1.
Robert K. Merton
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Robert King Merton was an American sociologist. He spent most of his teaching at Columbia University, where he attained the rank of University Professor. In 1994 he was awarded the National Medal of Science for his contributions to the field and he is considered a founding father of modern sociology. Merton developed notable concepts such as unintended consequences, the group, and role strain. Mertons work on the model first appeared in a study on the socialization of medical students at Columbia University. The term grew from his theory of the group, the group to which individuals compare themselves. Social roles were central to Mertons theory of social groups, Merton emphasized that, rather than a person assuming one role and one status, they have a status set in the social structure that has, attached to it, a whole set of expected behaviors. Robert K. Merton was born on 4 July 1910 in Philadelphia as Meyer Robert Schkolnick into a family of Yiddish-speaking Russian Jews who had immigrated to the United States in 1904 and his mother was Ida Rasovskaya, an unsynagogued socialist who had freethinking radical sympathies. His father was Aaron Schkolnickoff, a tailor who had officially registered at his United States port of entry as Harrie Skolnick. Mertons family lived in straitened circumstances after his father’s uninsured dairy-product shop in South Philadelphia burned down, the father later became a carpenter’s assistant to support the family. Even though Merton grew up poor, however, he believed that he had been afforded many opportunities. He adopted the name Robert K. Merton initially as a name for his magic performances. Young Merton developed a strong interest in magic, heavily influenced by his sister’s boyfriend, for his magic acts he initially chose the stage name “Merlin”, but he eventually settled on the surname “Merton” in order to further Americanize his immigrant-family name. He picked the given name Robert in honor of the 19th-century French magician Jean Eugène Robert-Houdin, thus his stage name became Robert Merton, and he kept it as his personal name on receiving a scholarship to Temple University. He started his career under the guidance of George E. Simpson at Philadelphias Temple University. Mertons work as Simpsons research assistant on a project dealing with race, under Simpsons leadership, Merton attended an American Sociological Association annual meeting where he met Pitrim A. Sorokin, the founding chair of the Harvard University Sociology Department. Merton applied to Harvard and went to work as an assistant to Sorokin. Many had doubted that Merton would be accepted into Harvard after graduating from Temple, after completing these, Merton went on to graduate from Harvard with an M. A. and Ph. D. in sociology
2.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
3.
Americans
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Americans are citizens of the United States of America. The country is home to people of different national origins. As a result, Americans do not equate their nationality with ethnicity, although citizens make up the majority of Americans, non-citizen residents, dual citizens, and expatriates may also claim an American identity. See Names for United States citizens. S, virgin Islands and Northern Mariana Islands in the 20th century. It also includes influences of African-American culture, westward expansion integrated the Creoles and Cajuns of Louisiana and the Hispanos of the Southwest and brought close contact with the culture of Mexico. Large-scale immigration in the late 19th and early 20th centuries from Southern and Eastern Europe introduced a variety of elements, immigration from Asia, Africa, and Latin America has also had impact. A cultural melting pot, or pluralistic salad bowl, describes the way in which generations of Americans have celebrated and exchanged distinctive cultural characteristics, in addition to the United States, Americans and people of American descent can be found internationally. As many as seven million Americans are estimated to be living abroad, the United States of America is a diverse country, racially, and ethnically. Some other race is also an option in the census and other surveys, people of European descent, or White Americans, constitute the majority of the 308 million people living in the United States, with 72. 4% of the population in the 2010 United States Census. They are considered people who trace their ancestry to the peoples of Europe, the Middle East. Of those reporting to be White American,7,487,133 reported to be Multiracial, with largest combination being white, additionally, there are 29,184,290 White Hispanics or Latinos. Non-Hispanic Whites are the majority in 46 states, there are four minority-majority states, California, Texas, New Mexico, and Hawaii. In addition, the District of Columbia has a non-white majority, the state with the highest percentage of non-Hispanic White Americans is Maine. The largest continental ancestral group of Americans are that of Europeans who have origins in any of the peoples of Europe. This includes people via African, North American, Caribbean, Central American or South American and Oceanian nations that have a large European diaspora, the Spanish were the first Europeans to establish a continuous presence in what is now the United States. Martín de Argüelles born 1566, San Agustín, La Florida, was the first person of European descent born in what is now the United States. Twenty-one years later, Virginia Dare born 1587 Roanoke Island in present-day North Carolina, was the first child born in the Thirteen Colonies to English parents. 8% of the total population, Hispanic or Latino Americans constitute the largest ethnic minority in the United States. They form the second largest group after non-Hispanic Whites in the United States, hispanic/Latino Americans are very racially diverse, and as a result form an ethnic category, rather than a race
4.
