Henry Walcott Farnam

The son of railroad executive Henry Farnam, he attended Yale University graduating with a bachelor's degree in 1874, and then studied towards a M.A.

Like many American economists of the late 19th century, Farnam then went to Germany to study under the leading figures of the German historical school.

[citation needed] In 1906, Farnam made of a gift of US$30,000 to be used for the erection of a new building for Lowell House.

The gift was the largest of its kind on record and would allow the settlement work to be conducted on a broader and more effective basis.

[2] That same year, Farnam co-founded the American Association for Labor Legislation (AALL) with other economists.