Dale W. Jorgenson
Dale Weldeau Jorgenson is the Samuel W. Morris University Professor at Harvard University, teaching in the Department of Economics and John F. Kennedy School of Government, he served as Chairman of the Department of Economics from 1994 to 1997. Jorgenson has been honored with membership in the American Philosophical Society, the Royal Swedish Academy of Sciences, the U. S. National Academy of Sciences, the American Academy of Arts and Sciences, he was elected to Fellowship in the American Association for the Advancement of Science, the American Statistical Association, the Econometric Society. He was awarded honorary doctorates by the Faculty of Social Sciences at Uppsala University, the University of Oslo, Keio University, the University of Mannheim, the University of Rome, the Stockholm School of Economics, the Chinese University of Hong Kong, Kansai University. Jorgenson served as President of the American Economic Association in 2000 and was named a Distinguished Fellow of the Association in 2001.
He was a Founding Member of the Board on Science and Economic Policy of the National Research Council in 1991 and served as Chairman of the Board from 1998 to 2006. He served as Chairman of Section 54, Economic Sciences, of the National Academy of Sciences from 2000 to 2003 and was President of the Econometric Society in 1987 and President of the American Economic Association in 2000, he is a Vice President of the Society for Economic Measurement. Jorgenson received the prestigious John Bates Clark Medal of the American Economic Association in 1971; this Medal is awarded every two years to an economist under forty for excellence in economic research. The citation for this award reads in part: Dale Jorgenson has left his mark with great distinction on pure economic theory, but he is preeminently a master of the territory between economics and statistics, where both have to be applied to the study of concrete problems. His prolonged exploration of the determinants of investment spending, whatever its ultimate lessons, will long stand as one of the finest examples in the marriage of theory and practice in economics.
He was an advocate for a carbon tax on greenhouse gas emissions as a means of reducing global warming when he testified before congress in 1997. His research has been used to advocate for the FairTax, a tax reform proposal in the United States to replace all federal payroll and income taxes with a national retail sales tax and monthly tax rebate to households of citizens and legal resident aliens. However, Jorgenson supports a tax plan of his own design, which he calls Efficient Taxation of Income, described in his book Investment, Vol. 3: Lifting the Burden: Tax Reform, the Cost of Capital, U. S. Economic Growth; the approach would introduce different tax rates for property-type income and earned income from work. Jorgenson’s 1963 paper, “Capital Theory and Investment Behavior,” introduced all the important features of the cost of capital employed in the subsequent literature, his principal innovations were the derivation of investment demand from a model of capital as a factor of production, the incorporation of the tax treatment of income from capital into the price of capital input, econometric modeling of gestation lags in the investment process.
In 1971 Jorgenson surveyed empirical research on investment in the Journal of Economic Literature. In the same year he was awarded the John Bates Clark Medal of the American Economic Association for his research on investment behavior. In 2011 Jorgenson’s paper was chosen as one of the Top 20 papers published in the first 100 years of the American Economic Review; the predominant role of investment. In 2005 Jorgenson traced the American growth resurgence to its sources in individual industries in his book, Information Technology and the American Growth Resurgence, co-authored with Mun S. Ho and Kevin J. Stiroh; this book employed the framework originated by Jorgenson, Frank M. Gollop, Barbara M. Fraumeni, but added detailed information about investments in information technology equipment and software. Jorgenson and his co-authors demonstrated that input growth, due to investments in human and non-human capital, was the source of more than 80 percent of U. S. economic growth over the past half century, while growth in total factor productivity accounted for only 20 percent.
Jorgenson and Khuong Vu established similar results for the world economy. New architecture for the national accounts. Jorgenson and Steven Landefeld, Director of the U. S. Bureau of Economic Analysis, have proposed a new system of national accounts that incorporates the cost of capital for all assets, including information technology equipment and software; the new system is presented in their book with William Nordhaus, published in 2006. In March 2007 Jorgenson's cost of capital was recommended by the United Nations Statistical Commission for incorporation into the United Nations’ 2008 System of National Accounts. Paul Schreyer has published Measuring Capital, to serve as a guide to practitioners; the “new architecture” was endorsed by the Advisory Committee on Measuring Innovation in the 21st Century to the Secretary of Commerce in 2008. Jorgenson has presented an updated version of the “new architecture” in his Richard and Nancy Ruggles Memorial Lecture to the International Association for Research in Income and Wealth.
