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.

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