Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, regarded as the most prestigious award for that field. The award's official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel; the prize was established in 1968 by a donation from Sweden's central bank the Riksbank to the Nobel Foundation to commemorate the bank's 300th anniversary. As it is not one of the prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize. However, it is referred to along with the Nobel Prizes by the Nobel Foundation. Laureates are announced with the Nobel Prize laureates, receive the award at the same ceremony. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences, it was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".
An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award. Since 2012, the monetary portion of the Prize in Economics has totaled 8 million Swedish kronor; this is equivalent to the amount given for the original Nobel Prizes. Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor for its administrative expenses associated with the prize as well as 1 million Swedish kronor to include information about the prize on the Nobel Foundation's web site. The Prize in Economics is not one of the Nobel Prizes, which were endowed by Alfred Nobel in his will. However, the nomination process, selection criteria, awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes. Laureates are announced with the Nobel Prize laureates, receive the award at the same ceremony; the Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his will," which stipulate that the prize be awarded annually to "those who... shall have conferred the greatest benefit on mankind."
According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes"; each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are authorised to nominate candidates." All proposals and their supporting evidence must be received before February 1. The proposals are reviewed by specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote.
Members of the Royal Swedish Academy of Sciences vote in mid-October to determine the next laureate or laureates of the Prize in Economics. As with the Nobel Prizes, no more than three people can share the prize for a given year. Like the Nobel laureates in physics, physiology or medicine, literature, each laureate in Economics receives a diploma, gold medal, monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on the anniversary of Nobel's death; the first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes". In 2009, Elinor Ostrom became. In February 1995, following acrimony within the selection committee pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social sciences; this made it available to researchers in such topics as political science and sociology.
Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee; the members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics. In 1978, Herbert A. Simon, whose PhD was in political science, became the first non-economist to win the prize, while Daniel Kahneman, a professor of psychology and international relations at Princeton University is the first non-economist by profession to win the prize; some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association, a source of controversy. Among them is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Ludvig Nobel. Nobel criticizes the awarding institution of misusing his family's name, states that no member of the Nobel family has had the intention of establishing a prize in economics.
He explained that "Nobel despised people who cared more abo
Milton Friedman
Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian" theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and described his approach as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.
He theorized that there existed a "natural" rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy, his ideas concerning monetary policy, taxation and deregulation influenced government policies during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–2008. Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher, his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating conscription in the United States was his proudest accomplishment.
In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice renamed EdChoice. Friedman's works include monographs, scholarly articles, magazine columns, television programs and lectures and cover a broad range of economic topics and public policy issues, his books and essays have had global influence, including in former communist states. A survey of economists ranked Friedman as the second-most popular economist of the 20th century following only John Maynard Keynes and The Economist described him as "the most influential economist of the second half of the 20th century... of all of it". Friedman was born in Brooklyn, New York on July 31, 1912, his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary.
They both worked as dry goods merchants. Shortly after his birth, the family relocated to New Jersey. In his early teens, Friedman was injured in a car accident. A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday, he was awarded a competitive scholarship to Rutgers University. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago. Friedman chose the latter, thus earning a Master of Arts degree in 1933, he was influenced by Jacob Viner, Frank Knight, Henry Simons. It was at Chicago that Friedman met economist Rose Director.
During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, working on Theory and Measurement of Demand; that year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis. Friedman was unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, D. C. where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists. At this stage, Friedman said that he and his wife "regarded the job-creation programs such as the WPA, CCC, PWA appropriate responses to the critical situation," but not "the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration." Foreshadowing his ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued.
Indeed, Friedman concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease," arguing that the money supply should have been expanded, instead of contracted. Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a
Wassily Leontief
Wassily Wassilyevich Leontief, was a Russian-American economist known for his research on input-output analysis and how changes in one economic sector may affect other sectors. Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, four of his doctoral students have been awarded the prize. Wassily Leontief was born on August 5, 1906, in Munich, the son of Wassily W. Leontief and Zlata Leontief. W. Leontief, Sr. belonged to a family of old-believer merchants living in St. Petersburg since 1741. Genya Becker belonged to a wealthy Jewish family from Odessa. At 15 in 1921, Wassily, Jr. entered University of Leningrad in present-day St. Petersburg, he earned his Learned Economist degree in 1925 at the age of 19. Leontief sided with campaigners for academic autonomy, freedom of speech and in support of Pitirim Sorokin; as a consequence, he was detained several times by the Cheka. In 1925, he was allowed to leave the USSR because the Cheka believed that he was mortally ill with a sarcoma, a diagnosis that proved false.