The World KLEMS Initiative was established at Harvard University on August
An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, economics computational models, financial economics, mathematical finance and mathematical economics; the professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path. It is a debate between a scholastic orientation, focused on mathematical techniques, a public discourse orientation, more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter.
Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. 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 economists each year for outstanding intellectual contributions in the field of economics; the prize winners are announced in October every year. They receive their awards on the anniversary of Alfred Nobel's death. Economists work in many fields including academia, government and in the private sector, where they may "...study data and statistics in order to spot trends in economic activity, economic confidence levels, consumer attitudes. They assess this information using advanced methods in statistical analysis, computer programming they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."In contrast to regulated professions such as engineering, law or medicine, there is not a required educational requirement or license for economists.
In academia, to be called an economist requires a Ph. D. degree in Economics. In the US government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. A professional working inside of one of many fields of economics or having an academic degree in this subject is considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration and non- or not-for profit organizations. Politicians 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 and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil. According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of $83,000 the top ten percent earning more than $147,040 annually.
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. D. corporate economists, $71,000 to $207,000. The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom, shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional and international organisations, across many sectors; this figure compares favourably with the national picture, with 64 percent of economics graduates in employment. Some current we
Justin Yifu Lin
Justin Yifu Lin, born on October 15, 1952, in Yilan County, Taiwan, as Zhengyi Lin, is a Chinese economist. Lin is a former Taiwanese military officer. Lin transferred from a soldier to an economist when he started studying economics at Peking University and went on to pursue a Ph. D at the University of Chicago. After finishing his doctoral dissertation, he returned to Beijing and became a professor at Peking University, founded the China Center for Economic Research and was appointed Chief Economist and Senior Vice President of the World Bank where he served from 2008 to 2012. After that, he returned to his research at Peking University, his main academic theory is called New Structural Economics. Lin was born on 15 October 1952 in Yilan County, Taiwan, as "Lin Zhengyi". Lin attended high school in National Yilan Senior High School. In 1971, he was admitted to the National Taiwan University's school of agriculture to study hydrology under the faculty of agricultural engineering. During his military training in 1971, Lin applied to enlist rather than return to the university.
He transferred to the Republic of China Military Academy, graduating from its 44th class in 1975. In 1976 Lin entered the MBA program at National Chengchi University in Taiwan on a defense scholarship and returned to the army upon receiving his MBA in 1978; as a captain in the Republic of China Army in Taiwan, he defected to Mainland China on May 17, 1979, from the island of Kinmen off the coast of Fujian to the nearby island of Xiamen of Mainland China. Lin left his pregnant wife and his three-year-old child in Taiwan, his wife and their children joined him years when both of them went to study in the United States. While an officer in the ROC Army, Lin was held up as a model soldier. In a letter written to his family in Taiwan about a year after his defection, Lin stated that "based on my cultural, political and military understanding, it is my belief that returning to the motherland is a historical inevitability. A National Taiwan University alumnus Hongsheng Zheng confirmed Lin's motive. Lin's oldest brother said.
"I don't understand why people regard him as a villain," he said. "My brother just wanted to pursue his ambitions." Lin received a Master's degree in political economy from Peking University in 1982, a PhD in economics from the University of Chicago in 1986. He was one of the first PRC citizens to receive a PhD in economics from The University of Chicago, is a leading Chinese economist. On September 16, 2008, Fordham University honored Justin Yifu Lin a reception for his being chief economist and senior vice president of the World Bank, he received an Honorary Doctorate from Fordham in 2009 and was elected a Corresponding Fellow of the British Academy in 2010. His 2012 book, The Quest for Prosperity: How Developing Economies Can Take Off, argued for an active role for government in nurturing development, not just through the traditional provision of infrastructure and legal enforcement, but by identifying and supporting industries that contribute to growth. Lin is the founder and first director of the China Center for Economic Research and a former professor of economics at Peking University and at the Hong Kong University of Science and Technology.