Columbia University
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Columbia University is a private Ivy League research university in Upper Manhattan, New York City. It was established in 1754 as Kings College by royal charter of George II of Great Britain, after the American Revolutionary War, Kings College briefly became a state entity, and was renamed Columbia College in 1784. Columbia is one of the fourteen founding members of the Association of American Universities and was the first school in the United States to grant the M. D. degree. The university also has global research outposts in Amman, Beijing, Istanbul, Paris, Mumbai, Rio de Janeiro, Santiago, Asunción, Columbia administers annually the Pulitzer Prize. Additionally,100 Nobel laureates have been affiliated with Columbia as students, researchers, faculty, Columbia is second only to Harvard University in the number of Nobel Prize-winning affiliates, with over 100 recipients of the award as of 2016. In 1746 an act was passed by the assembly of New York to raise funds for the foundation of a new college. Classes were initially held in July 1754 and were presided over by the colleges first president, Dr. Johnson was the only instructor of the colleges first class, which consisted of a mere eight students. Instruction was held in a new schoolhouse adjoining Trinity Church, located on what is now lower Broadway in Manhattan, in 1763, Dr. Johnson was succeeded in the presidency by Myles Cooper, a graduate of The Queens College, Oxford, and an ardent Tory. In the charged political climate of the American Revolution, his opponent in discussions at the college was an undergraduate of the class of 1777. The suspension continued through the occupation of New York City by British troops until their departure in 1783. The colleges library was looted and its sole building requisitioned for use as a hospital first by American. Loyalists were forced to abandon their Kings College in New York, the Loyalists, led by Bishop Charles Inglis fled to Windsor, Nova Scotia, where they founded Kings Collegiate School. After the Revolution, the college turned to the State of New York in order to restore its vitality, the Legislature agreed to assist the college, and on May 1,1784, it passed an Act for granting certain privileges to the College heretofore called Kings College. The Regents finally became aware of the colleges defective constitution in February 1787 and appointed a revision committee, in April of that same year, a new charter was adopted for the college, still in use today, granting power to a private board of 24 Trustees. On May 21,1787, William Samuel Johnson, the son of Dr. Samuel Johnson, was unanimously elected President of Columbia College, prior to serving at the university, Johnson had participated in the First Continental Congress and been chosen as a delegate to the Constitutional Convention. The colleges enrollment, structure, and academics stagnated for the majority of the 19th century, with many of the college presidents doing little to change the way that the college functioned. In 1857, the college moved from the Kings College campus at Park Place to a primarily Gothic Revival campus on 49th Street and Madison Avenue, during the last half of the 19th century, under the leadership of President F. A. P. Barnard, the institution assumed the shape of a modern university
5.
