Anna Schwartz
A meticulous economic historian whose collaborative work on monetary policy fundamentally shaped modern conservative economic thought.
1915–2012 (age 97)·American economist·Birthday: November 11·The Greatest Generation
Biography
Anna Schwartz operated for decades in the often-overlooked engine room of economic history, producing work of monumental influence. Her partnership with future Nobel laureate Milton Friedman was one of the most consequential in 20th-century economics. While Friedman provided the theoretical firepower, Schwartz supplied the relentless, granular empirical foundation. Their joint masterpiece, 'A Monetary History of the United States, 1867–1960', revolutionized the understanding of the Great Depression, arguing persuasively that it was caused by Federal Reserve policy failures, not inherent market flaws. This work became the bedrock of monetarist thought. Schwartz, working from her desk at the National Bureau of Economic Research, embodied a scholar driven by data over dogma. Her long career, which spanned into her nineties, was marked by a fierce intellectual independence and a commitment to evidence that commanded respect across the political spectrum.
The Greatest Generation
1901–1927
Grew up during the Depression, fought World War II, and built the postwar economic boom. Defined by shared sacrifice, institutional trust, and a belief that hard work and loyalty would be rewarded.
Anna was born in 1915, placing them squarely in The Greatest Generation. The events that shaped this generation — world wars, depression, and rapid industrialization — shaped the world they entered and the choices available to them.
#1 When Anna Was Born
The biggest hits of 1915
#1 Movie
The Birth of a Nation
Anna's Life & Times
The world at every milestone
1915Born
The Lusitania is sunk by a German U-boat
President: Woodrow Wilson
1920Started school
Women gain the right to vote in the US
Home: $3,395President: Woodrow Wilson"Swanee" — Al Jolson
1928Became a teenager
Alexander Fleming discovers penicillin; Mickey Mouse debuts
President: Calvin Coolidge"Ol' Man River" — Paul WhitemanBest Picture: Wings
1931Could drive
The Empire State Building opens as the world's tallest
Gas: $0.17/galPresident: Herbert Hoover"Minnie the Moocher" — Cab CallowayBest Picture: Cimarron
1933Could vote
FDR's New Deal launches; Prohibition ends
Gas: $0.18/galPresident: Franklin D. Roosevelt"Stormy Weather" — Ethel WatersBest Picture: Cavalcade
1936Turned 21
Jesse Owens wins four golds at the Berlin Olympics
Gas: $0.19/galPresident: Franklin D. Roosevelt"The Way You Look Tonight" — Fred AstaireBest Picture: The Great Ziegfeld
1945Turned 30
WWII ends; atomic bombs dropped on Hiroshima and Nagasaki
Gas: $0.21/galHome: $4,600Min wage: $0.40/hrPresident: Harry S. Truman"Sentimental Journey" — Les Brown & Doris DayBest Picture: The Lost Weekend
1955Turned 40
Rosa Parks refuses to give up her bus seat
Gas: $0.29/galHome: $9,550Min wage: $0.75/hrPresident: Dwight D. Eisenhower"Rock Around the Clock" — Bill Haley & His CometsBest Picture: Marty
1965Turned 50
US sends combat troops to Vietnam
Gas: $0.31/galHome: $13,600Min wage: $1.25/hrPresident: Lyndon B. Johnson"(I Can't Get No) Satisfaction" — The Rolling StonesBest Picture: The Sound of Music
1975Turned 60
Fall of Saigon ends the Vietnam War
Gas: $0.57/galHome: $27,600Min wage: $2.10/hrPresident: Gerald Ford"Love Will Keep Us Together" — Captain & TennilleBest Picture: One Flew Over the Cuckoo's Nest
1985Turned 70
Live Aid concerts raise money for Ethiopian famine
Gas: $1.12/galHome: $62,900Min wage: $3.35/hrPresident: Ronald Reagan"Careless Whisper" — Wham!Best Picture: Out of Africa
1995Turned 80
Oklahoma City bombing; Windows 95 released
Gas: $1.15/galHome: $96,500Min wage: $4.25/hrPresident: Bill Clinton"Gangsta's Paradise" — CoolioBest Picture: Braveheart
2012Died at 97
Curiosity rover lands on Mars; Sandy Hook shooting
Gas: $3.64/galHome: $143,200Min wage: $7.25/hrPresident: Barack Obama"Somebody That I Used to Know" — GotyeBest Picture: Argo
Key Achievements
- Co-authored the seminal 'A Monetary History of the United States, 1867–1960' with Milton Friedman.
- Her research provided the key empirical evidence for the monetarist explanation of the Great Depression.
- Served as a senior research associate at the National Bureau of Economic Research for over seventy years.
Did You Know?
She earned her PhD from Columbia University in 1964 while raising four children.
She was the first woman to hold an executive director position at the International Monetary Fund's research department.
She was a staunch critic of the Federal Reserve's response to the 2008 financial crisis, arguing it created moral hazard.
“If you investigate individually the manias that the market has so dubbed over the years, in every case, it was expansive monetary policy that generated the boom in an asset.”
