Abstract
Richard Musgrave had left Heidelberg with his mind reeling from the ideas of Knut Wicksell and from another mentor, Jacob Marschak. A mentor of many throughout his illustrious career, the Great Mind Jacob Marschak had a particularly prescient view of economics. In the throes of the Great Depression, a growing cadre of economists believed that economic theory could inform policy and help stabilize the economy. Of course, the unorganized private sector could not sufficiently coordinate such policies for the public good. This led to a coalescing of ideas around a new role for government — that of stabilization policy.
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