Richard Timberlake

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Richard Timberlake
Born
Richard Henry Timberlake, Jr.
Free Banking
Alma materUniversity of Chicago (Ph.D.), 1957
InfluencesFriedrich Hayek, Milton Friedman, Earl J. Hamilton
ContributionsReal bills doctrine as the origin of the Great Depression, free banking

Richard Henry Timberlake Jr. (June 24, 1922 – May 22, 2020) was an American economist who was Professor of Economics at the

U.S. Supreme Court
in his book Constitutional Money: A Review of the Supreme Court's Monetary Decisions.

History

Born in Steubenville, Ohio on June 24, 1922,[2] Timberlake was in the US military in World War II. He became a pilot in the U.S. Air Forces and flew 26 missions as a co-pilot in the 8th Air Force.[3] He was awarded three Purple Hearts. He obtained a Bachelor of Arts at Kenyon College in 1946, a Master's at Columbia University in 1950, and a Ph.D in 1959 from the University of Chicago where he studied under Milton Friedman and Earl J. Hamilton.[4]

He then taught economics at

central banking, and monetary policy.[5] He died in Georgia on May 22, 2020.[6]

Ideas

Timberlake's research on the development of private moneys occurred at the time of Friedrich Hayek's idea of The Denationalization of Money, extending and expanding upon it in coordination with the free banking movement. He believed that, instead of a government-imposed central bank, there should be a free market in the production of money, with banks choosing how to issue their own, competing currencies.

Timberlake also examined the causes of the

Keynesians, Timberlake saw this Fed policy as the primary cause of the Great Depression.[7]

However, Timberlake did not reject the

monetary collapse, Timberlake cited data that refutes the validity of their complaints. He showed that the Fed Banks and U.S. Treasury had plenty of gold in the 1929–1933 period. Timberlake concluded that government interference with gold standard adjustments caused most of the trouble in the past, producing cycles of money growth and deflation, panic and depression.[8][9]

Timberlake's papers are housed at the Hoover Institution Library & Archives at Stanford University.

Politics

Timberlake was active in politics as a member of the

Athens Banner Herald. He was an adjunct scholar at the Cato Institute.[11]

Works

Articles in:

  • The New Palgrave Dictionary of Money and Finance
  • The Encyclopedia of Business History and Biography

See also

References

  1. ^ "Directory of Members". 1969.
  2. ^ "Authors · Econ Journal Watch". econjwatch.org.
  3. ^ "Richard Timberlake in front of his barracks in October of 1943.JPG". Rockdale Citizen & Newton Citizen. 20 September 2019. Retrieved 24 May 2020.
  4. ^ "Interview – Richard Timberlake" (PDF). Richmond Fed. Retrieved 31 May 2020.
  5. ^ Richard H. Timberlake Jr. at Cato.org
  6. ^ "Richard Timberlake Obituary – Athens, GA". Dignity Memorial.
  7. ^ Gold Standards and the Real Bills Doctrine in U.S. Monetary Policy by Richard H. Timberlake in Econ Journal Watch
  8. ^ Timberlake, Jr., Richard H. (2007). "Gold Standards and the Real Bills Doctrine in U.S Monetary Policy" (PDF). The Independent: 325–354. Retrieved 24 May 2020.
  9. ISSN 1086-1653
    , Copyright © 2007, pp. 325–354
  10. ^ "What Should The Federal Government Do About The Economy? – An Economist's Perspective". Libertarian Party of Georgia. March 20, 2009.
  11. ^ Dorn, James (22 June 2012). "Cato Adjunct Scholar Richard Timberlake Turns 90". Cato Institute. Retrieved 24 May 2020.
  12. ISBN 978-1429907361
    . Retrieved 24 May 2020.
  13. ISBN 978-1-107-03254-5
    .
  14. ^ "Policy Report: Landmark Breakthrough on the Great Depression". Cato Institute. 3 June 2019. Retrieved 7 June 2019.

Further reading

External links
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