Frank William Taussig

Frank William Taussig was a prominent American economist, academic, and public servant. He is best known for his influential work in the field of international trade and his role in shaping U.S. trade policy. Taussig was a leading figure in the development of American economics in the late 19th and early 20th centuries. He served as a key advisor to several U.S. presidents and was a vocal advocate for protectionist trade policies.

Early life and education

Frank William Taussig was born on December 26, 1854, in St. Louis, Missouri, to a wealthy family of German-American descent. He grew up in a culturally rich environment and developed a strong interest in economics and politics from an early age. Taussig attended Harvard University, where he earned his undergraduate degree in 1876 and his Ph.D. in 1880. During his time at Harvard, he was heavily influenced by the works of Carl Marx and David Ricardo, which shaped his future research interests.

Academic career

Taussig began his academic career as an assistant professor of political economy at Harvard University in 1880. He quickly rose through the ranks, becoming a full professor in 1884 and serving as the chairman of the economics department from 1901 to 1912. Taussig was a popular teacher and mentor, and he played a significant role in shaping the research interests of his students, including Joseph Schumpeter and Harold Innis. He was also a prolific writer, publishing numerous articles and books on economics, including his influential textbook, Principles of Economics, which was first published in 1911.

Contributions to economics

Taussig's contributions to economics were significant, particularly in the areas of international trade and tariff policy. He was a vocal advocate for protectionist trade policies, arguing that tariffs could help to protect domestic industries and promote economic growth. Taussig's work on international trade was heavily influenced by the gold standard, which he saw as a key factor in promoting economic stability. He was also a strong critic of free trade, arguing that it could lead to economic instability and inequality. Taussig's work on these topics was widely respected, and he was elected as a fellow of the American Academy of Arts and Sciences in 1891.

Tariff Commission and public service

In addition to his academic work, Taussig was also actively involved in public service. In 1915, he was appointed as a member of the U.S. Tariff Commission, which was established to provide advice on trade policy to the U.S. government. Taussig served on the commission for several years, playing a key role in shaping U.S. trade policy during this period. He was also a close advisor to several U.S. presidents, including Theodore Roosevelt and Woodrow Wilson, and played a significant role in shaping their economic policies. Taussig was a strong supporter of the Smoot-Hawley Tariff Act of 1930, which raised tariffs on imported goods.

Personal life and legacy

Taussig married Rosamond Mitchell in 1882, and the couple had two children together. He was a prominent figure in Cambridge, Massachusetts, and was known for his love of travel and music. Taussig died on November 11, 1940, at the age of 85, leaving behind a legacy as one of the most influential economists of his generation. His work continues to be studied by economists and historians today, and his contributions to the field of international trade remain highly regarded. Category:American economists Category:Harvard University faculty Category:Members of the U.S. Tariff Commission