Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
Frank William Taussigwas an American economist whose contributions to trade theory have been of major importance in the 20th century.
Taussig was the son of a successful doctor and businessman who had immigrated to the United States from Prague. Taussig graduated from Harvard in 1879 and obtained his Ph.D. there in 1883 and his law degree in 1886. He was professor of economics at Harvard from 1892 until his retirement in 1935. He acted as an adviser on commercial policy to President Woodrow Wilson and was chairman of the U.S. Tariff Commission (1917â19).
Taussig was the author of a successful text, Principles of Economics (1911), and contributed to the theory of wages. His great claim to fame is his outstanding work in the theory of trade policy in which he guided such economists as Jacob Viner, John H. William, and J.W. Angell. He launched and guided a program of âverification,â or testing, of international trade theory which he himself had done much to synthesize. This achievement is all the more remarkable because it occurred after the first World War, when Taussig was in his 60s. He also contributed a good deal to the understanding of tariffs, and Vinerâs later work on customs unions shows evidence of Taussigâs influence.
