James Meade (23 June 1907 – 25 December 1997) was a British economist. In 1977, James Meade was awarded the Nobel Memorial Prize in Economic Sciences.
Life and Career
James Meade was born on June 23, 1907, in Swanage, Dorset, England. He came from an academic family; his father was a professor of biochemistry, and his mother had a degree in history.
Meade attended Malvern College and later studied at Oriel College, Oxford, where he focused on philosophy, politics, and economics (PPE). He completed his undergraduate studies in 1929. After completing his undergraduate studies, Meade went on to pursue a D.Phil. at Oxford. He completed his doctorate in 1932 with a thesis on the theory of international trade.
Meade started his academic career as a lecturer at Hertford College, Oxford, in 1930. He then moved to the London School of Economics (LSE), where he became a lecturer in 1937. His early work focused on international economics and the theory of international trade.
During World War II, Meade served in various government positions, contributing to economic planning. His experiences during the war influenced his later work on economic policy.
After the war, Meade continued his academic career at LSE and became increasingly involved in policy advising. He played a key role in the early development of the General Agreement on Tariffs and Trade (GATT), a precursor to the World Trade Organization (WTO).
James Meade passed away on December 25, 1997, at the age of 88.
Award and Legacy
In 1977, James Meade was awarded the Nobel Memorial Prize in Economic Sciences along with Bertil Ohlin. They were recognized for their contributions to the theory of international trade and international capital movements.
Meade made significant contributions to the theory of international trade. His work, particularly in collaboration with Bertil Ohlin, helped advance understanding in the field. The Heckscher-Ohlin model, developed by Meade and Ohlin, became a cornerstone of international trade theory. Their research explored the relationship between comparative advantage, factor endowments, and trade patterns.
Meade was actively involved in the study of development economics. He emphasized the importance of policies that promote economic growth and reduce inequality. His contributions to development economics influenced subsequent generations of economists working on issues related to poverty, inequality, and economic development.