California Institute of Technology
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The California Institute of Technology is a private doctorate-granting university located in Pasadena, California, United States. The vocational and preparatory schools were disbanded and spun off in 1910, the university is one among a small group of Institutes of Technology in the United States which is primarily devoted to the instruction of technical arts and applied sciences. Caltech has six divisions with strong emphasis on science and engineering, managing $332 million in 2011 in sponsored research. Its 124-acre primary campus is located approximately 11 mi northeast of downtown Los Angeles, first-year students are required to live on campus, and 95% of undergraduates remain in the on-campus House System at Caltech. Although Caltech has a tradition of practical jokes and pranks. The Caltech Beavers compete in 13 intercollegiate sports in the NCAA Division IIIs Southern California Intercollegiate Athletic Conference, Caltech is frequently cited as one of the worlds best universities. There are 112 faculty members who have elected to the United States National Academies. In addition, numerous faculty members are associated with the Howard Hughes Medical Institute as well as NASA, according to a 2015 Pomona College study, Caltech ranked number one in the U. S. for the percentage of its graduates who go on to earn a PhD. Caltech started as a school founded in Pasadena in 1891 by local businessman and politician Amos G. Throop. The school was known successively as Throop University, Throop Polytechnic Institute, the vocational school was disbanded and the preparatory program was split off to form an independent Polytechnic School in 1907. At a time when research in the United States was still in its infancy, George Ellery Hale. He joined Throops board of trustees in 1907, and soon began developing it and he engineered the appointment of James A. B. Scherer, a literary scholar untutored in science but a capable administrator and fund raiser, scherer persuaded retired businessman and trustee Charles W. Gates to donate $25,000 in seed money to build Gates Laboratory, the first science building on campus. In 1910, Throop moved to its current site, arther Fleming donated the land for the permanent campus site. The promise of Throop attracted physical chemist Arthur Amos Noyes from MIT to develop the institution and assist in establishing it as a center for science, with the onset of World War I, Hale organized the National Research Council to coordinate and support scientific work on military problems. This institution, with its able investigators and excellent research laboratories, through the National Research Council, Hale simultaneously lobbied for science to play a larger role in national affairs, and for Throop to play a national role in science. During the course of the war, Hale, Noyes and Millikan worked together in Washington on the NRC, subsequently, they continued their partnership in developing Caltech. Under the leadership of Hale, Noyes and Millikan, Caltech grew to prominence in the 1920s
6.
Massachusetts Institute of Technology
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The Massachusetts Institute of Technology is a private research university in Cambridge, Massachusetts, often cited as one of the worlds most prestigious universities. Researchers worked on computers, radar, and inertial guidance during World War II, post-war defense research contributed to the rapid expansion of the faculty and campus under James Killian. The current 168-acre campus opened in 1916 and extends over 1 mile along the bank of the Charles River basin. The Institute is traditionally known for its research and education in the sciences and engineering, and more recently in biology, economics, linguistics. Air Force and 6 Fields Medalists have been affiliated with MIT, the school has a strong entrepreneurial culture, and the aggregated revenues of companies founded by MIT alumni would rank as the eleventh-largest economy in the world. In 1859, a proposal was submitted to the Massachusetts General Court to use newly filled lands in Back Bay, Boston for a Conservatory of Art and Science, but the proposal failed. A charter for the incorporation of the Massachusetts Institute of Technology, Rogers, a professor from the University of Virginia, wanted to establish an institution to address rapid scientific and technological advances. The Rogers Plan reflected the German research university model, emphasizing an independent faculty engaged in research, as well as instruction oriented around seminars, two days after the charter was issued, the first battle of the Civil War broke out. After a long delay through the war years, MITs first classes were held in the Mercantile Building in Boston in 1865, in 1863 under the same act, the Commonwealth of Massachusetts founded the Massachusetts Agricultural College, which developed as the University of Massachusetts Amherst. In 1866, the proceeds from sales went toward new buildings in the Back Bay. MIT was informally called Boston Tech, the institute adopted the European polytechnic university model and emphasized laboratory instruction from an early date. Despite chronic financial problems, the institute saw growth in the last two decades of the 19th century under President Francis Amasa Walker. Programs in electrical, chemical, marine, and sanitary engineering were introduced, new buildings were built, the curriculum drifted to a vocational emphasis, with less focus on theoretical science. The fledgling school still suffered from chronic financial shortages which diverted the attention of the MIT leadership, during these Boston Tech years, MIT faculty and alumni rebuffed Harvard University president Charles W. Eliots repeated attempts to merge MIT with Harvard Colleges Lawrence Scientific School. There would be at least six attempts to absorb MIT into Harvard, in its cramped Back Bay location, MIT could not afford to expand its overcrowded facilities, driving a desperate search for a new campus and funding. Eventually the MIT Corporation approved an agreement to merge with Harvard, over the vehement objections of MIT faculty, students. However, a 1917 decision by the Massachusetts Supreme Judicial Court effectively put an end to the merger scheme, the neoclassical New Technology campus was designed by William W. Bosworth and had been funded largely by anonymous donations from a mysterious Mr. Smith, starting in 1912. In January 1920, the donor was revealed to be the industrialist George Eastman of Rochester, New York, who had invented methods of production and processing
7.
