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The Economic Compass

An academic exploration of a prominent economic historian's contributions to macroeconomics, policy, and intellectual discourse.

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Biographical Overview

Academic Profile

James Bradford DeLong, widely known as Brad DeLong, is a distinguished American economic historian. Since 1993, he has held the position of Professor of Economics at the University of California, Berkeley. His academic career is characterized by a deep engagement with macroeconomic theory, historical economic analysis, and contemporary policy debates.

Early Life and Foundation

Born on June 24, 1960, in Boston, Massachusetts, DeLong pursued his higher education at Harvard University. He earned his Bachelor of Arts in Social Studies in 1982, followed by a Master of Arts and a Doctor of Philosophy in Economics in 1987. This rigorous academic grounding laid the foundation for his extensive contributions to the field.

Academic Foundations

Harvard University

DeLong's formative academic years were spent at Harvard University, a crucible for intellectual development in the social sciences. His undergraduate studies in Social Studies provided a broad interdisciplinary perspective, while his doctoral work in Economics equipped him with advanced analytical tools and theoretical frameworks essential for his later research.

Influential Thinkers

Throughout his career, DeLong has engaged with and been influenced by seminal figures in economic thought. His intellectual lineage includes foundational economists such as Adam Smith and John Maynard Keynes, as well as prominent figures from the Chicago School like Milton Friedman. He has also been influenced by contemporary scholars such as Lawrence Summers and Andrei Shleifer, reflecting a broad engagement with diverse economic perspectives.

Professional Trajectory

Academia and Research

Following his doctoral studies, DeLong served as an instructor at MIT (1986โ€“1987) before joining Harvard and Boston University as a faculty member (1987โ€“1993). He became an associate professor at UC Berkeley in 1993, advancing to full professor in 1997. His association with the National Bureau of Economic Research (NBER) as a research associate since 1995 further solidifies his standing in economic research.

Public Service

DeLong's expertise extended into public policy during his tenure at the U.S. Department of the Treasury from April 1993 to May 1995. As Deputy Assistant Secretary for Economic Policy under the Clinton administration, he played a role in shaping the 1993 federal budget, the healthcare reform initiative, and international trade agreements, including the Uruguay Round of GATT and NAFTA.

Scholarly Contributions

Macroeconomics and Policy

DeLong's academic work primarily focuses on macroeconomics and economic history. He is a notable proponent of New Keynesian economics, exploring the dynamics of economic growth, productivity, and the role of government policy in stabilizing markets and fostering prosperity. His research often bridges theoretical models with empirical historical analysis.

Editorial and Scholarly Roles

Beyond his professorial duties, DeLong has significantly contributed to the dissemination of economic research. He serves as co-editor for publications such as The Economists' Voice and previously for the Journal of Economic Perspectives. His affiliations include visiting scholar roles at the Federal Reserve Bank of San Francisco and fellowships with the Alfred P. Sloan Foundation.

Evolving Perspectives

Reassessment of Neoliberalism

DeLong's intellectual journey includes a critical re-evaluation of certain neoliberal economic policies. He has publicly acknowledged that earlier assumptions regarding the political feasibility and ultimate efficacy of specific market-oriented approaches may have been overly optimistic. This introspection has led him to reconsider the political landscape and the attainability of policy goals.

In recent years, DeLong has expressed support for policies often associated with the progressive wing of the political spectrum. These include advocating for universal healthcare systems like "Medicare for All," implementing a carbon tax to address climate change, and utilizing Universal Basic Income (UBI) rebates to support lower-income populations. He also emphasizes the importance of public investment in green technologies, suggesting a worldview more aligned with traditional leftist economic analyses than his earlier perspectives.

Public Intellectual and Blogger

DeLong maintains a robust public presence through his active blogging and contributions to platforms like Project Syndicate. His writings often dissect current economic events, media criticism, and political discourse, making complex economic concepts accessible while offering insightful commentary. His blog, "Grasping Reality," serves as a significant platform for his ongoing analysis and reflections.

Key Publications

Scholarly Works

Professor DeLong has authored and co-authored numerous influential academic papers and books. His research spans critical areas of economic history and theory.

  • Slouching Towards Utopia: An Economic History of the Twentieth Century (2022): A comprehensive analysis of the 20th century's economic transformation, focusing on growth and the pursuit of social justice from a Keynesian viewpoint.
  • "Noise Trader Risk in Financial Markets" (1990)
  • "Equipment Investment and Economic Growth" (1991)
  • "Princes and Merchants: European City Growth before the Industrial Revolution" (1993)
  • "The Marshall Plan: History's Most Successful Structural Adjustment Programme" (1993)
  • "The Triumph of Monetarism?" (2000)
  • "Asset Returns and Economic Growth" (2005)
  • "Productivity Growth in the 2000s" (2003)
  • "The New Economy: Background, Questions, Speculations" (2002)
  • "Speculative Microeconomics for Tomorrow's Economy" (2000)
  • "America's Peacetime Inflation" (1998)
  • "Keynesianism Pennsylvania-Avenue Style" (1996)
  • "Productivity and Machinery Investment: A Long-Run Look, 1870-1980" (1992)
  • "The Stock Market Bubble of 1929: Evidence from Closed-End Funds" (1991)

Personal Life

Residence and Family

Professor DeLong resides in Berkeley, California. He is married to Ann Marie Marciarille, a distinguished professor specializing in healthcare law at the University of Missouri-Kansas City School of Law. Their shared commitment to public service and academic inquiry informs their respective fields.

References

Source Material

The information presented on this page is derived from publicly available data, primarily the Wikipedia article on James Bradford DeLong. The detailed citations are managed programmatically.

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References

References

  1.  David Wessel, In Fed We Trust: Ben Bernanke's War on the Great Panic, page 4. Crown Business, 2009.
A full list of references for this article are available at the James Bradford DeLong Wikipedia page

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