Albert O. Hirschman
Albert Otto Hirschman was an influential economist and the author of several books on political economy and political ideology. His first major contribution was in the area of development economics. Here he emphasized the need for unbalanced growth; because developing countries are short of decision making skills, he argued that disequilibria should be encouraged to stimulate growth and help mobilize resources. Key to this was encouraging industries with a large number of linkages to other firms, his work was in political economy and there he advanced two simple but intellectually powerful schemata. The first describes the three basic possible responses to decline in firms or polities in Exit and Loyalty; the second describes the basic arguments made by conservatives in The Rhetoric of Reaction. In World War II, he played a key role in rescuing refugees in occupied France. Otto Albert Hirschmann was born in Berlin, the son of Carl and Hedwig Marcuse Hirschmann, brother of Ursula Hirschmann. After he had started studying in 1932 at Friedrich-Wilhelms-Universität, he was educated at the Sorbonne, the London School of Economics and the University of Trieste, from which he received his doctorate in economics in 1938.
Soon thereafter, Hirschman volunteered to fight on behalf of the Spanish Republic in the Spanish Civil War. After France surrendered to the Nazis, he worked with Varian Fry to help many of Europe's leading artists and intellectuals to escape to the United States. A Rockefeller Fellow at the University of California, Berkeley, he served in the United States Army where he worked in the Office of Strategic Services, was appointed Chief of the Western European and British Commonwealth Section of the Federal Reserve Board, served as a financial advisor to the National Planning Board of Colombia and became a private economic counselor in Bogotá. Following that he held a succession of academic appointments in economics at Yale University, Columbia University, Harvard University and the Institute for Advanced Study. Hirschman helped develop the hiding hand principle in his 1967 essay'The principle of the hiding hand'. In 2001, Hirschman was named among the top 100 American intellectuals, as measured by academic citations, in Richard Posner's book, Public Intellectuals: A Study of Decline.
In 2003, he won the Benjamin E. Lippincott Award from the American Political Science Association to recognize a work of exceptional quality by a living political theorist for his book The Passions and the Interests: Political Arguments for Capitalism before Its Triumph. In 2007, the Social Science Research Council established an annual prize in honor of Hirschman, he died at the age of 97 on December 10, 2012, some months after the passing of his wife of over seventy years, Sarah Hirschman. This is a history of the ideas laying the intellectual groundwork for capitalism. Hirschman describes how thinkers in the seventeenth and eighteenth centuries embraced the sin of avarice as an important counterweight to humankind's destructive passions. Capitalism was promoted by thinkers including Montesquieu, Sir James Steuart, Adam Smith as repressing the passions for "harmless" commercial activities. Hirschman noted that words including "vice" and "passion" gave way to "such bland terms" as "advantage" and "interest."
Hirschman described the Interests as the book he most enjoyed writing. According to Hirschman biographer Jeremy Adelman, the book reflected Hirschman's political moderation, a challenge to reductive accounts of human nature by economists as a "utility-maximizing machine" as well as Marxian or communitarian "nostalgia for a world, lost to consumer avarice." In 1945, Hirschman proposed a market concentration index, the square root of the sum of the squares of the market share of each participant in the market. Orris C. Herfindahl proposed a similar index in 1950 unaware of the prior work. Thus, it is referred to as the Herfindahl-Hirschman index. 1945. National Power and the Structure of Foreign Trade 1980 expanded ed. Berkeley: University of California Press 1955. Colombia. Bogotá: Banco de la Republica Press. 1958. The Strategy of Economic Development. New Haven, Conn.: Yale University Press. ISBN 0-300-00559-8 1961. Latin American issues. 1963. Journeys toward Progress: studies of economic policy-making in Latin America.