Long-Term Capital Management
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Long-Term Capital Management L. P. was a hedge fund management firm based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage. The firms master hedge fund, Long-Term Capital Portfolio L. P.6 billion recapitalization under the supervision of the Federal Reserve, LTCM was founded in 1994 by John W. Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCMs board of directors included Myron S. Scholes, Merton, who shared the 1997 Nobel Memorial Prize in Economic Sciences for a new method to determine the value of derivatives. Initially successful with annualized return of over 21% in its first year, 43% in the year and 41% in the third year. John W. Meriwether headed Salomon Brothers bond arbitrage desk until he resigned in 1991 amid a trading scandal. According to Chi-Fu Huang, later a Principal at LTCM, the bond arbitrage group was responsible for 80-100% of Salomons global total earnings from the late 80s until the early 90s. Other principals included Eric Rosenfeld, Greg Hawkins, William Krasker, Dick Leahy, James McEntee, Robert Shustak, the company consisted of Long-Term Capital Management, a company incorporated in Delaware but based in Greenwich, Connecticut. LTCM managed trades in Long-Term Capital Portfolio LP, a registered in the Cayman Islands. The funds operation was designed to have low overhead, trades were conducted through a partnership with Bear Stearns. In late 1993, Meriwether approached several individuals in an effort to secure start-up capital for Long-Term Capital Management. With the help of Merrill Lynch, LTCM secured hundreds of millions of dollars from business owners, celebrities and even private university endowments, the bulk of the money, however, came from companies and individuals connected to the financial industry. By 24 February 1994, the day LTCM began trading, the company had amassed just over $1.01 billion in capital, fixed income securities pay a set of coupons at specified dates in the future, and make a defined redemption payment at maturity. Since bonds of similar maturities and the credit quality are close substitutes for investors. It is therefore necessary to construct a model of what the relationships between different but closely related fixed income securities should be. For example, the most recently issued treasury bond in the US - known as the benchmark - will be more liquid than bonds of similar, trading is concentrated in the benchmark bond, and transaction costs are lower for buying or selling it. Over time the valuations of the two bonds would tend to converge as the richness of the benchmark faded once a new benchmark was issued. It would therefore tend to create losses by making the 30-year bond that LTCM was short more expensive if there had been no change in the true relative valuation of the securities. This exposure to the shape of the curve could be managed at a portfolio level
8.
Nobel Memorial Prize in Economic Sciences
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The prize was established in 1968 by a donation from Swedens central bank, the Swedish National Bank, on the banks 300th anniversary. Although it is not one of the prizes that Alfred Nobel established in his will in 1895, laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences and 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 Foundations administrative expenses associated with the prize, since 2012, the monetary portion of the Prize in Economics has totalled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes, the Prize in Economics is not one of the original Nobel Prizes created by Alfred Nobels will. However, the process, selection criteria, and 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, and receive the award at the same ceremony, shall have conferred the greatest benefit on mankind. According to its website, the Royal Swedish Academy of Sciences administers a researcher exchange with academies in other countries and publishes six scientific journals. Members of the Academy and former laureates are also authorised to nominate candidates, all proposals and their supporting evidence must be received before February 1. The proposals are reviewed by the Prize Committee and 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, next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class of the Academy vote in mid-October to determine the next laureate or laureates of the Prize in Economics. The first prize in economics was awarded in 1969 to Ragnar Frisch, in 2009, Elinor Ostrom became the first woman awarded the prize. This makes it available to researchers in such topics as political science, psychology, 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. Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, among them is the Swedish human rights lawyer Peter Nobel, a great-grandson of Ludvig Nobel. Nobel criticizes the institution of misusing his familys name. He explaiend that Nobel despised people who cared more about profits than societys well-being and this does not matter in the natural sciences
9.
Finance
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Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity
10.
Economics
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Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and 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. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, 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, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
11.
