Leonard A Rapping

Leonard A Rapping

Birth
Indianapolis, Marion County, Indiana, USA
Death 1 Oct 1991 (aged 57)
Boston, Suffolk County, Massachusetts, USA
Burial Sharon, Norfolk County, Massachusetts, USA
Plot Section 39 Jerusalem Lot 458
Memorial ID 39089507 · View Source
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Economic Theorist. With Nobel Prize winner Robert E. Lucas Jr., his co-author, Dr. Rapping helped lay the foundation for what is called equilibrium business cycle theory. It holds that the financial expectations of business executives and consumers help mold their decisions and therefore influence economic outcomes, and is applied to help analyze "stagflation," in which prices rise despite economic stagnation and recession. Early in his career, he held a laissez-faire view of government's role in the economy but grew to believe capitalism needed regulation. He wrote in the NY Times that a free-rein market is subject to "the confusion and chaos of the gladiatorial arena," and criticized President Ronald Reagan's supply-side economics, calling it a policy that "transfers money from the poor to the rich." Dr. Rapping worked for the Rand Corporation, Federal Bureau of the Budget, DOD, the Departments of Justice, Labor, Transportation, and the Center for Naval Analysis. He served as director of the National Academy of Science's Panel on Technology and Employment. He taught at the University of Massachusetts, Carnegie-Mellon University, Brandeis University, the University of Notre Dame, the University of Nevada, San Fernando State College and University of California at Los Angeles. He was a Phi Beta Kappa graduate of U.C.L.A. and earned his doctorate in economics from the University of Chicago.


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  • Created by: J Alt
  • Added: 5 Jul 2009
  • Find A Grave Memorial 39089507
  • Find A Grave, database and images (https://www.findagrave.com : accessed ), memorial page for Leonard A Rapping (16 Apr 1934–1 Oct 1991), Find A Grave Memorial no. 39089507, citing Sharon Memorial Park, Sharon, Norfolk County, Massachusetts, USA ; Maintained by J Alt (contributor 47085792) .