• Source: F. W. Taussig

Frank William Taussig (1859–1940) was an American economist who is credited with creating the foundations of modern trade theory.




Early life



He was born on December 28, 1859, in St. Louis, Missouri, the son of William Taussig and Adele Wuerpel. His parents encouraged his literary and musical interests, and he played the violin at an early age. He was educated in the St. Louis public schools and at Smith Academy in that same city. He then went to Washington University in St. Louis but, after a year transferred to Harvard from where he graduated in 1879.
He traveled in Europe for a year, taking some time to study economics at the University of Berlin. He then did graduate work at Harvard in law and economics while he was secretary to President Charles W. Eliot for some years.




Teaching


He got a law degree in 1886 and was appointed assistant professor at Harvard. He became professor of economics in 1892, and he remained at Harvard for the balance of his professional career except for several years spent in federal service and some time spent traveling in Europe recovering from a nervous disorder.




Beliefs


Taussig was an open advocate of forced sterilization of races and classes he considered inferior. In his 1911 textbook Principles of Economics, Taussing remarked: Certain types of criminals and paupers breed only their kind, and society has a right and a duty to protect its members from the repeated burden of maintaining and guarding such parasites. ... The human race could be immensely improved in quality, and its capacity for happy living immensely increased, if those of poor physical and mental endowment were prevented from multiplying.
Paul Douglas (a future president of the American Economic Association and three-term Senator from Illinois) was a graduate student under Taussig at Harvard in the Fall of 1915 and recalled the experience. Douglas had studied two years in graduate school at Columbia University with Edwin Seligman, who was an ideological enemy of Taussig. Given the opportunity to criticize the Columbia school of economic thought by confronting Douglas, Taussig attempted to humiliate him to the delight of the Harvard pupils who filled the lecture hall to witness the "slaughter". Eventually, Douglas turned the tables and trapped Taussig in a logical economic debate. Douglas recalled, "The following day, Taussig cordially shook hands with me at the end of the hour. ... We also became fast friends for the rest of his life. Trying as the experience was, it was the best thing to happen to me in my academic life. It forced me to master the reasoning of the great economic theorists and to stand my ground under verbal and logical bombardment."




Beet sugar and tariff


In a 1912 article in The Quarterly Journal of Economics, Taussig favored protecting the beet sugar industry with a tariff on sugar imports. A beet sugar industry gives intangible benefits by adding to the versatility and capabilities of American agriculture. Unskilled labor gains employment in the labor-intensive beet sugar sector of agriculture. Beet sugar grows best in cool climates of the irrigated regions of Colorado, Utah, Idaho, Montana, and California.




Other positions held


He was the editor of the Quarterly Journal of Economics from 1889 to 1890 and from 1896 to 1935, president of the American Economic Association in 1904 and 1905, and chair of the United States Tariff Commission from 1917 to 1919.
He was elected a Member of both the American Academy of Arts and Sciences and the American Philosophical Society.
In March 1919, he was called to Paris to advise in the adjustment of commercial treaties, and in November, on invitation of Woodrow Wilson, he attended the second industrial conference in Washington, DC, for promoting peace between capital and labour. He was a strong supporter of the League of Nations.




Death


He died on November 11, 1940, aged 80, in Cambridge, Massachusetts. Taussig is buried in Mount Auburn Cemetery in Cambridge.




Legacy


The successor to his chair at Harvard was Joseph Schumpeter. In 1888, he married Edith Thomas Guild. One of their four children was Helen B. Taussig (1898–1986), a noted pediatrician and cardiologist. F. W. Taussig's first wife died in 1910, and he married Laura Fisher.




Works



Much of Taussigs work is available from Internet Archive:

1883: Protection to Young Industries as Applied to the United States (second edition, 1886)
1885: History of the Present Tariff, 1860–83
1888: The Tariff History of the United States eighth edition, 1931,
1892: The Silver Situation in the United States (second edition, revised, 1896)
1896: Wages and Capital
1911, 1915, 1927 Principles of Economics, volume 1, Volume 2
1915: Some Aspects of the Tariff Question
1915: Inventors and Money Makers, Brown University lectures
1920: Free Trade, the Tariff, and Reciprocity
1927: International Trade
1887–1935: Economic theory exam questions




References






Sources


Britannica Online
Profile of Frank W. Taussig at the History of Economic Thought website.
Department of Economics, University of Victoria Archived 2010-12-01 at the Wayback Machine
Chisholm, Hugh, ed. (1922). "Taussig, Frank William" . Encyclopædia Britannica (12th ed.). London & New York: The Encyclopædia Britannica Company.
Gilman, D. C.; Peck, H. T.; Colby, F. M., eds. (1905). "Taussig, Frank William" . New International Encyclopedia (1st ed.). New York: Dodd, Mead.




External links


Media related to Frank William Taussig at Wikimedia Commons

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