Economics is the social science that studies the production and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, the outcomes of interactions. Individual agents may include, for example, firms and sellers. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, the public policies that address these issues. See glossary of economics. Other broad distinctions within economics include those between positive economics, describing "what is", normative economics, advocating "what ought to be". Economic analysis can be applied throughout society, in business, health care, government. Economic analysis is sometimes applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment; the discipline was renamed in the late 19th century due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics. Scottish philosopher Adam Smith defined what was called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people... to supply the state or commonwealth with a revenue for the publick services. Jean-Baptiste Say, distinguishing the subject from its public-policy uses, defines it as the science of production and consumption of wealth. On the satirical side, Thomas Carlyle coined "the dismal science" as an epithet for classical economics, in this context linked to the pessimistic analysis of Malthus. John Stuart Mill defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
Alfred Marshall provides a still cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins developed implications of what has been termed "erhaps the most accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins describes the definition as not classificatory in "pick out certain kinds of behaviour" but rather analytical in "focus attention on a particular aspect of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have centred their studies on the analysis of wealth: how wealth is created and consumed. But he said that economics can be used to study other things, such as war, that are outside its usual focus.
This is because war has as the goal winning it, generates both cost and benefits. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors may never go to war but rather explore other alternatives. We cannot define economics as the science that studies wealth, crime and any other field economic analysis can be applied to; some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin assumptions of maximizing behaviour, stable preferences, market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of social interaction that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. A
Albert Einstein was a German-born theoretical physicist who developed the theory of relativity, one of the two pillars of modern physics. His work is known for its influence on the philosophy of science, he is best known to the general public for his mass–energy equivalence formula E = mc2, dubbed "the world's most famous equation". He received the 1921 Nobel Prize in Physics "for his services to theoretical physics, for his discovery of the law of the photoelectric effect", a pivotal step in the development of quantum theory. Near the beginning of his career, Einstein thought that Newtonian mechanics was no longer enough to reconcile the laws of classical mechanics with the laws of the electromagnetic field; this led him to develop his special theory of relativity during his time at the Swiss Patent Office in Bern. However, he realized that the principle of relativity could be extended to gravitational fields, he published a paper on general relativity in 1916 with his theory of gravitation.
He continued to deal with problems of statistical mechanics and quantum theory, which led to his explanations of particle theory and the motion of molecules. He investigated the thermal properties of light which laid the foundation of the photon theory of light. In 1917, he applied the general theory of relativity to model the structure of the universe. Except for one year in Prague, Einstein lived in Switzerland between 1895 and 1914, during which time he renounced his German citizenship in 1896 received his academic diploma from the Swiss federal polytechnic school in Zürich in 1900. After being stateless for more than five years, he acquired Swiss citizenship in 1901, which he kept for the rest of his life. In 1905, he was awarded a PhD by the University of Zurich; the same year, he published four groundbreaking papers during his renowned annus mirabilis which brought him to the notice of the academic world at the age of 26. Einstein taught theoretical physics at Zurich between 1912 and 1914 before he left for Berlin, where he was elected to the Prussian Academy of Sciences.
In 1933, while Einstein was visiting the United States, Adolf Hitler came to power. Because of his Jewish background, Einstein did not return to Germany, he settled in the United States and became an American citizen in 1940. On the eve of World War II, he endorsed a letter to President Franklin D. Roosevelt alerting him to the potential development of "extremely powerful bombs of a new type" and recommending that the US begin similar research; this led to the Manhattan Project. Einstein supported the Allies, but he denounced the idea of using nuclear fission as a weapon, he signed the Russell–Einstein Manifesto with British philosopher Bertrand Russell, which highlighted the danger of nuclear weapons. He was affiliated with the Institute for Advanced Study in Princeton, New Jersey, until his death in 1955. Einstein published more than 150 non-scientific works, his intellectual achievements and originality have made the word "Einstein" synonymous with "genius". Albert Einstein was born in Ulm, in the Kingdom of Württemberg in the German Empire, on 14 March 1879.