Lin Yifu, China Vitae. Justin Yifu Lin biography, CCER website, accessed December 2005. World Bank Chief Economist: Justin Yifu Lin "Development and Transition: Idea and Viability" at the Chinese University of Hong Kong, March 31, 2008 Economist Lin Yifu says the poor should get rich quicker
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
Anna Jacobson Schwartz was an American economist who worked at the National Bureau of Economic Research in New York City and a writer for the New York Times. Paul Krugman once said that Schwartz is, "one of the world's greatest monetary scholars." Schwartz is most notably recognized for her collaborative work with Milton Friedman on A Monetary History of the United States, 1867–1960, published in 1963. This book placed the blame for the Great Depression at the door of the Federal Reserve System, she was president of the Western Economic Association International in 1988. Schwartz was inducted into the National Women's Hall of Fame in 2013. Schwartz was born Anna Jacobson on November 11, 1915 in New York City to Pauline and Hillel Jacobson, she graduated Phi Beta Kappa from Barnard College at 18 and gained her master's degree in economics from Columbia University in 1935, at 19. She started her career as a professional economist one year later. In 1936, she married Isaac Schwartz, a financial officer and fellow Columbia University graduate, with whom she raised four children.
Her first published paper was in the Review of Economics and Statistics, in which she, along with Arthur Gayer and Isaiah Finkelstein, wrote British Share Prices, 1811–1850. She earned her Ph. D. from Columbia in 1964. In 1941, she joined the staff of the National Bureau of Economic Research, she worked in the New York City office of that organization for the rest of her life. When she joined the National Bureau, it was engaged in the study of business cycles. Though she held teaching positions for only a short part of her career, she developed younger scholars by her willingness to work with them and to share her approach to understand history better and to draw lessons for the present. In collaboration with Arthur Gayer and Walt Whitman Rostow, she produced the monumental Growth and Fluctuations in the British Economy, 1790–1850: An Historical and Theoretical Study of Britain's Economic Development, it appeared in two volumes in 1953, having been delayed by the Second World War for a decade after it was completed.
It is still regarded among economic scholars of the period. It was reprinted in 1975. Gayer had died before the book's first appearance, but two other authors wrote a new introduction, which reviewed literature on the subject that had published since the original publication date, they admitted that there had developed what they called an "amicable divergence of view" about the interpretation of some of the facts that were set out in the book. In particular, Schwartz indicated that she had, in the light of recent theoretical and empirical research, revised her view of the importance of monetary policy and her interpretation of interest rate movements. Years before her first book was reprinted, another economist had joined what might be called the Schwartz team of co-authors. Prompted by Arthur F. Burns at Columbia University and the National Bureau who would subsequently be Chairman of the U. S. Federal Reserve System and Milton Friedman teamed up to examine the role of money in the business cycle.
Their first publication was A Monetary History of the United States, 1867–1960, which hypothesized that changes in monetary policy have had large effects on the economy, it laid a large portion of the blame for the Great Depression at the door of the Federal Reserve System. The book was published in 1963, along with the famous article, "Money and Business Cycles", which as with her first paper was published in the Review of Economics and Statistics, they wrote the books Monetary Statistics of the United States and Monetary Trends in the United States and the United Kingdom: Their Relation to Income and Interest Rates, 1867–1975. The Depression-related chapter of A Monetary History was titled "The Great Contraction" and was republished as a separate book in 1965; some editions include an appendix in which the authors got an endorsement from an unlikely source at an event in their honor when Ben Bernanke made this statement: "Let me end my talk by abusing my status as an official representative of the Federal Reserve.
I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're sorry, but thanks to you, we won't do it again." She changed her opinion on financial regulation. Economists and policy makers have long been concerned with the stability of the financial system. Schwartz, in a series of studies in the 1970s and 1980s, emphasized that price level stability is essential for financial system stability. Drawing on evidence from over two centuries, she demonstrated that business failures do not have major consequences for the economy if their effects are prevented from spreading through the financial system. Individual institutions should be allowed to fail, not supported with taxpayers' money. In 1981 she gained public recognition for her role as staff director of the U. S. Gold Commission. There have been other areas of her work including the international transmission of inflation and of business cycles, the role of government in monetary policy, measuring the output of banks, the behavior of interest rates, on deflation, on monetary standards.