He continued his studies at the Frederick William University and, in 1928 earned a Ph. D. degree in economics under the direction of Werner Sombart, writing his dissertation on The Economy as Circular Flow. From 1927 to 1930, he worked at the Institute for the World Economy of the University of Kiel. There he researched the derivation of statistical supply curves. In 1929, he traveled to China to assist its ministry of railroads as an advisor. In 1931, he was employed by the National Bureau of Economic Research. During World War II, Leontief served as consultant at the U. S. Office of Strategic Services. Leontief joined Harvard University's department of economics in 1932 and in 1946 became professor of economics there. In 1949, Leontief used an early computer at Harvard and data from the U. S. Bureau of Labor Statistics to divide the U. S. economy into 500 sectors. Leontief modeled each sector with a linear equation based on the data and used the computer, the Harvard Mark II, to solve the system, one of the first significant uses of computers for mathematical modeling, along with George W. Snedecor's usage of the Atanasoff–Berry computer.
Leontief set up the Harvard Economic Research Project in 1948 and remained its director until 1973. Starting in 1965, he chaired the Harvard Society of Fellows. In 1975, Leontief joined New York University and founded and directed the Institute for Economic Analysis, he taught undergraduate classes. In 1932, Leontief married poet Estelle Marks, their only child, Svetlana Leontief Alpers, was born in 1936. Leontief's wife Estelle wrote a memoir and Wassily, of their relations with his parents after they came to the US as emigres; as hobbies Leontief enjoyed fly fishing and fine wines. He vacationed for years at his farm in West Burke, but after moving to New York in the 1970s moved his summer residence to Lakeville, Connecticut. Leontief died in New York City on Friday, February 5, 1999 at the age of 93, his wife died in 2005. Leontief is credited with developing early contributions to input-output analysis and earned the Nobel Prize in Economics for his development of its associated theory, he has made contributions in other areas of economics, such as international trade where he documented the Leontief paradox.
He was one of the first to establish the composite commodity theorem. Leontief earned the Nobel Prize in economics for his work on input-output tables. Input-output tables analyze the process by which inputs from one industry produce outputs for consumption or for inputs for another industry. With the input-output table, one can estimate the change in demand for inputs resulting from a change in production of the final good; the analysis assumes. Input-output inspired large-scale empirical work. Leontief used input-output analysis to study the characteristics of trade flow between the U. S. and other countries, found what has been named Leontief's paradox. S. exports were labor-intensive when compared to U. S. imports. This is the opposite of what one would expect, considering the fact that the U. S.'s comparative advantage was in capital-intensive goods. According to some economists, this paradox has since been explained as due to the fact that when a country produces "more than two goods, the abundance of capital relative to labor does not imply that the capital intensity of its exports should exceed that of imports."Leontief was a strong proponent of the use of quantitative data in the study of economics.
Throughout his life Leontief campaigned against "theoretical assumptions and non-observed facts". According to Leontief, too many economists were reluctant to "get their hands dirty" by working with raw empirical facts. To that end, Wassily Leontief did much to make quantitative data more accessible, more indispensable, to the study of economics. 1925: Баланс народного хозяйства СССР. in Planovoe Khozyaystvo.
Tjalling Koopmans
Tjalling Charles Koopmans was a Dutch American mathematician and economist. He was the joint winner with Leonid Kantorovich of the 1975 Nobel Memorial Prize in Economic Sciences for his work on the theory of the optimum allocation of resources. Koopmans showed that on the basis of certain efficiency criteria, it is possible to make important deductions concerning optimum price systems. Koopmans was born in's - Netherlands, he began his university education at the Utrecht University at seventeen, specializing in mathematics. Three years in 1930, he switched to theoretical physics. In 1933, he met Jan Tinbergen, the winner of the 1969 Nobel Memorial Prize in Economics, moved to Amsterdam to study mathematical economics under him. In addition to mathematical economics, Koopmans extended his explorations to econometrics and statistics. In 1936 he graduated from Leiden University under the direction of Hendrik Kramers; the title of the thesis was "Linear regression analysis of economic time series".