His parents were Hermann Einstein, a salesman and engineer, Pauline Koch. In 1880, the family moved to Munich, where Einstein's father and his uncle Jakob founded Elektrotechnische Fabrik J. Einstein & Cie, a company that manufactured electrical equipment based on direct current; the Einsteins were non-observant Ashkenazi Jews, Albert attended a Catholic elementary school in Munich, from the age of 5, for three years. At the age of 8, he was transferred to the Luitpold Gymnasium, where he received advanced primary and secondary school education until he left the German Empire seven years later. In 1894, Hermann and Jakob's company lost a bid to supply the city of Munich with electrical lighting because they lacked the capital to convert their equipment from the direct current standard to the more efficient alternating current standard; the loss forced the sale of the Munich factory. In search of business, the Einstein family moved to Italy, first to Milan and a few months to Pavia; when the family moved to Pavia, Einstein 15, stayed in Munich to finish his studies at the Luitpold Gymnasium.
His father intended for him to pursue electrical engineering, but Einstein clashed with authorities and resented the school's regimen and teaching method. He wrote that the spirit of learning and creative thought was lost in strict rote learning. At the end of December 1894, he travelled to Italy to join his family in Pavia, convincing the school to let him go by using a doctor's note. During his time in Italy he wrote a short essay with the title "On the Investigation of the State of the Ether in a Magnetic Field". Einstein always excelled at math and physics from a young age, reaching a mathematical level years ahead of his peers; the twelve year old Einstein taught himself algebra and Euclidean geometry over a single summer. Einstein independently discovered his own original proof of the Pythagorean theorem at age 12. A family tutor Max Talmud says that after he had given the 12 year old Einstein a geometry textbook, after a short time " had worked through the whole book, he thereupon devoted himself to higher mathematics...
Soon the flight of his mathematical genius was so high I could not follow." His passion for geometry and algebra led the twelve year old to become convinced that nature could be understood as a "mathematical structure". Einstein started teaching himself calculus at
New York University
New York University is a private research university founded in New York City but now with campuses and locations throughout the world. Founded in 1831, NYU's historical campus is in New York City; as a global university, students can graduate from its degree-granting campuses in NYU Abu Dhabi and NYU Shanghai, as well as study at its 12 academic centers in Accra, Buenos Aires, London, Los Angeles, Paris, Sydney, Tel Aviv, Washington, D. C. For the class that matriculated in the fall of 2019, NYU received nearly 85,000 applications for its undergraduate programs. In 2018, NYU was ranked amongst the top 40 universities worldwide by the Academic Ranking of World Universities, Times Higher Education World University Rankings, U. S. News & World Report. Alumni include heads of state, eminent scientists and entrepreneurs, media figures, founders and CEOs of Fortune 500 companies, astronauts; as of March 2019, 37 Nobel Laureates, 8 Turing Award winners, 5 Fields Medalists, over 30 Academy Award winners, over 30 Pulitzer Prize winners, hundreds of members of the National Academies of Sciences and United States Congress have been affiliated as faculty or alumni.
Globally, NYU is ranked 7th by the Times Higher Education World University Rankings for producing alumni who are millionaires, 4th by Wealth-X for producing ultra high net-worth and billionaire alumni. Albert Gallatin, Secretary of Treasury under Thomas Jefferson and James Madison, declared his intention to establish "in this immense and fast-growing city... a system of rational and practical education fitting and graciously opened to all". A three-day-long "literary and scientific convention" held in City Hall in 1830 and attended by over 100 delegates debated the terms of a plan for a new university; these New Yorkers believed the city needed a university designed for young men who would be admitted based upon merit rather than birthright or social class. On April 18, 1831, an institution was established, with the support of a group of prominent New York City residents from the city's merchants and traders. Albert Gallatin was elected as the institution's first president. On April 21, 1831, the new institution received its charter and was incorporated as the University of the City of New York by the New York State Legislature.