Harvard University
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Although never formally affiliated with any denomination, the early College primarily trained Congregationalist and Unitarian clergy. Its curriculum and student body were gradually secularized during the 18th century, james Bryant Conant led the university through the Great Depression and World War II and began to reform the curriculum and liberalize admissions after the war. The undergraduate college became coeducational after its 1977 merger with Radcliffe College, Harvards $34.5 billion financial endowment is the largest of any academic institution. Harvard is a large, highly residential research university, the nominal cost of attendance is high, but the Universitys large endowment allows it to offer generous financial aid packages. Harvards alumni include eight U. S. presidents, several heads of state,62 living billionaires,359 Rhodes Scholars. To date, some 130 Nobel laureates,18 Fields Medalists, Harvard was formed in 1636 by vote of the Great and General Court of the Massachusetts Bay Colony. In 1638, it obtained British North Americas first known printing press, in 1639 it was named Harvard College after deceased clergyman John Harvard an alumnus of the University of Cambridge who had left the school £779 and his scholars library of some 400 volumes. The charter creating the Harvard Corporation was granted in 1650 and it offered a classic curriculum on the English university model—many leaders in the colony had attended the University of Cambridge—but conformed to the tenets of Puritanism. It was never affiliated with any denomination, but many of its earliest graduates went on to become clergymen in Congregational. The leading Boston divine Increase Mather served as president from 1685 to 1701, in 1708, John Leverett became the first president who was not also a clergyman, which marked a turning of the college toward intellectual independence from Puritanism. When the Hollis Professor of Divinity David Tappan died in 1803 and the president of Harvard Joseph Willard died a year later, in 1804, in 1846, the natural history lectures of Louis Agassiz were acclaimed both in New York and on the campus at Harvard College. Agassizs approach was distinctly idealist and posited Americans participation in the Divine Nature, agassizs perspective on science combined observation with intuition and the assumption that a person can grasp the divine plan in all phenomena. When it came to explaining life-forms, Agassiz resorted to matters of shape based on an archetype for his evidence. Charles W. Eliot, president 1869–1909, eliminated the position of Christianity from the curriculum while opening it to student self-direction. While Eliot was the most crucial figure in the secularization of American higher education, he was motivated not by a desire to secularize education, during the 20th century, Harvards international reputation grew as a burgeoning endowment and prominent professors expanded the universitys scope. Rapid enrollment growth continued as new schools were begun and the undergraduate College expanded. Radcliffe College, established in 1879 as sister school of Harvard College, Harvard became a founding member of the Association of American Universities in 1900. In the early 20th century, the student body was predominately old-stock, high-status Protestants, especially Episcopalians, Congregationalists, by the 1970s it was much more diversified
12.
Paul Samuelson
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Paul Anthony Samuelson was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he has more than any other contemporary economist to raise the level of scientific analysis in economic theory. Economic historian Randall E. Parker calls him the Father of Modern Economics, Samuelson was likely the most influential economist of the later 20th century. Samuelson considered Mathematics to be the language for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis. He was author of the economics textbook of all time, Economics, An Introductory Analysis. He entered the University of Chicago at age 16, during the depths of the Great Depression, after graduating, he became an assistant professor of economics at Massachusetts Institute of Technology when he was 25 years of age and a full professor at age 32. In 1966, he was named Institute Professor, MITs highest faculty honor, merton, Joseph E. Stiglitz, and Paul Krugman, all of whom went on to win Nobel Prizes. He served as an advisor to Presidents John F. Kennedy, johnson, and was a consultant to the United States Treasury, the Bureau of the Budget and the Presidents Council of Economic Advisers. By contrast Friedman represented the monetarist perspective, Samuelson died on December 13,2009, at the age of 94. Samuelson was born in Gary, Indiana, on May 15,1915, to Frank Samuelson, a pharmacist, and the former Ella Lipton. His family, he said, was made up of upwardly mobile Jewish immigrants from Poland who had prospered considerably in World War I, because Gary was a brand new steel town when my family went there. In 1923 Samuelson moved to Chicago, he graduated from Hyde Park High School, he studied at the University of Chicago. He said he was born as an economist, at 8. 00am on January 2,1932, the lecture mentioned was on the British economist Thomas Malthus, who most famously studied population growth and its effects. He felt there was a dissonance between neoclassical economics and the way the system seemed to behave, and he said Henry Simons and he then completed his Master of Arts degree in 1936, and his Doctor of Philosophy in 1941 at Harvard University. As a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, Samuelson moved to MIT as an assistant professor in 1940 and remained there until his death. Samuelson comes from a family of well-known economists, including brother Robert Summers, sister-in-law Anita Summers, brother-in-law Kenneth Arrow and nephew Larry Summers. During his seven decades as an economist, Samuelsons professional positions included, Assistant Professor of Economics at M. I. T,1940, member of the Radiation Laboratory 1944–45. Professor of International Economic Relations at the Fletcher School of Law, guggenheim Fellowship from 1948–49 Professor of Economics at MIT beginning in 1947 and Institute Professor beginning in 1962
13.