Koopmans moved to the United States in 1940. There he worked for a while for a government body in Washington D. C. where he published on the economics of transportation focusing on optimal routing moved to Chicago where he joined a research body Cowles Commission for Research in Economics affiliated with the University of Chicago. In 1946, he became a naturalized citizen of the United States and in 1948 director of the Cowles Commission. In 1948, he was elected as a Fellow of the American Statistical Association. Rising hostile opposition to the Cowles Commission by the department of economics at University of Chicago during the 1950s led Koopmans to convince the Cowles family to move it to Yale University in 1955, he continued to publish, on the economics of optimal activity analysis. Koopmans' early works on the Hartree–Fock theory are associated with the Koopmans' theorem, well known in quantum chemistry. Koopmans was awarded his Nobel memorial prize for his contributions to the field of resource allocation the theory of optimal use of resources.
The work for which the prize was awarded focused on activity analysis, the study of interactions between the inputs and outputs of production, their relationship to economic efficiency and prices. The importance of the article by Koopmans deriving the distribution of the serial correlation coefficient was recognized by John von Neumann, it influenced the optimal tests for a unit root by John Denis Sargan and Alok Bhargava. Tjalling Charles Koopmans was a son of Wytske van der Zee. One of Sjoerd Koopmans' sisters, Gatske Koopmans, her husband Symon van der Meer were the paternal grandparents of Nobel Prize winner Simon van der Meer. Tjalling Koopmans and Simon van der Meer were therefore first cousins once removed. Tjalling had two brothers, one of whom was theologist and reverend Dr Jan Koopmans, who, in 1940, early during the German occupation of the Netherlands, wrote the distributed pamphlet "Bijna te laat", warning about the future of the Jews under the Nazi regime. In 1945, towards the end of the war, he witnessed an execution of hostages in Amsterdam from behind a window and was mortally wounded by a stray bullet.
Koopmans, Tjalling C.. "Serial correlation and quadratic forms in normal variables". Annals of Mathematical Statistics. Institute of Mathematical Statistics. 13: 14–33. Doi:10.1214/aoms/1177731639. JSTOR 2236158. Koopmans, Tjalling C.. M.. "On the Description and Comparison of Economic Systems". Cowles Foundation Paper No. 357. Koopmans, Tjalling C.. Nobel Memorial Lecture: Concepts of optimality and their uses. Koopmans, Tjalling C.. "Additively decomposed quasiconvex functions". Mathematical Programming. Springer. 24: 1–38. Doi:10.1007/BF01585092. Hughes Hallett, Andrew J.. "Econometrics and the Theory of Economic Policy: The Tinbergen–Theil Contributions 40 Years On". Oxford Economic Papers. 41: 189–214. Doi:10.1093/oxfordjournals.oep.a041892. JSTOR 2663189. Sargan, J. D.. "Testing residuals from least squares regressions for being generated by the Gaussian random walk". Econometrica. 51: 153–174. Doi:10.2307/1912252. JSTOR 1912252. Linear programming Nobel autobiography Scarf, Herbert E. "Tjalling Charles Koopmans: August 28, 1910 – February 26, 1985", National Academy of Science IDEAS/RePEc Tjalling Koopmans at the Mathematics Genealogy Project Tjalling Charles Koopmans.
The Concise Encyclopedia of Economics. Library of Economics and Liberty. Liberty Fund. 2008. Biography of Tjalling Koopmans from the Institute for Operations Research and the Management Sciences
University of Minnesota
The University of Minnesota, Twin Cities is a public research university in Minneapolis and Saint Paul, Minnesota. The Minneapolis and St. Paul campuses are 3 miles apart, the St. Paul campus is in neighboring Falcon Heights, it is the oldest and largest campus within the University of Minnesota system and has the sixth-largest main campus student body in the United States, with 50,943 students in 2018-19. The university is the flagship institution of the University of Minnesota system, is organized into 19 colleges and schools, with sister campuses in Crookston, Duluth and Rochester; the University of Minnesota is one of America's Public Ivy universities, which refers to top public universities in the United States capable of providing a collegiate experience comparable with the Ivy League. Founded in 1851, The University of Minnesota is categorized as a Doctoral University – Highest Research Activity in the Carnegie Classification of Institutions of Higher Education. Minnesota is a member of the Association of American Universities and is ranked 14th in research activity with $881 million in research and development expenditures in the fiscal year ending June 30, 2015.