The university has been popularly known as New York University since its inception and was renamed New York University in 1896. In 1832, NYU held its first classes in rented rooms of four-story Clinton Hall, situated near City Hall. In 1835, the School of Law, NYU's first professional school, was established. Although the impetus to found a new school was a reaction by evangelical Presbyterians to what they perceived as the Episcopalianism of Columbia College, NYU was created non-denominational, unlike many American colleges at the time. American Chemical Society was founded in 1876 at NYU, it became one of the nation's largest universities, with an enrollment of 9,300 in 1917. NYU had its Washington Square campus since its founding; the university purchased a campus at University Heights in the Bronx because of overcrowding on the old campus. NYU had a desire to follow New York City's development further uptown. NYU's move to the Bronx occurred in 1894, spearheaded by the efforts of Chancellor Henry Mitchell MacCracken.
The University Heights campus was far more spacious. As a result, most of the university's operations along with the undergraduate College of Arts and Science and School of Engineering were housed there. NYU's administrative operations were moved to the new campus, but the graduate schools of the university remained at Washington Square. In 1914, Washington Square College was founded as the downtown undergraduate college of NYU. In 1935, NYU opened the "Nassau College-Hofstra Memorial of New York University at Hempstead, Long Island"; this extension would become a independent Hofstra University. In 1950, NYU was elected to the Association of American Universities, a nonprofit organization of leading public and private research universities. In the late 1960s and early 1970s, financial crisis gripped the New York City government and the troubles spread to the city's institutions, including NYU. Feeling the pressures of imminent bankruptcy, NYU President James McNaughton Hester negotiated the sale of the University Heights campus to the City University of New York, which occurred in 1973.
In 1973, the New York University School of Engineering and Science merged into Polytechnic Institute of Brooklyn, which merged back into NYU in 2014 forming the present Tandon School of Engineering. After the sale of the Bronx campus, University College merged with Washington Square College. In the 1980s, under the leadership of President John Brademas, NYU launched a billion-dollar campaign, spent entirely on updating facilities; the campaign was set to complete in 15 years, but ended up being completed in 10. In 1991, L. Jay Oliva was inaugurated the 14th president of the university. Following his inauguration, he moved to form the League of World Universities, an international organization consisting of rectors and presidents from urban universities across six continents; the league and its 47 representatives gather every two years to discuss global issues in education. In 2003 President John Sexton launched a $2.5 billion campaign for funds to be spent on faculty and financial aid resources.
Under Sextons leadership, NYU began its radical transformation into a global university. In 2009, the university responded to a series of New York Times interviews that showed a pattern of labor abuses in its fledgling Abu Dhabi location, creating a statement of
Scott Nearing was an American radical economist, writer, political activist and advocate of simple living. Nearing was born in Morris Run, Tioga County, the heart of the state's coal country. Nearing's grandfather, Winfield Scott Nearing, had arrived in Tioga County with his family in 1864, at the age of 35, when he accepted a job as a civil and mining engineer. Before the end of the year he had assumed full control of mining operations as the superintendent of the Morris Run Coal Company, a position of authority which he held for the remainder of his working life. An intense, driven man, Scott Nearing's grandfather studied science and nature, practiced gardening and carpentry, received crates of books from New York City, amassing a large personal library. In his memoirs written late in his life, Scott Nearing would recall his grandfather as one of the four most influential figures in his life. Nearing's upbringing was that of a young bourgeois, his mother employing a part-time tutor and two Polish servants to clean the gleaming white house atop a hill overlooking the town.
Scott's brother recalled that the citizens of Morris Run had treated the handsome and intelligent Scott "the way they would treat the heir to the nobleman.... They all treated him with awe."Nearing's father was a small businessman and stockbroker, his mother a vigorous and idealistic woman whom Nearing credited with instilling in him an appreciation for the higher things in life: nature and the arts. Despite an upbringing in a life of privilege made possible in no small measure by the harsh anti-union policies of his patriarchal grandfather, young Scott developed a social conscience, which one of his biographers describes as "a burr under his skin that none of his relatives acquired and that no interpretation satisfactorily explains." Nearing graduated from high school in 1901 and enrolled in the University of Pennsylvania Law School, "where corporate bias so violated his idealism that after one year he quit." Instead, he studied oratory at Temple University in Philadelphia and enrolled in the Wharton School of Business of the University of Pennsylvania, where he immersed himself in the emerging science of economics.
