"The greatest pleasure in life is doing what people say you cannot do." ~Walter Bagehot
Walter Bagehot lived from 1826-1877. He was an English journalist, closely associated with the English institutionalist-historicist tradition. He was one of the early editors of the famous and influential "Manchester School" newspaper, "The Economist". Bagehot was not avidly opposed to contemporary classical economics, but he stressed the need for more institutional content - especially cultural and social factors. He was one of the first economists to discuss the concept of the business cycle. Bagehot also developed a distinct theory of central banking.