Melvyn B. Krauss

Melvyn B. Krauss, European monetary affairs whisperer, dies at 84

Melvyn B. Krauss, Professor Emeritus of Economics at New York University as well as emeritus William L. Clayton Senior Fellow at the Hoover institution, passed away on January 10th, 2023 at his home in Portola Valley, CA. Krauss was known for his rigorous analysis, clear exposition, and independent thinking. He advocated for free trade and market-oriented reforms.

Krauss was an avid writer, authoring seven books, notably How Nation's Grow Rich (Oxford University Press, 1997) and How NATO Weakens the West (Simon and Schuster, 1986).

Drawing on his expertise, he became an informal advisor on European monetary affairs at critical moments working with the European Central Bank (ECB). Between 1998 and 2021, Krauss published more than 50 syndicated articles specializing in European economic issues in newspapers and scientific journals, including the NRC Handelsblad, the American Economic Review, the Journal of Economic Literature, the Scandinavian Journal of Economics, Economica and the Journal of Political Economy. He co-published with well-known economist William Baumol, a colleague from New York University, and in Chicago worked with Nobel laureate Milton Friedman.

Krauss, born in 1938, received a BA degree from Brooklyn College, an MA from New York University. and an PhD in economics from the London School of Economics. He taught at various universities outside the United States including the London School of Economics, the University of Amsterdam, the University of Stockholm, the University of Aix-Marseille, and McMaster University, Hamilton, Ontario. He also held teaching positions at New York University, Johns Hopkins School of Advanced International Studies, and Stanford University.

A member of the Republican Party until recent years, he represented the party's globalist center. At the end of his career he worked at the Hoover Institute at Stanford University in California. But as far as the EU is concerned, he was one of the monetary "doves" who advocated financial support for weaker countries such as Italy and Greece. He rejected the protectionism advocated during the Trump administration.

Melvyn's wife of 51 years, Irene Krauss-de Groot, whom he met while on a passenger ship from Rotterdam to N.Y., passed away on August 26, 2020. They were both great patrons of the arts in the Netherlands, contributing to the Concertgebouw Orchestra. He is survived by his sister Ellen Golann and her family.