At the Wharton School, Nearing was influenced by Simon Nelson Patten, an innovative and unconventional educator and founding father of the American Economic Association. Nearing distinguished himself as a "Wharton man" during the progressive era, one of the proverbial "best and brightest" trained in practical economics to be readied for a place as a responsible leader of the community. In the words of another of his students, Patten taught innovative thinking—"making use of creative intelligence to master new situations irrespective of received dogma." Nearing seems to have found these new intellectual tools for potential social change to be exciting and liberating. He completed his undergraduate program in just three years, while engaging in campus politics and competitive debate. Nearing received his BS degree from the University of Pennsylvania in 1905 and his PhD in Economics in 1909. From 1905 to 1907, he served as the Secretary of the Pennsylvania Child Labor Committee, a volunteer society working to solve the child labor problem in the state.
From 1908 until 1915 while living in Arden, Nearing taught economics and sociology at the Wharton School and Swarthmore College, authoring a stream of books on economics and social problems. Nearing was a staunch advocate of a "new economics," which insisted that... economists part company with the ominous pictures of an overpopulated, starving world, prostrate before the throne of "competition," "individual initiative," "private property," or some other pseudo-god, tell men in simple, straightforward language how they may combine, re-shape, or overcome the laws and utilize them as a blessing instead of enduring them as a burden and a curse. Much as Karl Marx drew radical implications from the ideas of the conservative Hegel, Nearing took the economic logic of his department head, Simon Patten, made radical inferences about wealth and the distribution of income that his mentor had hesitated to draw, he believed that unfettered wealth stifled initiative and impeded economic advancement, hoped that progressive thinkers among the ownership class would come to realize the negative impact of economic parasitism and accept their civic duty of enlightened leadership.
Nearing outlined an economic republicanism based on "four basic democratic concepts—equality of opportunity, civic obligation, popular government, human rights."While living in Arden in 1910, Nearing learned about The Landlord's Game, the forerunner of Monopoly, taught it to his students. This use of the game as an instructional device led to its spread among colleges, but Nearing's aggressive social activism in the classroom and through the printed word brought him into conflict with his employers at the University of Pennsylvania's Wharton School of Business, resulting in his dismissal and his emergence as a cause célèbre of the American radical movement during the next decade. On the morning of June 16, 1915, Nearing's secretary telephoned him to report that a letter from the provost had arrived, saying that "as the term of your appointment as assistant professor of economics for 1914–1915 is about to expire, I am directed by the trustees of the University of Pennsylvania to inform you that it will not be renewed."
Penn's board of trustees was stacked with bankers, corporation lawyers and corporation executives, Nearing's writing had not gone unnoticed. His tenuous situation had been exacerbated by an open letter to The North American in which he challenged the right wing evangelist Billy Sunday to app
Avram Noam Chomsky is an American linguist, cognitive scientist, political activist, social critic. Sometimes called "the father of modern linguistics", Chomsky is a major figure in analytic philosophy and one of the founders of the field of cognitive science, he holds a joint appointment as Institute Professor Emeritus at the Massachusetts Institute of Technology and laureate professor at the University of Arizona, is the author of over 100 books on topics such as linguistics, war and mass media. Ideologically, he aligns with libertarian socialism. Born to middle-class Ashkenazi Jewish immigrants in Philadelphia, Chomsky developed an early interest in anarchism from alternative bookstores in New York City, he began studying at the University of Pennsylvania at age 16, taking courses in linguistics and philosophy. From 1951 to 1955, he was appointed to Harvard University's Society of Fellows. While at Harvard, he developed the theory of transformational grammar. Chomsky began teaching at MIT in 1957 and emerged as a significant figure in the field of linguistics for his landmark work Syntactic Structures, which remodelled the scientific study of language.
