Frank D. Graham, 1890-1949.

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Princeton economist whose two early papers on international trade (1923, 1930) prompted a sort of revolution in both international trade theory and general equilibrium theory - or rather, united them. Criticising the consistent use of two-sector, two-country models to illustrate international trade proposition, Frank Graham proposed instead to verify whether the basic "Classical" or Ricardian theorems of international trade would be compatible with multi-country, multi-commodity, multi-sector trade - in short, could they be obtainable within what effectively was a general equilibrium model? It was in solving to "Graham's Model" that Lionel McKenzie (1954) introduced the first proof of existence of a general equilibrium via a fixed-point theorem.

In later years, in conjunction with Benjamin Graham, Frank Graham became a proponent of the adoption of a "commodity reserve currency" (1940, 1941, 1943, 1946, 1948) replacing the single-commodity currency backing in force in the Gold Standard (which he criticized endlessly) with a basket of commodities. Much of this scheme tied in with Graham's work on the promotion of full employment, which he tied together in Social Goals and Economic Institutions (1948), a magnificent tome on political economy.

Major works of Frank D. Graham

• "Some Aspects of Protection Further Considered", 1923, QJE
• "The Theory of International Values Re-examined", 1923, QJE
• "Germany's Capacity to Pay and the Reparation Plan", 1925, AER
• "The Relation of Wage Rates to the Use of Machinery", 1926, AER
• Exchange, Prices, and Production in Hyper-Inflation, 1930
• "The Theory of International Values", 1932, QJE
• The Abolition of Unemployment, 1932.
• "The Creation of Employment", 1933, Economic Forum
• "Fluctuating Exchange Rates, Foreign Trade and the Price Level", with C. Whittlesey, 1934, AER
• "Partial Reserve Money and the 100 Per Cent Proposal", 1936, AER
• Golden Avalanche, 1939.
• "Achilles' Heels in Monetary Standards", 1940, AER
• "The Primary Functions of Money and their Consummation in Monetary Policy", 1940, AER
• "Transition to a Commodity Reserve Currency", 1941, AER
• "Commodity Reserve Currency: A criticism of the critique", 1943, JPE
• "Keynes versus Hayek on a Commodity Reserve Currency", 1944, EJ
• Planning and Paying for Full Employment, with A.P. Lerner, 1946.
• Social Goals and Economic Institutions, 1948.
• Fundamentals of International Monetary Policy, 1943.
• The Theory of International Values, 1948.
• The Cause and Cure of "Dollar Shortage", 1949.

Resources on Frank Graham

• Commodity Buffer Stocks

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