New York: Twentieth Century Fund 1967. Development Projects Observed. Washington, D. C.: The Brookings Institution. ISBN 0-815-73651-7. 1970. Exit and Loyalty: Responses to Decline in Firms and States. Cambridge, Massachusetts: Harvard University Press. ISBN 0-674-27660-4. 1971. A bias for hope: essays on development and Latin America. New Haven: Yale University Press. 1977. The Passions and the Interests: Political Arguments For Capitalism Before Its Triumph. Princeton, NJ: Princeton University Press. ISBN 0-691-01598-8. 1980. National power and the structure of foreign trade. Berkeley: University of California Press. 1981. Essays in trespassing: economics to politics and beyond. Cambridge. 1982. Shifting involvements: private interest and public action. Princeton, N. J.: Princeton University Press. 1984. Getting ahead collectively: grassroots experiences in Latin America (with photographs by Mitch
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Robert H. Frank
Robert Harris Frank is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University. He contributes to the "Economic View" column, which appears every fifth Sunday in The New York Times. Frank's 2011 book is on wealth inequality in the United States. Born in Coral Gables, Frank graduated from Coral Gables High School in 1962. Frank received a B. S. in mathematics from the Georgia Institute of Technology in 1966, M. A. in statistics from the University of California, Berkeley in 1971, Ph. D. in economics from UC Berkeley in 1972. Until 2001, he was the Goldwin Smith Professor of Economics and Public Policy in the Cornell University College of Arts and Sciences. For the 2008–09 academic year, Frank was a visiting professor at the New York University Stern School of Business. Frank has been a Peace Corps volunteer in rural Nepal, the chief economist for the Civil Aeronautics Board, a fellow at the Center for Advanced Study in the Behavioral Sciences, a Professor of American Civilization at École des hautes études en sciences sociales in Paris.
In 2008, Frank received an honorary doctorate in Economics from the University of St. Gallen This theory is an analytical examination of the socioeconomic concept of keeping up with the Joneses and conspicuous consumption, his book Choosing the Right Pond discusses the importance of status, how much people pay for status. Frank argues that the race for status is bad for society as a whole, as there cannot be improvement in overall status available, because every time person A rises above person B, the sum of their status remains the same; the only thing that changes is which person is. He reasons that this race for status explains why increases in wealth do not increase well-being, or do not increase it much. According to Frank, if most earnings are spent on pursuing status, there will not be much improvement in intrinsic quality of life. In his book The Winner-Take-All Society, he discusses the contemporary trend toward concentration of wealth, he argues that more and more of the current economy and other institutions are moving toward a state where few winners take much, while the rest are left with little.
He attributes this, in part, to the modern structure of markets and technology. In various economic papers and in the book Passions Within Reason, he discusses the idea that emotions have important roles in decision making and personal interactions when they seem to be irrational. For example, the emotions of love give more value to long term romantic commitment. A "rational" person would dump his partner as soon. Emotional attachment gives more long term meaning to the relationship. Put poetically: "Those sensible about love are incapable of it." Anger can be used as a precommitment device. Frank states. By acting "irrationally" when treated unfairly, a person can obtain better results in situations which resemble the ultimatum game if their opponent anticipates their emotional response and adjusts their strategy accordingly. Frank and Regan conducted an experimental study of the prisoner's dilemma; the subjects were students in their first and final years of undergraduate economics, undergraduates in other disciplines.
Subjects were paired, placed in a typical game scenario asked to choose either to "cooperate" or to "defect". Pairs of subjects were told that if they both chose "defect" the payoff for each would be 1. If both cooperated, the payoff for each would be 2. If one defected and the other cooperated, the payoff would be 3 for the defector and 0 for the cooperator; each subject in a pair made his choice without knowing. First year economics students, students doing disciplines other than economics, overwhelmingly chose to cooperate, but 4th year students in economics tended to not cooperate. Frank et al. concluded, that with "an eye toward both the social good and the well-being of their own students, economists may wish to stress a broader view of human motivation in their teaching." In a cited work, Frank showed that the study of economics reduces cooperation in games. The idea is that much of the time cooperation and consideration of other's perspective are irrational in the narrow sense of the word.
Thus, learning that cooperation is irrational in some situations is influencing the behavior of the students towards less cooperation to the negative. Choosing the Right Pond: Human Behavior and the Quest for Status. New York: Oxford University Press 1985 Passions Within Reason: The Strategic Role of Emotions. New York: W. W. Norton 1988 with Philip J. Cook: The Winner-Take-All Society. New York: Martin Kessler Books at The Free Press 1995 with Philip J. Cook: The winner-take-all society: why the few at the top get so much more than the rest of us. New York: Penguin Books ISBN 0-14-025995-3 Luxury Fever: Money and Happiness in an Era of Excess. Princeton: Princeton University Press 2000 What Price the Moral High Ground? Ethical Dilemmas in Competitive Environments. Princeton: Princeton University Press 2004 Microeconomics and Behavior. 6th ed. New York: McGraw-Hill 2005 with Ben Bernanke: Principles of Economics. New York: McGraw-Hill ISBN 0-07-121459-3 with Ben Bernanke: Principles of Macroeconomics.