From 1958 to 1959, he was a National Science Foundation fellow at the Institute for Advanced Study. Chomsky is credited as the creator or co-creator of the universal grammar theory, the generative grammar theory, the Chomsky hierarchy, he played a pivotal role in the decline of behaviorism, being critical of the work of B. F. Skinner. Chomsky vocally opposed U. S. involvement in the Vietnam War, believing the war to be an act of American imperialism. In 1967, he attracted widespread public attention for his antiwar essay "The Responsibility of Intellectuals". Associated with the New Left, he was arrested multiple times for his activism and was placed on Richard Nixon's Enemies List. While expanding his work in linguistics over late 1960s and 1970s, he became involved in the so-called linguistics wars with generative semantics. In the 1980s, Chomsky helped develop binding theory. In collaboration with Edward S. Herman, Chomsky co-wrote Manufacturing Consent: The Political Economy of the Mass Media, which articulated the propaganda model of media criticism and worked to expose the Indonesian occupation of East Timor.
Additionally, his defense of freedom of speech—including free speech for Holocaust deniers—generated significant controversy in the Faurisson affair of the early 1980s. In the 1990s, Chomsky started the minimalist program. Since retiring from active teaching, Chomsky has continued his vocal political activism by opposing the War on Terror and supporting the Occupy Movement. One of the most cited scholars in history, Chomsky has influenced a broad array of academic fields, he is recognized as a paradigm shifter who helped spark a major revolution in the human sciences, contributing to the development of a new cognitivistic framework for the study of language and the mind. In addition to his continued scholarly research, he remains a leading critic of U. S. foreign policy and contemporary state capitalism, the Israeli–Palestinian conflict, mainstream news media. His ideas have proved significant within the anti-capitalist and anti-imperialist movements; some of his critics have accused him of anti-Americanism.
Avram Noam Chomsky was born on December 7, 1928, in the East Oak Lane neighborhood of Philadelphia, Pennsylvania. His mother Elsie emigrated from Belarus to the United States in 1906, while his father William Chomsky left Ukraine for the United States in 1913. William was appointed to the faculty at Gratz College in Philadelphia in 1924. Elsie taught at Gratz. Much William Chomsky was appointed professor of Hebrew at Dropsie College from 1955–77. Noam was the Chomsky family's first child, his younger brother, David Eli Chomsky, was born five years in 1934. The brothers were close, although David was more easygoing while Noam could be competitive. Chomsky and his brother were raised Jewish, being taught Hebrew and discussing the political theories of Zionism; as a Jew, Chomsky faced anti-semitism as a child from the Irish and German communities living in Philadelphia. Chomsky described his parents as "normal Roosevelt Democrats" who had a center-left position on the political spectrum, he was influenced by his uncle who owned a newspaper stand in New York City, where Jewish leftists came to debate the issues of the day.
Whenever visiting his uncle, Chomsky frequented left-wing and anarchist bookstores in the city, voraciously reading political literature. He described his discovery of anarchism as "a lucky accident", because it allowed him to become critical of Stalinism and other forms of Marxism–Leninism. Chomsky's primary education was at Oak Lane Country Day School, an independent Deweyite institution that focused on allowing its pupils to pursue their own interests in a non-competitive atmosphere, it was there, at age 10, that he wrote his first article, on the spread of fascism, following the fall of Barcelona to Francisco Franco's fascist army in the Spanish Civil War. At age 12, Chomsky moved on to secondary education at Central High School, where he joined various clubs and societies and excelled academically but was troubled by the hierarchical and regimented teaching methods. During the same time period, Chomsky atten
Philosophy is the study of general and fundamental questions about existence, values, reason and language. Such questions are posed as problems to be studied or resolved; the term was coined by Pythagoras. Philosophical methods include questioning, critical discussion, rational argument, systematic presentation. Classic philosophical questions include: Is it possible to know anything and to prove it? What is most real? Philosophers pose more practical and concrete questions such as: Is there a best way to live? Is it better to be just or unjust? Do humans have free will? "philosophy" encompassed any body of knowledge. From the time of Ancient Greek philosopher Aristotle to the 19th century, "natural philosophy" encompassed astronomy and physics. For example, Newton's 1687 Mathematical Principles of Natural Philosophy became classified as a book of physics. In the 19th century, the growth of modern research universities led academic philosophy and other disciplines to professionalize and specialize.