Jonathan E. Ingersoll
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Jonathan Edwards Jon Ingersoll, Jr. is an American economist. Israel Professor of International Trade and Finance at Yale School of Management, prior to coming to Yale he was on the faculty at the Graduate School of Business at the University of Chicago. Ingersolls research area is finance, focusing on asset valuation—the pricing of options and futures and he is one of the authors of the Cox–Ingersoll–Ross model of the yield curve. Ingersoll is a member of the Society for Financial Studies and has held editorial positions at several journals, including the Review of Financial Studies. He was named Financial Engineer of the Year by the International Association of Financial Engineers in 2002 and he earned his SM and Phd from MIT Sloan and his SB in physics from MIT
14.
Robert Jarrow
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Robert Alan Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at the Johnson Graduate School of Management, Cornell University. These tools and models are now the standards utilized for pricing and hedging in major investment and he is on the advisory board of Mathematical Finance – a journal he co-started in 1989. He is also an associate or advisory editor for other journals and serves on the board of directors of several firms. He is currently both an IAFE senior fellow and an FDIC senior fellow and he has served as Managing Director for Research of Kamakura Corporation since 1995. He is included in both the Fixed Income Analysts Society Hall of Fame and Risk Magazine’s 50 member Hall of Fame, heath–Jarrow–Morton framework Jarrow–Turnbull model Profile, johnson. cornell. edu Profile, kamakuraco. com Vita SSRN Author page
15.
Economist
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An economist is a practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. A generally accepted interpretation in academia is that an economist is one who has attained a Ph. D. in economics, teaches economic science, the professionalization of economics, reflected in academia, has been described as the main change in economics since around 1900. Economists debate the path they believe their profession should take, surveys among economists indicate a preference for a shift toward the latter. Most major universities have a faculty, school or department. However, many prominent economists come from a background in mathematics, business, political science, law, sociology, getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to each year for outstanding intellectual contributions in the field of economics. The prize winners are announced in October every year and they receive their awards on December 10, the anniversary of Alfred Nobels death. In contrast to regulated professions such as engineering, law or medicine, in academia, to be called an economist requires a Ph. D. degree in Economics. A professional working inside of one of many fields of economics or having a degree in this subject is often considered to be an economist. In addition to government and academia, economists are employed in banking, finance, accountancy, commerce, marketing, business administration, lobbying. Politicians often consult economists before enacting economic policy, many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario, small numbers go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas. Nearly 135 colleges and universities grant around 900 new Ph. D. s every year, incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale. com showed Ph. D. economists salary ranges as follows, all Ph. D. economists, $61,000 to $160,000, Ph. D. The largest single grouping of economists in the UK are the more than 1000 members of the Government Economic Service. This figure compares very favourably with the picture, with 64 percent of economics graduates in employment. Some current well-known economists include, Ben Bernanke, Chairman of the Federal Reserve from 2006 to 2014, milton Friedman, Nobel Memorial Prize in Economic Sciences laureate in Economics
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MIT Sloan School of Management
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The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts, United States. MIT Sloan offers bachelors, masters, and doctoral degree programs and its full-time MBA program is one of the most selective in the world, and is ranked #1 in more disciplines than any other business school. MIT Sloan emphasizes innovation in practice and research, the faculty has included numerous Nobel laureates in economics and John Bates Clark Medal winners. MIT Sloan Management Review, an academic journal, has been published by the school since 1959. The annual MIT Sloan Sports Analytics Conference attracts leaders from the NBA, NFL, WWE, NHL, Premier League, the MIT Sloan School of Management began in 1914, as the engineering administration curriculum