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Frank Walter Paish (1898–1988)

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Abstract

Frank Paish was on the staff of the Economics Department at LSE for over three decades from the early 1930s to the mid-1960s. Although he has faded into obscurity, Paish made important contributions across a number of fields in economics. He is best known for the Paish doctrine, which argued, somewhat controversially when it was put forward in the 1960s, that in order to secure stable prices there must be a certain level of spare capacity (unemployment) in the economy. Although Paish was for a time influential in British government circles, his policy proposals subsequently fell out of favour due to the occurrence of high unemployment and persistent inflation.

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Notes

  1. 1.

    Paish provides a detailed and at times gripping account of his war service in Paish (1998).

  2. 2.

    The service was host to a number of luminaries across the decades that helped to run it and/or contributed to its publications, including Robbins, Hayek, Phillips and Paish from LSE and Keynes, Robertson, Kahn and Stone from Cambridge (see Cord 2017: 310–312).

References

Main Works by Frank Paish

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  • Paish, F.W. (1947). ‘Cheap Money Policy’. Economica, New Series, 14(55): 167–179. Reprinted in F.W. Paish (1950) The Post-War Financial Problem and Other Essays. London: Macmillan: 16–35.

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  • Paish, F.W. (1948). ‘Britain’s Economic Problem’. American Economic Review, 38(1): 118–121.

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  • Paish, F.W. (1950a). The Post-War Financial Problem and Other Essays. London: Macmillan.

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  • Paish, F.W. (1955). ‘Company Profits and their Distribution Since the War’. District Bank Review, 114(June): 3–26. Reprinted as Chapter 14 in F.W. Paish (1962) Studies in an Inflationary Economy: The United Kingdom, 1948–1961. London: Macmillan: 260–279.

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  • Paish, F.W. (1960). ‘The Growth of the British Economy’. Financial Times, 14 September: 8.

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  • Paish, F.W. (1964a). ‘The Limits of Incomes Policies’. Part I in Policy for Incomes? by F.W. Paish and J. Hennessy. Hobart Paper No. 29. London: Institute of Economic Affairs: 11–43.

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  • Paish, F.W. (1964). ‘The Two Britains’. The Banker, February: 88–98. Reprinted as Chapter 3 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 65–82.

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  • Paish, F.W. (ed.) (1964). Benham’s Economics: A General Introduction. Seventh edition. London: Pitman.

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  • Paish, F.W. (1964). ‘Sir Roy Harrod’s View of the British Economy’. Economica, New Series, 31(121): 1–4.

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  • Paish, F.W. (1965). ‘The Management of the British Economy’. Lloyds Bank Review, 76(April): 1–17. Reprinted as Chapter 4 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 83–102.

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  • Paish, F.W. (1966). Long-Term and Short-Term Interest Rates in the United Kingdom. Manchester: Manchester University Press. Reprinted as Chapter 1 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 1–57.

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  • Paish, F.W. (1967). ‘Deposit Rates After Mr Jones’. The Banker, October: 845–849. Reprinted as Chapter 2 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 58–64.

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  • Paish, F.W. (1968a). ‘How the Economy Works’. Lloyds Bank Review, 88(April): 1–30. Reprinted as Chapter 6 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 129–162.

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  • Paish, F.W. (1968). ‘Inflation and the Balance of Payments in the United Kingdom, 1952–67’. Scottish Journal of Political Economy, 15(1): 213–226. Reprinted as Chapter 7 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 163–178.

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  • Paish, F.W. (1969). Rise and Fall of Incomes Policy. Hobart Paper No. 47. London: Institute of Economic Affairs. Reprinted as Chapter 8 in F.W. Paish (1970) How the Economy Works, and Other Essays. London: Macmillan: 179–231.

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  • Paish, F.W. (1998). War as a Temporary Occupation. Edited by A. Peacock. Edinburgh: Pace Print.

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Other Works Referred To

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  1. Researcher in Economics, London, United Kingdom

    Robert A. Cord

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    Robert A. Cord

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Cord, R.A. (2019). Frank Walter Paish (1898–1988). In: Cord, R.A. (eds) The Palgrave Companion to LSE Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58274-4_12

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