In an interview with Barrons in 2008, Schwartz said interventions such as injecting liquidity into markets and reacting to the credit crisis with ad hoc programs were not the answer. She has done work outside of the United States; some years ago the Department of Banking and Finance at City University, England, started a research project on the monetary history of the United Kingdom. For many years, she was an adviser to that project, she commented on papers, suggested lines of approach, came
Gary Stanley Becker was an American economist and empiricist. He was a professor of economics and sociology at the University of Chicago. Described as "the most important social scientist in the past 50 years" by The New York Times, Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Ken Arrow and Robert Solow. Becker was one of the first economists to branch into what were traditionally considered topics that belonged to sociology, including racial discrimination, family organization, drug addiction, he was known for arguing that many different types of human behavior can be seen as rational and utility maximizing. His approach included altruistic behavior of human behavior by defining individuals' utility appropriately, he was among the foremost exponents of the study of human capital. Becker was credited with the "rotten kid theorem."
Born to a Jewish family in Pottsville, Becker earned a B. A. at Princeton University in 1951, a Ph. D. at the University of Chicago in 1955 with a thesis entitled The Economics of Racial Discrimination. At Chicago, Becker was influenced by Milton Friedman, whom Becker called "by far the greatest living teacher I have had". Before turning 30, he began to teach at Columbia University in 1957, in 1970 returned to the University of Chicago. In 1965 he was elected as a Fellow of the American Statistical Association. Becker was a founding partner of a business and philanthropy consulting company. Becker won the John Bates Clark Medal in 1967, he was elected a Fellow of the American Academy of Arts and Sciences in 1972, was a member of the Mont Pelerin Society. Becker received the National Medal of Science in 2000. A political conservative, he wrote a monthly column for Business Week from 1985 to 2004, alternating with liberal Princeton economist Alan Blinder. In 1996 Becker was a senior adviser to Republican Presidential Candidate Robert Dole.
In December 2004, Becker started a joint weblog with Judge Richard Posner entitled The Becker-Posner Blog."The Becker-Posner Blog". Uchicagolaw. University of Chicago Law School. Becker's first wife was Doria Slote, from 1954 until her death in 1970; the marriage produced Catherine Becker and Judy Becker. About ten years in 1980 Becker married Guity Nashat, a historian of the Middle East whose research interests overlapped his own. Becker had Cyrus Claffey and Michael Claffey, from his second marriage. Becker died in Chicago, aged 83, on May 3, 2014, after complications from surgery at Northwestern Memorial Hospital. In 2014 he was honored in a three-day conference organized at the University of Chicago. Becker received the Nobel Prize in 1992 "for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior". Becker wrote his dissertation in 1955 at the University of Chicago, which examined the economics of discrimination. At the time, economics was the study of market behavior and market economies.
Becker challenged the past era of economics by bringing a new investigation of social matters to economics. Becker's contribution to discrimination was unpopular with people arguing that his theory was not economics, he used the international trade model for his analysis on The Economics of Discrimination. In 1957, the publication of his thesis was the study of the market, he believed both groups can be harmed. The discriminating firm can limit its own profitability. Becker included a variable of taste for discrimination in explaining behavior, he believes that people mentally increase the cost of a transaction if it is with a minority against which they discriminate. His theory held. If firms were able to specialize in employing minorities and offer a better product or service, such a firm could bypass discrepancy in wages between productive blacks and whites or productive females and males, his research found that when minorities are a small percentage the cost of discrimination falls on the minorities.
However, when minorities represent a larger percentage of society, the cost of discrimination falls on both the minorities and the majority. He pioneered research on the impact of self-fulfilling prophecies of teachers and employers on minorities; such attitudes lead to less investment in productive skills and education of minorities. Becker recognized that people sometimes do not want to work with minorities because they have preference against the disadvantaged groups, he goes on to say that discrimination increases the cost of the firm because in discriminating against certain workers, the employer would have to pay more so that work can proceed without them. If the employer employs the minority, low wages can be provided, but more people can be employed, productivity can be increased. Becker is famous for his economic analysis of democracy, he asked. He considered this exploitation to be deadweight loss; as Palda explains According to Becker, political equilibrium exists in non-democratic societies.
