Richard Musgrave

Richard Abel Musgrave ( born December 14, 1910 in Königstein ( Germany ); † January 15, 2007 in Santa Cruz ( California)) was a German - American economist.

Career

In Munich, he studied from 1930 to 1931 the trade economy. In Heidelberg he continued his studies then continued with Alfred Weber. When he receives a scholarship to the U.S., he moved there after the Nazi seizure of power in 1933, his center of life. At Harvard University, he obtained the doctorate.

Finally, he worked at the Federal Reserve Bank in Washington DC Furthermore, he took in the aftermath several courses offered at universities true, at the University of Michigan, Princeton University and Johns Hopkins University. In the years 1965 to 1981, he returned to Harvard University back.

For several U.S. administrations he stood as a consultant, especially in the time of U.S. President John F. Kennedy and Lyndon B. Johnson. With his textbook financial theory in 1958, he earned great recognition, as he tried a symbiosis of market theory and the theories of John Maynard Keynes here.

From the University of Munich, he received an honorary doctorate. He also influenced the establishment of the International Institute of Public Finance ( IIPF ) and helped build the Munich Center for Economic Studies.

Musgrave coined the term merit good, by which he means a good which could cause a greater benefit than is reflected in the demand existing in a free market economy. Thus, the promotion of which is established by government subsidies.

He also dealt with market failure.

Musgrave recognized the three core tasks of a State:

Credentials

• Nicholas Piper: economist from Königstein. Article in the Süddeutsche Zeitung, January 19, 2007
• Dieter Brummer Hoff: Public Finance, 8th edition, page 7 f