In the modern era, some investigations that were traditionally part of philosophy became separate academic disciplines, including psychology, sociology and economics. Other investigations related to art, politics, or other pursuits remained part of philosophy. For example, is beauty objective or subjective? Are there many scientific methods or just one? Is political utopia a hopeful dream or hopeless fantasy? Major sub-fields of academic philosophy include metaphysics, ethics, political philosophy and philosophy of science. Traditionally, the term "philosophy" referred to any body of knowledge. In this sense, philosophy is related to religion, natural science and politics. Newton's 1687 Mathematical Principles of Natural Philosophy is classified in the 2000s as a book of physics. In the first part of the first book of his Academics, Cicero introduced the division of philosophy into logic and ethics. Metaphysical philosophy was the study of existence, God, logic and other abstract objects; this division has changed.
Natural philosophy has split into the various natural sciences astronomy, chemistry and cosmology. Moral philosophy still includes value theory. Metaphysical philosophy has birthed formal sciences such as logic and philosophy of science, but still includes epistemology and others. Many philosophical debates that began in ancient times are still debated today. Colin McGinn and others claim. Chalmers and others, by contrast, see progress in philosophy similar to that in science, while Talbot Brewer argued that "progress" is the wrong standard by which to judge philosophical activity. In one general sense, philosophy is associated with wisdom, intellectual culture and a search for knowledge. In that sense, all cultures and literate societies ask philosophical questions such as "how are we to live" and "what is the nature of reality". A broad and impartial conception of philosophy finds a reasoned inquiry into such matters as reality and life in all world civilizations. Western philosophy is the philosophical tradition of the Western world and dates to Pre-Socratic thinkers who were active in Ancient Greece in the 6th century BCE such as Thales and Pythagoras who practiced a "love of wisdom" and were termed physiologoi.
Socrates was a influential philosopher, who insisted that he possessed no wisdom but was a pursuer of wisdom. Western philosophy can be divided into three eras: Ancient, Medieval philosophy, Modern philosophy; the Ancient era was dominated by Greek philosophical schools which arose out of the various pupils of Socrates, such as Plato, who founded the Platonic Academy and his student Aristotle, founding the Peripatetic school, who were both influential in Western tradition. Other traditions include Cynicism, Greek Skepticism and Epicureanism. Important topics covered by the Greeks included metaphysics, the nature of the well-lived life, the possibility of knowledge and the nature of reason. With the rise of the Roman empire, Greek philosophy was increasingly discussed in Latin by Romans such as Cicero and Seneca. Medieval philosophy is the period following the fall of the Western Roman Empire and was dominated by the ris
Henry A. Wallace
Henry Agard Wallace was an American politician and farmer who served as the 11th U. S. secretary of agriculture, the 33rd vice president of the United States, the 10th U. S. secretary of commerce. He was the presidential nominee of the left-wing Progressive Party in the 1948 election; the oldest son of Henry Cantwell Wallace, who served as the U. S. secretary of agriculture from 1921 to 1924, Henry A. Wallace was born in Adair County, Iowa in 1888. After graduating from Iowa State University in 1910, Wallace worked as a writer and editor for his family's farm journal, Wallace's Farmer, he founded the Hi-Bred Corn Company, a hybrid corn company that became successful. Wallace displayed an intellectual curiosity about a wide array of subjects, including statistics and economics, he explored various religious and spiritual movements, including Theosophy. After the death of his father in 1924, Wallace drifted away from the Republican Party, he supported Democratic presidential nominee Franklin D. Roosevelt in the 1932 election.