New York: McGraw-Hill ISBN 0-07-319397-6 The Economic Naturalist: In Search of Solutions to Everyday Enigmas. New York: Basic Books 2007 Falling Behind: How Rising Inequality Harms the Middle Class. Berkeley: University of California Press 2007 The Return of the Economic Naturalist. How Economics Hel
Richard H. Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association, he is a theorist in behavioral economics, collaborated with Daniel Kahneman, Amos Tversky and others in further defining that field. In 2018, he was elected a member in the National Academy of Sciences. In 2017, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics. In its Nobel prize announcement, the Royal Swedish Academy of Sciences said that his "contributions have built a bridge between the economic and psychological analyses of individual Decision-making, his empirical findings and theoretical insights have been instrumental in creating the new and expanding field of behavioral economics." Thaler was born in New Jersey to a Jewish family. His mother, was a teacher, a real estate agent while his father, Alan Maurice Thaler, was an actuary at the Prudential Financial in Newark, New Jersey, was born in Toronto.
He grew up with two younger brothers. His great-great grandfather, Selig Thaler was from Ukraine, he is married to France Leclerc, a former marketing professor at the University of Chicago and avid photographer. He has three children from his first marriage, he graduated from Newark Academy, before going on to receive his B. A. degree in 1967 from Case Western Reserve University, his M. A. in 1970 and Ph. D. degree in 1974 from the University of Rochester, writing his thesis on "The Value of Saving A Life: A Market Estimate" under the supervision of Sherwin Rosen. After completing his studies, Thaler began his career as a professor at the University of Rochester. Between 1977 and 1978, Thaler spent a year at Stanford University collaborating and researching with Daniel Kahneman and Amos Tversky, who provided him with the theoretical framework to fit many of the economic anomalies that he had identified, such as the endowment effect. From 1978 to 1995, he was a faculty member at the SC Johnson College of Business at Cornell University.
After gathering some attention with a regular column in the respected Journal of Economic Perspectives and the publication of these columns by Princeton University Press, Thaler was offered a position at the University of Chicago's Booth School of Business in 1995, where he has taught since. Thaler has written a number of books intended for a lay reader on the subject of behavioral economics, including Quasi-rational Economics and The Winner's Curse, the latter of which contains many of his Anomalies columns revised and adapted for a popular audience. One of his recurring themes is that market-based approaches are incomplete: he is quoted as saying, "conventional economics assumes that people are highly-rational—super-rational—and unemotional, they can calculate like a computer and have no self-control problems."Thaler is coauthor, with Cass Sunstein, of Nudge: Improving Decisions About Health and Happiness. Nudge discusses how public and private organizations can help people make better choices in their daily lives.
"People make poor choices—and look back at them with bafflement!" Thaler and Sunstein write. "We do this because as human beings, we all are susceptible to a wide array of routine biases that can lead to an wide array of embarrassing blunders in education, personal finance, health care and credit cards and the planet itself." Thaler and his co-author coined the term choice architect. In 2015 Thaler wrote Misbehaving: The Making of Behavioral Economics, a history of the development of behavioral economics, "part memoir, part attack on a breed of economist who dominated the academy—particularly, the Chicago School that dominated economic theory at the University of Chicago—for the much of the latter part of the 20th century." Thaler gained some attention in the field of mainstream economics for publishing a regular column in the Journal of Economic Perspectives from 1987 to 1990 titled Anomalies, in which he documented individual instances of economic behavior that seemed to violate traditional microeconomic theory.
In a 2008 paper and colleagues analyzed the choices of contestants appearing in the popular TV game show Deal or No Deal and found support for behavioralists' claims of path-dependent risk attitudes. He has studied cooperation and bargaining in the UK game shows Golden Balls and Divided; as a columnist for The New York Times News Service, Thaler has begun a series of economic solutions for some of America's financial woes, beginning with "Selling parts of the radio spectrum could help pare US deficit," with references to Thomas Hazlett's ideas for reform of the U. S. Federal Communications Commission and making television broadcast frequency available for improving wireless technology, reducing costs, generating revenue for the US government. Thaler was the 2017 recipient of the Nobel Memorial Prize in Economics for "incorporat psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes."Immediately following the announcement of the 2017 prize, Professor Peter Gärdenfors, Member of the Economic Sciences Prize Committee, said in an interview that Thaler had "made economics more human".