The University of Minnesota faculty and researchers have won 30 Nobel Prizes and three Pulitzer Prizes. Notable University of Minnesota alumni include two Vice Presidents of the United States, Hubert Humphrey and Walter Mondale, Bob Dylan, who received the 2016 Nobel Prize in Literature; the university organization structure consists of 19 colleges and other major academic units: The university has six university-wide interdisciplinary centers and institutes whose work crosses collegiate lines: Center for Cognitive Sciences Consortium on Law and Values in Health and the Life Sciences Institute for Advanced Study at University of Minnesota Institute for Translational Neuroscience Institute on the Environment Minnesota Population Center In 2018, Minnesota was ranked 37th in the world by the Academic Ranking of World Universities. The Times Higher Education World University Rankings for 2015 ranks Minnesota 46th in the world; the Center for World University Rankings ranked the university 35th in the world and 25th in the United States in 2018.
In 2016, the Nature Index ranked Minnesota 34th in the world based on research publication data from 2015. In 2015, Academic Ranking of World Universities ranked the university 11th in the world for mathematics; the University of Minnesota is ranked 14 overall among the nation's top research universities by the Center for Measuring University Performance. The university's research and development expenditures ranked 13th–15th among U. S. academic institutions in the 2010 through 2015 National Science Foundation reports. The U. S. News & World Report's 2016 rankings placed the undergraduate program of the university as the 69th-best National University in the United States, it ranked the Chemical Engineering program third-best, the Doctor of Pharmacy program third best, the Economics PhD program tenth, Psychology eighth, Statistics sixteenth, Audiology ninth, the University of Minnesota Medical School 6th for primary care and 34th for research. The Law School recognized as a'Top Law School' by U.
S. News & World Report, is ranked 20th in the nation, is a national leader in commercial law, international law, clinical education. Additionally, nineteen of the university's graduate-school departments have been ranked in the nation's top-twenty by the U. S. National Research Council. In 2008 and 2012 U. S. News & World Report ranked the College of Pharmacy 2nd in the nation. 2016 U. S. News & Report now rank the College of Pharmacy 2nd in the nation. In 2011, U. S. News & World Report ranked the School of Public Health 8th in the nation, home to the 2nd ranked program for the Master of Healthcare Administration degree; the University of Minnesota ranked 19th in NIH funding in 2008. Minnesota is listed as a "Public Ivy" in 2001 Greenes' Guides The Public Ivies: America's Flagship Public Universities. U. S. News & World Report has ranked the Nursing Informatics program of University of Minnesota as 2nd best in the nation; the university is known for innovation in research. The inventions by students and faculty have ranged from food science to health technologies.
Most of the public research funding in Minnesota is funneled to the University of Minnesota as a result of long standing advocacy by the university itself. The university developed Gopher, a precursor to the World Wide Web which used hyperlinks to connect documents across computers on the internet. However, the version produced by CERN was favored by the public since it was distributed and could more handle multimedia webpages; the university houses the Charles Babbage Institute, a research and archive center specializing in computer history. The department has strong roots in the early days of supercomputing with Seymour Cray of Cray supercomputers; the university became a member of the Laser Interferometer Gravitational-wave Observatory in 2007, has led data analysis projects searching for gravitational waves – the existence of which were confirmed by scientists in February 2016. Puffed rice – Alexander P. Anderson led to the discovery of "puffed rice", a starting point for a new breakfast cereal advertised as "Food Shot From Guns".
Transistorized cardiac pacemaker – Earl Bakken founded Medtronic, where he developed the first external, battery-operated, wearable artificial pacemaker in 1957. ATP synthase – Paul D. Boyer elucidated the enzymatic mechanism for synthesis of adenosine triphosphate, leading to a Nobel Prize in 1997
