Meade, James Edward

▪ 1996

      British economist (b. June 23, 1907, Swanage, Dorset, England—d. Dec. 22, 1995, Cambridge, England), influenced Britain's economic policies during World War II and served two years as the chief economist in the postwar Labour government. For his pioneering research in international trade, he was awarded the 1977 Nobel Prize for Economics, together with Bertil Ohlin of Sweden. Meade, who held liberal views on public policy issues, also played a leading role in the establishment (1948) of the General Agreement on Tariffs and Trade and made important studies on national income accounting. His most important work, The Theory of International Economic Policy, was published in two volumes—The Balance of Payments (1951) and Trade and Welfare (1955). In the first of these, he sought to synthesize Keynesian and neoclassical elements in a model designed to show the effects of various monetary and fiscal policies on the balance of payments. In the second volume, Meade explored the effects on economic welfare of various kinds of trade policy. This early work also led to studies on trade discrimination and effective protection. Meade, who was educated at Malvern College and at Oriel College, Oxford, earned first-class honours in 1928 and undertook (1930-31) postgraduate studies at Trinity College, Cambridge. There he joined a circle of economists associated with John Maynard Keynes. During this period Meade's policy work gained its distinctly Keynesian and somewhat leftist flavour. He also held professorships at the London School of Economics (1947-57) and at Cambridge (1957-68), where he remained as a resident fellow until 1974. In the 1980s he was an adviser to the Social Democratic Party.

* * *

▪ British economist

born June 23, 1907, Swanage, Dorset, Eng.

died Dec. 22, 1995, Cambridge, Cambridgeshire

      British economist whose work on international economic policy procured him (with Bertil Ohlin (Ohlin, Bertil)) the Nobel Prize for Economics in 1977.

      Meade was educated at Malvern College and at Oriel College, Oxford, where he earned first-class honours in 1928. In 1930–31 he spent a postgraduate year at Trinity College, Cambridge, where he became involved in discussions of John Maynard Keynes's Treatise on Money that led to the development of Keynes's General Theory of Employment, Interest, and Money (1936). It was perhaps this period that gave Meade's policy work its distinctly Cambridge and somewhat leftist flavour. He served as a war economist during World War II and was the leading economist in the Labour government (1946–47). He held chairs at the London School of Economics (1947–57) and at Cambridge (1957–68).

      Meade's early important work resulted in The Theory of International Economic Policy, which was published in two volumes—The Balance of Payments (1951) and Trade and Welfare (1955). In the first of these books he sought to synthesize Keynesian and neoclassical elements in a model designed to show the effects of various monetary and fiscal policies on the balance of payments. In the second volume Meade explored the effects on economic welfare of various kinds of trade policy, providing a detailed analysis of the welfare effects of regulation of trade. Meade's work also led to later work on trade discrimination and effective protection.

* * *