After learning that he had won the Nobel Prize, Thaler said that his most important contribution to economics "was the recognit
Ha-Joon Chang is a South Korean institutional economist, specialising in development economics. A reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective. In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers, he has served as a consultant to the World Bank, the Asian Development Bank, the European Investment Bank, as well as to Oxfam and various United Nations agencies. He is a fellow at the Center for Economic and Policy Research in Washington, D. C. In addition, Chang serves on the advisory board of Academics Stand Against Poverty. After graduating from Seoul National University's Department of Economics, he studied at the University of Cambridge, earning an MPhil and a PhD for his thesis entitled The Political Economy of Industrial Policy – Reflections on the Role of State Intervention in 1991. Chang's contribution to heterodox economics started while studying under Robert Rowthorn, a leading British Marxist economist, with whom he worked on the elaboration of the theory of industrial policy, which he described as a middle way between central planning and unrestrained free market.
His work in this area is part of a broader approach to economics known as institutionalist political economy which places economic history and socio-political factors at the centre of the evolution of economic practices. In his book Kicking Away the Ladder, Chang argued that all major developed countries used interventionist economic policies in order to get rich and tried to forbid other countries from doing the same; the World Trade Organization, World Bank, International Monetary Fund come in for strong criticism from Chang for "ladder-kicking" of this type which, he argues, is the fundamental obstacle to poverty alleviation in the developing world. This and other work led to his being awarded the 2005 Wassily Leontief Prize for Advancing the Frontiers of Economic Thought from the Global Development and Environment Institute; the book's methodology was criticized by Douglas Irwin, Professor of Economics at Dartmouth College and author of a 2011 study of the Smoot–Hawley tariff, writing on the website of the Economic History Association: Chang only looks at countries that developed during the nineteenth century and a small number of the policies they pursued.
He did not examine countries that failed to develop in the nineteenth century and see if they pursued the same heterodox policies only more intensively. This is a poor historical method. Suppose a doctor studied people with long lives and found that some smoked tobacco, but did not study people with shorter lives to see if smoking was more prevalent. Any conclusions drawn only from the observed relationship would be quite misleading. In contrast, Stanley Engerman, Professor of Economic History at Rochester University praised Chang's approach: Ha-Joon Chang has examined a large body of historical material to reach some interesting and important conclusions about institutions and economic development. Not only is the historical picture re-examined, but Chang uses this to argue the need for a changing attitude to the institutions desired in today's developing nations. Both as historical reinterpretation and policy advocacy, Kicking Away the Ladder deserves a wide audience among economists and members of the policy establishment.
Following up on the ideas of Kicking Away the Ladder, Chang published Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism in December 2008. Chang countered Irwin's criticisms by arguing that countries that had failed to develop had followed free market policies. Chang argued that while state interventionism sometimes produced economic failures, it had a better record than unregulated free market economies which, he maintained rarely succeeded in producing economic development, he cited evidence that GDP growth in developing countries had been higher prior to external pressures recommending deregulation and extended his analysis to the failures of free trade to induce growth through privatisation and anti-inflationary policies. Chang's book won plaudits from Nobel Prize–winning economist Joseph Stiglitz for its fresh insight and effective blend of contemporary and historical cases but was criticised by former World Bank economist William Easterly, who said that Chang used selective evidence in his book.
