Walter Bagehot

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Walter Bagehot
BirthplaceLangport, Somerset, England
Businessman, essayist, journalist

Bagehot, Walter

(băj`ət), 1826–77, English social scientist. After working in his father's banking firm, he edited (1860–77) the Economist (which had been founded by his father-in-law) and helped establish its high reputation as a financial journal. From these activities came his noted study of the English banking system, Lombard Street (1873). Bagehot's classic English Constitution (1864) distinguished between the effective institutions of government and those, like the House of Lords, that had entered decay. His other important books include Literary Studies (1879) and Economic Studies (1880). In Physics and Politics (1875) he made a pioneer analysis of the interrelationship between the natural and the social sciences. He believed that investments expanded or contracted according to the mood of the market. Bagehot was also a noted literary critic of his day.


See his collected works (10 vol., 1915); biography by W. Irvine (1939, repr. 1970); studies by A. Buchan (1960) and N. St. John-Stervas (1963).

References in periodicals archive ?
Walter Bagehot was not a trained economist, but rather a journalist and essayist who wrote about government, economics, literature, and other topics.
Glennon takes the book's central metaphor of "double government" from the 19th century British essayist Walter Bagehot, longtime editor of The Economist.
LONDON -- Walter Bagehot, in his 1867 book, "The English Constitution,'' famously described the key to a lasting monarchy as mystery and obfuscation.
Another common rationale for the Fed's emergency lending is the doctrine that a central bank should act as a "lender of last resort," an idea associated with the writings of Walter Bagehot, the 19th century British economist.
A parliament is nothing less than a big meeting of more or less idle people" -- Walter Bagehot
But no one is as close to me in temperament, concepts, and approach as the mid-Victorian Englishman Walter Bagehot.
Ahamed: You've said somewhere that the playbook that you relied on was essentially given by a British economist in the 1860s, Walter Bagehot.
Draghi transformed the ECB into a central bank in the spirit of Walter Bagehot.
Following an introductory chapter by the editors, in the seven chapters that follow we have Perry Mehrling on Walter Bagehot, Robert Prasch on Thorstein Veblen, Bradley Bateman on John Maynard Keynes, Peter Temin on lessons from the Great Depression, Richard Fanglois on Joseph Schumpeter, Bruce Caldwell on Friedrich Hayek and Thomas Sargent on lessons from US monetary and fiscal history.
Firstly, as the renowned constitutional expert Walter Bagehot famously stated, the monarch only has three rights: the right to be consulted; the right to encourage and the right to warn.
For good or ill, our current central bankers have been much more generous, bending this classic mantra which Walter Bagehot first articulated in Lombard Street, the 1873 book that established him as the pioneering theorist of the modern financial system.
Constitution was "all sail and no anchor," while Walter Bagehot ridiculed the notion that a faded old state paper could serve as a governmental straitjacket for very long.