Beardsley Ruml

Beardsley Ruml was a renowned American economist and educator, known for his work at the University of Chicago and his influential role in shaping New Deal policies under Franklin D. Roosevelt. Ruml's expertise in economics and taxation led to his appointment as the chairman of the Federal Reserve Bank of New York and his involvement in the development of the Pay-as-you-go tax system. His work was also influenced by notable economists such as John Maynard Keynes and Milton Friedman. Ruml's contributions to the field of economics were recognized by his peers, including Paul Samuelson and Gary Becker.

● Early Life and Education

Beardsley Ruml was born in Cedar Valley, Iowa, to a family of modest means, and grew up in Marshalltown, Iowa. He attended Dartmouth College, where he earned his undergraduate degree, and later pursued his graduate studies at University of Chicago, under the guidance of notable economists such as Frank Knight and Jacob Viner. Ruml's academic background was also influenced by his time at Columbia University, where he studied alongside Ragnar Frisch and Jan Tinbergen. His early education laid the foundation for his future work in economics, which was shaped by the ideas of Adam Smith and Karl Marx.

● Career

Ruml's career in economics began at the University of Chicago, where he taught alongside prominent economists such as Milton Friedman and George Stigler. He later became the director of the Laura Spelman Rockefeller Memorial, a foundation established by John D. Rockefeller to support research in the social sciences. Ruml's work at the memorial brought him into contact with notable figures such as Abraham Flexner and Beatrix Farrand, and helped shape his views on economics and social policy. His expertise in taxation led to his appointment as the chairman of the Federal Reserve Bank of New York, where he worked closely with Benjamin Strong and Charles Evans Hughes.

● New Deal Policies and Legacy

Ruml's involvement in the New Deal policies of Franklin D. Roosevelt was significant, as he played a key role in shaping the administration's economic agenda. He worked closely with other notable economists, including John Maynard Keynes and Alvin Hansen, to develop policies aimed at stimulating economic recovery. Ruml's contributions to the New Deal were influenced by his work with the National Recovery Administration and the Works Progress Administration, and his ideas on taxation and fiscal policy were shaped by his interactions with Henry Morgenthau Jr. and Harry Hopkins. His legacy as a key figure in the development of New Deal policies is still recognized today, alongside other notable figures such as Frances Perkins and David Niles.

● Personal Life

Ruml's personal life was marked by his marriage to Virginia Ruml, and his interests in philanthropy and education. He was a strong supporter of the Rockefeller Foundation and the Carnegie Corporation of New York, and worked closely with John D. Rockefeller III and Frederick Osborn to promote education and research. Ruml's personal relationships with notable figures such as Eleanor Roosevelt and Henry Luce also reflect his commitment to public service and social responsibility. His work was also influenced by his interactions with Walter Lippmann and Reinhold Niebuhr.

● Later Life and Death

In his later years, Ruml continued to be involved in public policy and education, serving on the boards of institutions such as the New York Public Library and the American Museum of Natural History. He also maintained his connections with the University of Chicago and the Federal Reserve Bank of New York, and remained a respected figure in the field of economics. Ruml passed away on April 19, 1960, in New York City, leaving behind a legacy as a prominent economist and educator, whose work continues to influence economic policy and social reform to this day, alongside other notable figures such as John Kenneth Galbraith and Paul Volcker. Category:American economists