Ely, Richard Theodore (1854-1943)

US economist and an early advocate of government economic intervention, central planning, and the organization of the labour force. He was appointed professor of political economy at Johns Hopkins University 1881 and in 1885 founded the American Economic Association. In 1892 he became chair of the department of economics at the University of Wisconsin before joining the faculty of Northwestern University 1925.

Born in Ripley, New York, USA, Ely was educated at Columbia University and received his PhD from the University of Heidelberg 1879. He retired from teaching 1933.