Chang responded to Easterly's criticisms. Easterly in turn provided a counter-reply. Chang's next book was released in 2011 23 Things They Don't Tell You About Capitalism which offers a twenty-three point rebuttal to aspects of neo-liberal capitalism; this includes assertions such as "Making rich people richer doesn't make the rest of us richer", "Companies should not be run in the interests of their owners", "The washing machine has changed the world more than the internet has." This book questions the assumptions behind the dogma of neo-liberal capitalism and offers a vision of how we can shape capitalism to humane ends. This marks a broadening of Chang's focus from his previous books that were critiques of neo-liberal capitalism as it related to developing countries. In this book, Chang begins to discuss the issues of the current neo-liberal system across all countries. Chang's 2014 book, Economics: The User's Guide, is an introduction to economics, written for the general public; the political economy of indust
University of Chicago Booth School of Business
The University of Chicago Booth School of Business is the graduate business school of the University of Chicago in Chicago, Illinois. Booth has produced more Nobel laureates in the Economic Sciences than any other school and is second only to the University of Cambridge in total. Known as The University of Chicago Graduate School of Business, Chicago Booth is the second-oldest business school in the U. S. and the first such school to offer an Executive MBA program. The school was renamed in 2008 following a $300 million endowment gift to the school by alumnus David G. Booth; the school has the third-largest endowment of any business school. The school's campus is located in the Hyde Park neighborhood of Chicago on the main campus of the university; the school maintains additional campuses in London and Asia, as well as in downtown Chicago on the Magnificent Mile. In addition to conducting graduate business programs, the school conducts research in the fields of finance, quantitative marketing research, accounting, among others.
The Full-Time MBA Program is tied in first with Harvard Business School according to U. S. News & World Report; the University of Chicago Booth School of Business traces its roots back to 1898 when university faculty member James Laurence Laughlin chartered the College of Commerce and Politics, intended to be an extension of the school's founding principles of "scientific guidance and investigation of great economic and social matters of everyday importance." The program served as a undergraduate institution until 1916, when academically oriented research masters and doctoral-level degrees were introduced. In 1916, the school was renamed the School of Administration. Soon after in 1922, the first doctorate program was offered at the school. In 1932, the school was rechristened as the School of Business; the School of Business offered its first Master of Business Administration in 1935. A landmark decision was taken by the school at about this time to concentrate its resources on graduate programs, accordingly, the undergraduate program was phased out in 1942.
In 1943, the school launched the first Executive MBA program. The school was renamed to Graduate School of Business in 1959, a name that it held till 2008. During the latter half of the twentieth century, the business school was instrumental in the development of the Chicago School of economics, an economic philosophy focused on free-market, minimal government involvement, due to faculty and student interaction with members of the university's influential Department of Economics. Other innovations by the school include initiating the first PhD program in business, founding the first academic business journal, offering the first Executive MBA program, for offering the first weekend MBA program. Students at the school founded the National Black MBA Association, it is the only U. S. business school with permanent campuses on three continents: Asia and North America. In Chicago, the Booth School has two campuses: the Charles M. Harper Center in Hyde Park, which hosts the school's full-time MBA and Ph.
D. programs, the Gleacher Center in downtown Chicago, which hosts evening and executive MBA programs. Chicago Booth has a campus in London across from the Guildhall and a campus in Hong Kong. Chicago Booth offers Full-time, Executive MBA programs; the university is a major center for educating future academics, with graduate programs offering the A. M. and Ph. D. degrees in several fields. Students in the Full-time MBA, Executive MBA, Part-time MBA programs can concentrate in one or more of 14 areas, although some concentrations' required coursework may necessitate schedule modifications for students enrolled in the part-time program. Chicago Booth grants "High Honors" to the top five percent of the graduating class and "Honors" to its next 15 percent, based on GPA averages of all MBA graduates from the previous academic year; the school disseminates research through its centers and institutes. S. News & World Report ranks Chicago Booth as the #1 business school in the United States. U. S. News ranked the school's executive MBA program #1 and its part-time program #2.
In 2018, The Economist ranked the school's full-time MBA program as #1 globally. The Economist ranked Chicago #1 each year from 2012 to 2016; the Booth school has 177 professors, includes Nobel laureates Eugene Fama and Richard Thaler, presidential appointees, a MacArthur fellow. Notable economists Kevin M. Murphy, John H. Cochrane, Luigi Zingales and Raghuram Rajan, former Chairperson of the Council of Economic Advisers, Austan Goolsbee, are professors there; the Chicago Booth Alumni has a community of over 49,000 members and is supported by 60+ alumni clubs worldwide. Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, Susan Wagner. Chicago Booth Review is a magaz
Brandeis University is an American private research university in Waltham, Massachusetts, 9 miles west of Boston. Founded in 1948 as a non-sectarian, coeducational institution sponsored by the Jewish community, Brandeis was established on the site of the former Middlesex University; the university is named after Louis Brandeis, the first Jewish Justice of the U. S Supreme Court. In 2017, it had a total enrollment of 5,722 students on its suburban campus spanning over 235 acres; the institution offers more than 43 majors and 46 minors, two thirds of the undergraduate classes have 20 students or fewer. It is a member of Association of American Universities since 1985 and the Boston Consortium which allows students to cross-register to attend courses at other institutions including Boston College, Boston University and Tufts University; the university has a strong liberal arts focus, is known to attract a geographically and economically diverse student body, with 72% of its non-international undergraduates being out state, 50% of full-time undergraduates receiving need-based financial aid, 13.5% being recipients of the federal Pell Grant, having the 8th largest international student population of any university in the United States.