in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the theory, a program offering a masters degree in management was established in 1925. An Alfred P. Sloan Foundation grant established the MIT School of Industrial Management in 1952 with the charge of educating the ideal manager, in 1964, the school was renamed in Sloans honor as the Alfred P. Sloan School of Management. In the following decades, the school grew to the point that in 2000, in 2005, an undergraduate minor in management was opened to 100 students each year. In 2014, the school celebrated 100 years of management education at MIT, the mission of MIT Sloan is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. Since its founding, the school has initiated many efforts to improve regional economies. In the 1960s, the played a leading role in founding the first Indian Institute of Management. In 2014, the school launched the Regional Entrepreneurship Acceleration Program, the curriculum is focused on action learning, which requires that students apply concepts learned in the classroom to real-world business settings. Courses are taught using the method, lectures, team projects. The academic level of coursework is considered extremely demanding by business school standards, with a emphasis on analytical reasoning. Academic rigor has an influence on the schools culture. The first semester, also known as the core, is considered the most difficult semester by design. Courses are graded using letter grades and on the standard five-point MIT scale, in its graduate programs, anything less than a 4.0 average will result in the student not being allowed to graduate. Unlike most business schools, MIT Sloan does not offer any academic honors at graduation, the philosophy behind this is that the honor is in being an MIT graduate
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American Jews
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American Jews, also known as Jewish Americans, are Americans who are Jews, either by religion, ethnicity, or nationality. The Jewish community in the United States is composed predominantly of Ashkenazi Jews and their US-born descendants, Minority Jewish ethnic divisions are also represented, including Sephardic Jews, Mizrahi Jews, and a smaller percentage of converts to Judaism. The American Jewish community manifests a wide range of Jewish cultural traditions, depending on religious definitions and varying population data, the United States is home to the largest or second largest Jewish community in the world. In 2012, the American Jewish population was estimated at between 5.5 and 8 million, depending on the definition of the term and this constitutes between 1. 7% and 2. 6% of the total U. S. population. Jews have been present in what is today the United States of America since the mid-17th century, however, they were small in number, with at most 200 to 300 having arrived by 1700. The majority were Sephardic Jewish immigrants of Spanish and Portuguese ancestry, until after 1720 when Ashkenazi Jews from Central, after passage of the Plantation Act of 1740, Jews were specifically permitted to become British citizens and immigrate to the colonies. Until about 1830, Charleston, South Carolina had more Jews than anywhere else in North America and they primarily became merchants and shop-owners. Jewish migration to the United States increased dramatically in the early 1880s, as a result of persecution, many Jews also emigrated from Romania. Over 2,000,000 Jews landed between the late 19th century and 1924, when the Immigration Act of 1924 restricted immigration, most settled in the New York metropolitan area, establishing the worlds major concentrations of Jewish population. In 1915 the circulation of the daily Yiddish newspapers was half a million in New York City alone, in addition thousands more subscribed to the numerous weekly papers and the many magazines. American Jewish writers of the time urged assimilation and integration into the wider American culture,500,000 American Jews fought in World War II, and after the war younger families joined the new trend of suburbanization. There, Jews became increasingly assimilated and demonstrated rising intermarriage, more recent waves of Jewish emigration from Russia and other regions have largely joined the mainstream American Jewish community. Americans of Jewish descent have been successful in many fields. Scholars debate whether the historical experience for Jews in the United States has been such a unique experience as to validate American exceptionalism. Korelitz shows how American Jews during the late 19th and early 20th centuries abandoned a racial definition of Jewishness in favor of one that embraced ethnicity. The key to understanding this transition from a racial self-definition to a cultural or ethnic one can be found in the ‘’Menorah Journal’’ between 1915 and 1925, siporin uses the family folklore of ethnic Jews to their collective history and its transformation into an historical art form. They tell us how Jews have survived being uprooted and transformed, many immigrant narratives bear a theme of the arbitrary nature of fate and the reduced state of immigrants in a new culture. By contrast, ethnic family narratives tend to show the more in charge of his life
