James Edward Meade

James Edward Meadewas a British economist whose work on international economic policy procured him (with Bertil Ohlin) the Nobel Prize for Economics in 1977.

Meade was educated at Malvern College and at Oriel College, Oxford, where he earned first-class honours in 1928. In 1930–31 he spent a postgraduate year at Trinity College, Cambridge, where he became involved in discussions of John Maynard Keynes’s Treatise on Money that led to the development of Keynes’s General Theory of Employment, Interest, and Money (1936). It was perhaps this period that gave Meade’s policy work its distinctly Cambridge and somewhat leftist flavour. He served as a war economist during World War II and was the leading economist in the Labour government (1946–47). He held chairs at the London School of Economics (1947–57) and at Cambridge (1957–68).

Meade’s early important work resulted in The Theory of International Economic Policy, which was published in two volumes—The Balance of Payments (1951) and Trade and Welfare (1955). In the first of these books he sought to synthesize Keynesian and neoclassical elements in a model designed to show the effects of various monetary and fiscal policies on the balance of payments. In the second volume Meade explored the effects on economic welfare of various kinds of trade policy, providing a detailed analysis of the welfare effects of regulation of trade. Meade’s work also led to later work on trade discrimination and effective protection.