Mitchell, Wesley Clair (1874-1948), was an American economist known for his studies of the rise and fall in business activity. Mitchell collected data about prices, production, and other factors in periods of prosperity and during economic slumps. He then determined the probable causes of the recurring increase and decrease in economic activity called the business cycle.
Mitchell pioneered the use of detailed statistics in economic studies. During his time, most economists developed theories based on only a few observations. Mitchell believed economic theories should be supported by a large amount of statistical evidence. Most economists today use the combined theoretical and statistical approach begun by Mitchell.
In 1920, Mitchell helped found the National Bureau of Economic Research. This private nonprofit organization conducts research on a variety of economic problems. Mitchell served as the organization’s director from 1920 to 1945. See National Bureau of Economic Research .
Mitchell was born in Rushville, Ill. He taught economics at Columbia University from 1913 to 1919 and from 1922 until 1944. His books include Business Cycles (1913) and Business Cycles: The Problem and Its Setting (1927).
