...No brief summary can do justice to either the richness of Lippmann's ideas and prose or the skill with which Goodwin has woven his account of them. Quoting Lippmann liberally, the author does a masterful job of meshing disparate elements of material into a coherent narrative with a clarity that matches Lippmann's own style... Goodwin's superb work offers readers a fascinating guided tour across the landscape of one of the most unique and fertile minds of our time. -- Maury Klein Harvard Business Review