ELY, RICHARD THEODORE


Meaning of ELY, RICHARD THEODORE in English

born April 13, 1854, Ripley, N.Y., U.S. died Oct. 4, 1943, Old Lyme, Conn. American economist who was noted for his concern with social problems and the role of economists in solving them. Ely was educated at Columbia University, graduating in philosophy in 1876, and in Germany, receiving his Ph.D. from the University of Heidelberg in 1879. He was professor of political economy at Johns Hopkins University (188192), where his advocacy of greater academic freedom and his then-controversial historical account of the labour movement aroused the indignation of conservative elements, causing him to resign. He then became head of the department of economics at the University of Wisconsin (18921925). Ely combined a strong political commitment with a belief in the need for an ethical approach to economics. An early influence on his beliefs was John Stuart Mill's emphasis on the importance of institutional forces in affecting distribution. This led Ely to a concern with labour unrest and with agricultural economics and the problems of rural poverty. Among the many civic organizations and institutions he founded or helped to create are the American Economic Association, the American Association for Labor Legislation, and the American Association for Agricultural Legislation. Ely's concern with social-reform legislation and his association with the progressive state government of Wisconsin made him one of the most influential American economists of his time. He wrote a highly successful textbook, Introduction to Political Economy (1889), as well as many other books and articles.

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