John B. Taylor

George P. Shultz Senior Fellow in Economics
Awards and Honors:
American Academy of Arts and Sciences
Econometric Society (elected fellow)
Economics Distinguished Faculty Teaching Award
(2015)
Biography: 

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.

Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, for which he received the 2012 Hayek Prize, develops an economic plan to restore America’s prosperity.

Taylor served as senior economist on President Ford's and President Carter’s Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole’s presidential campaign, to George W. Bush’s presidential campaign in 2000, and to John McCain’s presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20.

Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award as well as the Adolph G. Abramson Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy.

Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

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Recent Commentary

EssaysFeatured

Obstacles To Free-Market Capitalism That Help Make Way For Socialism

by John B. Taylorvia Socialism and Free Market Capitalism: The Human Prosperity Project
Monday, August 31, 2020

In a book that George Shultz and I published this year, we explained why one must choose economic freedom, meaning basically the opposite of socialism. Economic freedom, or free-market capitalism, the term of art used in this important Human Prosperity Project, means a rule of law, predictable policies, reliance on markets, attention to incentives, and limitations on government.

Featured

Bridge Both The In-Person And The On-Line Educational Divides

by John B. Taylorvia Economics One
Tuesday, August 11, 2020

In a new Policy Brief just released by the Stanford Institute for Economic Policy Research, Jack Mallery and I show that In-person and online learning go together.

Cheated by Collectivism

by George P. Shultz, Michael J. Boskin, John F. Cogan, John B. Taylorvia Hoover Digest
Tuesday, August 4, 2020

Businesses do good by benefiting their shareholders, not pursuing a phantom of “social responsibility.”

Featured

School Choice Is The Only Option

by John B. Taylor mentioning Thomas Sowellvia Project Syndicate
Monday, August 3, 2020

If there is a potential silver lining to the United States' experience with COVID-19, it can be found in the domain of primary and secondary education, where the demand for alternatives to traditional public schools is surging. The pandemic has both laid bare the US education gap and pointed the way to a solution.

Analysis and Commentary

A Payroll Tax Holiday Will Get Americans Back To Work

by Scott Minerd, John B. Taylorvia Financial Times
Sunday, July 26, 2020

[Subscription required] The pandemic creates an opportunity to make social security more sustainable.

Analysis and Commentary

Keep Those Remittance Flows Going

by John B. Taylorvia Economics One
Thursday, July 16, 2020

The importance of remittance flows to low and middle income countries is the subject of an important recent tweet from William Easterly @bill_easterly. His tweet includes this amazing chart: What is most striking about the chart is the sharp increase in remittance flows around 2002 and 2003. But why?

Analysis and Commentary

All Fireworks Shows Cancelled In Bay Area

by John B. Taylorvia Economics One
Saturday, July 4, 2020

Yes. That’s the San Francisco Chronicle digital headline, and it’s true all over the United States of America, with some exceptions like Mount Rushmore last night and DC tonight.  Back in 2010, I started writing on each July 4th about the exploding fireworks and comparing them to the exploding long term projections of the federal debt by the Congressional Budget Office (CBO). 

Thomas Sowell discusses Intellectuals and Society on Uncommon Knowledge.
Featured

Happy Birthday And A Terrific New Book By Thomas Sowell

by John B. Taylor featuring Thomas Sowellvia Economics One
Tuesday, June 30, 2020

Thomas Sowell has a new book. It is terrific and timely. It is called Charter Schools and Their Enemies, officially published today, June 30, 2020, which happens to be his 90th birthday. Happy Birthday, Tom, and thank you writing such a beautiful book.

Featured

Broadband For All

by John B. Taylor, Jack Malleryvia Project Syndicate
Monday, June 29, 2020

By driving a large share of work and education online, the COVID-19 pandemic has likely triggered a permanent change in many economic sectors. That makes closing the digital divide and ensuring universal Internet access more urgent than ever.

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