Fred Manville Taylor (July 11, 1855,Northville, Michigan – August 7, 1932,Pasadena, California) was an Americaneconomist and educator best known for his contribution to the theory ofmarket socialism. He taught mostly history atAlbion College from 1879 to 1892. He taught in the department of economics atUniversity of Michigan from 1892 to 1929 after receiving his Ph.D. inpolitical philosophy there in 1888. HisPrinciples of Economics (1911) went through 9 editions.[1] Of alibertarianideology, he was noted as a clear and rigorous expositor of economic theory in thepartial-equilibrium lineage ofAlfred Marshall.[2]
In hisAmerican Economic Association presidential address, Taylor (1929) laid out the conditions under which asocialist economy could in theory achieve an efficient allocation of resources. The conditions parallel those of aprivate-enterprise economy. They include the state providing money income to its citizens, citizens using their income as they choose to buy output produced bystateenterprises, and the state setting prices equal to marginal cost so as to compensate factors of production, including labor, with prices set by trial-and-error to clear markets.[3] In this, Taylor stated principles ofmarket socialism developed byAbba Lerner andOscar Lange in the following decade and anticipated in mathematical form byEnrico Barone in 1908.[4][5]
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