2013년 4월 24일 수요일

About his not owning professorship & 'indignity without emoluments'

※ Some searches about Keynes's position(s) or his way of operating at King's College, Cambridge at the time:

자료 1. Cambridge, Janus
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(...) He[J.M. Keynes] left the civil service in 1908, however, and [:] 
  • in 1909 was elected a fellow of King's College and remained so until his death. 
  • He was lecturer in Economics from 1911 to 1937 and 
  • in 1919 he also accepted the post of Second Bursar of the college. In 1924 he began his memorable tenure as first bursar, changing completely the philosophy by which the college managed its assets, 

For fuller, and richer accounts of these matters, I would refer you all to Professor Austin Robinson's tribute to Keynes in the Economic Journal for March 1947 and to the late Sir Roy Harrod's Life of Keynes. ( ... ... )
Maynard Keynes was Bursar of King's College, Cambridge from 1919 until his death in 1946. Between 1919 and 1924 he served as Second Bursar; but thereafter, as First Bursar, he was in complete command. It should be understood that the office of Bursar in a Cambridge College is an immensely powerful one. For [:]
  • not only does it put the incumbent in charge of the day-to-day financial operations of the College (dealing with such items as student fees and scholarships, Fellow's stipends, college staff wages, kitchen accounts and maintenance and repairs);
  • but it also renders the incumbent effective control over the investment policy of the College. The sums to be dealt with in this area are often considerable and it is the responsibility of the Bursar to ensure that their development is effected in such a way as to promote and secure the financial well-being of the College in the future. As Bursar of King's, Keynes was to be primarily concerned with that long run in which (as he once said) we are all dead. 
Of course, the difficulty of the job for Keynes must be kept in perspectiveㅡbetween 1915 and 1919 (during his time at the Treasury) he had been deeply involved with the external position of the country as a whole and in the 1920s he had begun to play a major role in the investment policies of the National Mutual and Provincial Insurance Companies. Indeed, he managed to increase the value of his own personal assets from near bankruptcy in 1919 (when his speculative activities cost him the whole of his accumulated savings of £6000) to £500,000 in 1937ㅡand this notwithstanding the slump of 1929-31 and the effect it had upon the value of his investments. His successes at King's were not less spectacular, and at his death he left the College with financial assets to match those of the other, previously more wealthy, colleges.
* * *

1. [구글도서] Maynard Keynes as a teacher (A.F.W. Plumptre)
(...) The reference to reparations recalls an episode, or pairs of episodes, which could scarcely have occurred had our supervisor been anyone else. Early in November 1929, I wrote:
Our group of four is to be movie-toned (talking-movie-pictured) with Mr Keynes in a film on the sights and sounds of Cambridge, this particular sight-and-sound being ^the^ Mr Keynes giving private supervision. We shall be picture-recorded in Keynes's private room with the Great Man in his own chair and ourselves lounging on the sofas discussing some weighty subject.
That effort ended in failure; such was the state of the American art of the 'talkies' in those days that the light proved insufficient (the English November sun failed to provide adequate interior illumination) and the noise of the camera drowned the discussion. Accordingly, there was a repeat performance four months later. In order to ensure adequate lighting the scene was laid in the Fellow's garden of the College. So we found ourselves discussing German reparations against an idyllic vernal background; Lydia joined us and stood watching it all, amused and motionless, in a short black dress and red Russian boots.  (...)
footnote: The photographer was a typical uneducated Americanㅡvery pleased with himself and his machine. Some of his remarks to Keynes which I jotted down here: 'When I lower my hand, you give the answer, Professor, cold and sweet.' Again, to a subordinate daring to make a suggestion: 'Say, the Professor and I are running this show.' Keynes was rather bored, I think, and said to one of the men: 'Don't let them put "Professor" on the screen. I don't want the indignity without the emoluments'ㅡa typical Keynes remark.*
* Roy Harrod, op. cit.(^The Life of John Maynard Keynes^) p. 438, says that the first record of this riposte that he has discovered (about the indignity and emoluments of a Professor) occurred in 1931. I suspect that the episode which I described in 1930 was in fact the original; it had every appearance of spontaneity.
(...) Keynes had accepted an invitation by some screen news agency to take a movie of him, the famous expert and author of The Economic Consequences of the Peace, discussing reparations with a group of undergraduates. For some reasons the scenario was laid, not in his rooms, but in a summer house in the Fellow's Garden of King's College. There was a great deal of pother and to-do; the movie-man kept on telling the "professor" to do this and that and Keynes, who was not a professor in the Engish sense, remonstrated "You mustn't let them call me 'professor' in the film; I don't want the indignity without the emoluments." 
(...) The Cambridge oral tradition preserves many anecdotes about Keynes. One story has the following exchange. 'Mr Keynes, if businessmen are quite so stupid as you appear to believe, how do you suppose that they make money?' 'By competing against each other, of course!' He thought it worth an hour a day of his time, poring over the financial pages and telephoning his stockbroker, pitting his wits against the market. He also served from 1921 to 1938 as chairman of the National Mutual Assurance Company.
  Keynes saw nothing wrong in making money. Nor did he see anything wrong in speculating or selling short, which he viewed as mechanisms for calibrating a market that would, as he well knew, punish those who read it wrongly. He had his share of disasters, amid which he remained remarkably detached and resilient. There were more ups than downs and he became wealthy in the process: if not seriously rich by the standards of the City of London then certainly by the standard of Bloomsbury or Cambridge.
  Little wonder that he did not live like the average professor of economics. Indeed he never became a professor in the British sense, and his riposte, when described as 'Professor Keynes', was to say that he would not accept the indignity without the emoluments. He could literally afford to say this because he did not need the emoluments after 1920. So he was able to buy his freedom of action by retaining his Fellowship at King's on much of his own terms. He escaped a lot of routines teaching but still offered lectures annually in the Economics Faculty. He also continued as editor of the Economic Journal, the leading British periodical in the field.  He had been put into this post in 1912ㅡthe board was chaired by Marshallㅡat the age of twenty eight, at first with some oversight on account of his youth, but from 1919 to 1945 in undisputed command. This gave him great influence within the economics profession.
(...) To develop the theoretical implications further, however, I would need at the least an NEH grant and run the risk of being called a professor, and as John Maynard Keynes, who was just a bursar and not a fellow of his college at Cambridge once put it, "I will not accept the indignity without the emoluments."

cf. fellow: 6) (at Oxford and Cambridge universities) a member of the governing body of a college, who is usually a member of the teaching staff. 7) a member of the governing body or established teaching staff at any of various universities or colleges

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