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Hastings-on-Hudson, New York
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Hastings-on-Hudson is a village in Westchester County, New York, United States. It is located in the southwest part of the town of Greenburgh, as of the 2010 census, it had a population of 7,849. It lies on U. S. Route 9, Broadway in Hastings, Hastings is an inner suburb of New York City. The area that is now Hastings-on-Hudson was once the home of the Weckquaesgeek Native Americans, in summer, the Weckquaesgeeks camped at the mouth of the ravine running under the present Warburton Avenue Bridge. There they fished, swam and collected oysters and clamshells used to make wampum, on the level plain nearby, they planted corn and possibly tobacco. Around 1650 a Dutch carpenter named Frederick Philipse arrived in New Amsterdam, in 1682 Philipse traded with the Native Americans for the area that is now Dobbs Ferry and Hastings. In 1693 the English crown granted Philipse the Manor of Philipsburg, after dividing the area into four nearly equal-sized farms, the Philipses leased them to Dutch, English and French Huguenot settlers. During the American Revolution, what is now Hastings lay between the lines of the forces and was declared neutral territory. In reality, the became a no-mans land and was raided repeatedly by both sides. Following the Revolution, the Philipses, who had been loyal to George III, saw their vast lands confiscated, in 1785 the four farms comprising today’s Hastings were bought by James DeClark, Jacobus Dyckman, George Fisher, and tavern keeper Peter Post. The village was incorporated in 1879 and its changed from Hastings-Upon-Hudson to Hastings-on-Hudson. Stone quarrying was the earliest industry in Hastings, from 1865 to 1871, hundreds of Scottish and Irish laborers blasted huge quantities of dolomite marble from a white Westchester marble quarry. An inclined railroad carried the marble down to the wharf where it was dressed by skilled stonecutters and loaded onto ships bound for cities like New York and Charleston. By the 1880s, Hastings Pavement was producing hexagonal paving blocks which were used extensively in Central Park, between 1895 and 1900, Hastings Pavement produced 10 million such blocks and shipped them throughout the United States and to cities in Canada, Brazil and England. By 1891 the National Conduit and Cable Company had established an operation on the waterfront producing cables for utility companies here, labor strife between striking workers of the National Cable and Conduit Company in 1912 left four people dead. Two were striking workers, the two were bystanders. Similar labor unrest occurred in 1916, whereby the village was put under house arrest, the Anaconda Copper Company took over National Conduit in 1929, and a few years later acquired the Hastings Pavement property. By the end of World War II, Anaconda owned most of the industrial waterfront, Anaconda closed its Hastings plant in 1975, bringing to an end the century-long era of heavy industry on the Hastings waterfront
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Dimensional Fund Advisors
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The company was founded in 1981 by David G. Booth and Rex Sinquefield, both graduates of the University of Chicagos School of Business. The company offers over 100 equity and fixed income mutual funds, Dimensional has $414.0 billion in assets under management as of April 29,2016. Institutional investors can access Dimensional funds directly or through their consultant, individual investors can access Dimensional funds through financial professionals, or through their retirement plans, or certain 529 college savings plans. The company is owned by its employees, board members and outside investors, on November 6,2008, the University of Chicago Graduate School of Business announced a $300 million gift from David Booth in the form of cash and the income stream from Dimensional stock. The school was renamed the University of Chicago Booth School of Business, on December 2,2009, Dimensional announced the acquisition of SmartNest, a retirement planning computer software company. The technology offered by SmartNest was developed by Robert C, merton, who left the companys board after the purchase to become Resident Scientist. The firm sells through financial advisors, as their products are unavailable to the consumer who may now be aware of the companys principles. Official site Morningstar profile Fama/French Forum Businessweek. com David Booth Interviews
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