It arises out of a simple calculation that predatory interest groups and their taxpaying victims make: what return on my investment can I get by lobbying government? Becker's insight is that the gains to predators are linear, but the
Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago School of Economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. Viner was born to a Jewish family in 1892 in Quebec, to Romanian immigrant parents, he earned his undergraduate degree at McGill University in 1914. He received a PhD at Harvard University, where he wrote his dissertation, under trade economist Frank W. Taussig. Viner was a professor at the University of Chicago from 1916 to 1917 and from 1919 to 1946. At various times, Viner taught at Stanford and Yale Universities and twice went to the Graduate Institute of International and Development Studies in Geneva, Switzerland. In 1946 he left for Princeton University, where he remained until his retirement, in 1960, he was a member of the Institute for Advanced Studies in Princeton from 1947 to 1948 and a permanent member there from 1950 to 1970.
Nobel laureate Milton Friedman studied under Viner. Viner played a role in government, most notably as an advisor to Secretary of the Treasury Henry Morgenthau Jr. during the administration of Franklin Roosevelt. During World War II, he served as co-rapporteur to the economic and financial group of the Council on Foreign Relations' "War and Peace Studies" project, along with Harvard economist Alvin Hansen. Viner was a noted opponent of John Maynard Keynes during the Great Depression. While he agreed with the policies of government spending pushed by Keynes, Viner argued that Keynes's analysis was flawed and would not stand in the long run. Known for his economic modeling of the firm, including the long- and the short-run cost curves, his work is still used today. Viner is further known for having added the terms "trade creation" and "trade diversion" to the canon of economics in 1950, he made important contributions to the theory of international trade and to the history of economic thought. While he was at Chicago, Viner co-edited the Journal of Political Economy with Frank Knight.
His work, Studies in the Theory of International Trade, discusses the history of economic thought and is a historical source for the Bullionist controversy in 19th-century Britain. Viner spoke at the Conference on Atomic Energy Control in 1945, stating "that the atomic bomb was the cheapest way yet devised of killing human beings" and that atomic bombs "will be peacemaking in effect," making him the founder of nuclear deterrence. "Some Problems of Logical Method in Political Economy", 1917, JPE "Price Policies: the determination of market price", 1921. Dumping: A problem in international trade, 1923. Canada's Balance of International Indebtedness: 1900–1913, 1924. "The Utility Concept in Value Theory and its Critics", 1925, JPE. Viner, Jacob. "Adam Smith and Laissez-Faire". Journal of Political Economy. 35: 198–232. Doi:10.1086/253837. JSTOR 1823421. Frederick C. Mills. "The Present Status and Future Prospects of Quantitative Economics". American Economic Review. 18: 28–45. JSTOR 1811547. "Mills' Behavior of Prices", 1929, QJE "Costs Curves and Supply Curves," Zeitschrift für Nationalökonomie, 3, pp. 23–46.
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"A Modest Proposal for Some Stress on Scholarship in Graduate Training", 1950 International Economics, 1951. International Trade and Economic Development, 1952. "Schumpeter's History of Economic Analysis," American Economic Review, 44, 1954, pp. 894–910. "`Fashion' in Economic Thought", 1957, Report of 6th Conference of Princeton Graduate Alumni "International Trade Theory and its Present-Day Relevance", 1955, Economics and Public Policy The Long View and the Short: Studies in Economic Theory, 1958. "Stability and Progress: the poorer countries' problem", 1958, in Hague, editor and Progress in the World Economy Five Lectures on Economics and Freedom, 1959 "The Intellectual History of Laissez-Faire", 1960, J Law Econ "Hayek on Freedom and Coercion", 1960, Southern EJ "Relative Abundance of the Factors and International Trade", 1962, Indian EJ "The Necessary and Desirable Range of Discretion to be Allowed to a Monetary Authority", 1962, in Yeager, editor, In Search of a Monetary Constitution "'Possessive Individualism' as Original Sin", 1963, Canadian J of Econ & Poli Sci "The Earlier Letters of John Stuart Mill", 1963, Univ of Toronto Quarterly "The Economist in History", 1963