Walter A. Morton
1899-1982
Professor of Economics
Morton signed the original charter for UW Credit Union.
Walter Morton was born in Cleveland, Ohio. He attended the University of Michigan and was awarded both a Bachelor's and Master's degree. Morton came to the University of Wisconsin in 1925 as an instructor and to pursue his Ph.D. He completed his dissertation on "The Formation of Capital" under the direction of John R. Commons and William A. Scott. He was awarded a Ph.D. in Economics in 1927. After completing his doctorate, Morton was promoted to Assistant Professor and then Associate Professor in 1931. In 1937, he was named Professor of Economics. As many as 750 students took his Money and Banking course each semester. Following his retirement from the University of Wisconsin in 1969, he remained active and for two years was a visiting professor at Illinois State University.
Morton was a prolific author and published articles and books on topics as far ranging as "tariff theory, taxation, unemployment insurance, public utility rates of return and inflation." His books included British Finance, 1930-1940 (1943), Rate of Return and the Value of Money in Public Utilities (1952), Housing Taxation (1952) and Federal Reserve Policy (1957). In the tradition of his Wisconsin colleagues, Morton sought to apply academic research toward practical solutions for the problems of the day. He was a member of the Consumer Economics Policy Committee of the American Bankers Association as well as the Transportation and Communications Committee of the U.S. Chamber of Commerce. In 1963, he was appointed by Governor Reynolds to the State Investment Board.
Embodying the Wisconsin Idea, Morton recalled at the end of his career, "I came to Wisconsin because the University was known for developing an indigenous kind of economics, oriented to the solution of problems of the state and nation. The salary was half what I was offered elsewhere, but I was urged to come by those distinguished Wisconsin men, John R. Commons, E.A. Ross and William A. Scott, and their urging, plus the unique philosophy of the department, persuaded me."