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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.

Keywords

  • Frank Paish
  • Output
  • Unemployment
  • Inflation
  • Growth
  • Incomes policy
  • Business finance
  • Insurance funds

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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. (1950a). The Post-War Financial Problem and Other Essays. London: Macmillan.

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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. (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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Cord, R.A. (2019). Frank Walter Paish (1898–1988). In: Cord, R. (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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