Wallace served as secretary of agriculture under President Roosevelt from 1933 to 1940. He supported Roosevelt's New Deal and presided over a major shift in federal agricultural policy, implementing measures designed to curtail agricultural surpluses and ameliorate rural poverty. Overcoming strong opposition from conservative party leaders, Wallace was nominated for vice president at the 1940 Democratic National Convention; the Democratic ticket of Roosevelt and Wallace triumphed in the 1940 presidential election, Wallace continued to play an important role in the Roosevelt administration before and during World War II. At the 1944 Democratic National Convention, conservative party leaders defeated Wallace's bid for re-nomination, replacing him on the Democratic ticket with Harry S. Truman; the ticket of Roosevelt and Truman won the 1944 presidential election, in early 1945 Roosevelt appointed Wallace as secretary of commerce. Roosevelt was succeeded by Truman. Wallace continued to serve as secretary of commerce until September 1946, when Truman fired him for delivering a speech urging conciliatory policies towards the Soviet Union.
Wallace and his supporters established the Progressive Party and launched a third party campaign for president. The Progressive party platform called for conciliatory policies towards the Soviet Union, desegregation of public schools, gender equality, free trade, a national health insurance program, other left-wing policies. Accusations of Communist influences and Wallace's association with controversial Theosophist figure Nicholas Roerich undermined his campaign, he received just 2.4 percent of the nationwide popular vote. Wallace broke with the Progressive Party in 1950 over the Korean War, in 1952 he published Where I Was Wrong, in which he declared the Soviet Union to be "utterly evil." Wallace fell into political obscurity after the early 1950s, though he continued to make public appearances until the year before his death in 1965. Wallace was born on October 7, 1888 on a farm near Orient, Iowa, to Henry Cantwell Wallace and his wife, May. Wallace had three younger sisters, his paternal grandfather, "Uncle Henry" Wallace, was an important landowner, newspaper editor, Republican activist, Social Gospel advocate in Adair County, Iowa.
Uncle Henry's father, John Wallace, had migrated from Kilrea, Ireland in 1823. May was born in New York City but was raised by an aunt in Muscatine, Iowa after the death of her parents. Wallace's family moved to Ames, Iowa in 1892 and to Des Moines, Iowa in 1896. In 1894, the Wallaces established an agricultural newspaper known as Wallace's Farmer; the newspaper became successful and made the Wallace family wealthy and politically influential. Wallace took a strong interest in agriculture and plants from a young age, he befriended African-American botanist George Washington Carver, with whom he talked about plants and other subjects. Wallace was interested in corn, the key crop in Iowa. In 1904, he devised an experiment that disproved agronomist Perry Greeley Holden's assertion that the most aesthetically pleasing corn would produce the greatest yield. Wallace graduated from West High School in 1906 and enrolled in Iowa State College that year, majoring in animal husbandry, he joined the Hawkeye Club, a fraternal organization, spent much of his free time continuing his study of corn.
He organized a political club in support of Gifford Pinchot, a Progressive Republican who served as the head of the United States Forest Service. Wallace became a full-time writer and editor for the family-owned paper, Wallace's Farmer, after he graduated college in 1910, he was interested in using mathematics and economics in agriculture, he learned calculus as part of an effort to understand hog prices. He wrote an influential article with pioneering statistician George W. Snedecor on computational methods for correlations and regressions After the death of his grandfather in 1916, Wallace became the co-editor of Wallace's Farmer alongside his father. In 1921, Wallace assumed leadership of the family paper after his father accepted appointment as secretary of agriculture under President Warren G. Harding, his uncle lost ownership of the paper in 1932 due to the effects of the Great Depression, Wallace stopped serving as editor of the paper in 1933. In 1914, Wallace and his wife purchased a farm near Iowa.
Influenced by Edward Murray East, Wallace focused on the production of hybrid corn, developing a hybrid corn known