Brandeis was tied for 28th among all private national universities, 35th among all colleges and universities in the United States, 29th in "best value" schools in the U. S. News & World Report rankings. In 2018, Niche recognized Brandeis as the 9th most diverse college or university in the country, based on socioeconomic and ethnic diversity of students and professors; the university is highly regarded for its social sciences and government programs, with the Heller School, ranked as one of the top 10 policy schools in the United States. Alumni and affiliates include Albert Einstein and former First Lady of the United States, Eleanor Roosevelt, Nobel Prize laureate Roderick MacKinnon, as well as foreign heads of state, congressmen and diplomats, recipients of the Nobel Prize, Pulitzer Prize, Academy Award, Emmy Award, the MacArthur Fellowship, as well as many other awards. Middlesex University was a medical school located in Waltham, at the time the only medical school in the United States that did not impose a quota on Jews.
The founder, Dr. John Hall Smith, died in 1944. Smith's will stipulated that the school should go to any group willing to use it to establish a non-sectarian university. Within two years, Middlesex University was on the brink of financial collapse; the school had not been able to secure accreditation by the American Medical Association, which Smith attributed to institutional antisemitism in the American Medical Association, and, as a result, Massachusetts had all but shut it down. Dr. Smith's son, C. Ruggles Smith, was desperate for a way to save something of Middlesex University, he learned of a New York committee headed by Dr. Israel Goldstein, seeking a campus to establish a Jewish-sponsored secular university. Smith approached Goldstein with a proposal to give the Middlesex campus and charter to Goldstein's committee, in the hope that his committee might "possess the apparent ability to reestablish the School of Medicine on an approved basis." While Goldstein was concerned about being saddled with a failing medical school, he was excited about the opportunity to secure a 100-acre "campus not far from New York, the premier Jewish community in the world, only 9 miles from Boston, one of the important Jewish population centers."
Goldstein agreed to accept Smith's offer, proceeding to recruit George Alpert, a Boston lawyer with fundraising experience as national vice president of the United Jewish Appeal. Alpert had worked his way through Boston University School of Law and co-founded the firm of Alpert and Alpert. Alpert's firm had a long association with the New York, New Haven and Hartford Railroad, of which he was to become president from 1956 to 1961 He is best known today as the father of Richard Alpert, he was influential in Boston's Jewish community. His Judaism "tended to be social rather than spiritual." He was involved in assisting children displaced from Germany. Alpert was to be chairman of Brandeis from 1946 to 1954, a trustee from 1946 until his death. By February 5, 1946, Goldstein had recruited Albert Einstein, whose involvement drew national attention to the nascent university. Einstein believed the university would attract the best young people in all fields, satisfying a real need. In March 1946, Goldstein said the foundation had raised ten million dollars that it would use to open the school by the following year.
The foundation purchased Middlesex University's land and buildings for two million dollars. The charter of this operation was transferred to the Foundation along with the campus; the founding organization was announced in August and named The Albert Einstein Foundation for Higher Learning, Inc. The new school would be a Jewish-sponsored secular university open to students and faculty of all races and religions; the trustees offered to name the university after Einstein in the summer of 1946, but Einstein declined, on July 16, 1946, the board decided the university would be named after Louis Brandeis. Einstein objected to what he thought was excessively expansive promotion, to Goldstein's sounding out Abram L. Sachar as a possible president without consulting Einstein. Einstein took great offense at Goldstein's having invited Cardinal Francis Spellman to participate in a fundraising event. Einstein became alarmed by press announcements that exaggerated the school's success at fundraising. Einstein threatened to sever ties with the foundation on September 2, 1946.
Believing the venture could not succeed without Einstein, Goldstein agreed