Waddill Catchings
Waddill Catchings | |
|---|---|
| Born | Template:Birth date |
| Died | December 31, 1967 (aged 88) |
| Occupation(s) | Economist, financier |
| Known for | Economic literature with William Trufant Foster; pre-Keynesian underconsumption theory |
Waddill Catchings (born September 6, 1879 – died December 31, 1967) was an American economist and alumnus of Harvard University who partnered with fellow graduate William Trufant Foster to produce significant economic literature during the 1920s. Their notable publications include Money (1923), Profits (1925), Business Without a Buyer (1927), The Road to Plenty (1928), and Progress and Plenty (1930). These works influenced key decision-makers such as Herbert Hoover and Marriner Eccles.
Life and career
During the 1910s and 1920s, Catchings established himself as a leading banker and financier, experiencing both the accumulation and loss of wealth totaling over $250 million. In 1931, his establishment of the Goldman Sachs Trading Company along with the Shenandoah & Blue Ridge investment trusts brought Goldman Sachs close to financial collapse. His directorships spanned a wide range of sectors, including leather manufacturing, film production (Warner Brothers), broadcasting, television, recorded music (Muzak Holdings), tin can production, pharmaceuticals, automotive manufacturing (Studebaker and Chrysler), typewriter production, breakfast cereal manufacturing, lumber trade, mail-order retailing, music publishing, and electric utilities.
Influence
Recognized for his effective communication skills, Catchings impacted figures such as Franklin D. Roosevelt, coining expressions like "one-third ill-fed, ill-clothed, ill-housed." Together with Foster, he was a prominent advocate of pre-Keynesian underconsumption theory, promoting concepts like the paradox of thrift and governmental economic intervention. While their contributions have been somewhat eclipsed by Keynes's The General Theory, their ideas continue to hold significance in economic policy debates.