Don Patinkin (

Hebrew Hebrew (; ; ) is a Northwest Semitic language of the Afroasiatic language family. Historically, it is one of the spoken languages of the Israelites and their longest-surviving descendants, the Jews and Samaritans. It was largely preserved ...

: דן פטינקין) (January 8, 1922 – August 7, 1995) was an American-born Israeli

monetary Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are ...

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

, and the President of the

Hebrew University of Jerusalem The Hebrew University of Jerusalem (HUJI; he, הַאוּנִיבֶרְסִיטָה הַעִבְרִית בִּירוּשָׁלַיִם) is a public research university based in Jerusalem, Israel. Co-founded by Albert Einstein and Dr. Chaim Weiz ...

.Nissan Liviatan, 2008. "Patinkin, Don (1922–1995)," ''

The New Palgrave Dictionary of Economics ''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictio ...

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Biography

Don Patinkin was born January 8, 1922, in Chicago, to a family of Jewish emigrants from

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populou ...

. While doing his undergraduate studies at the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...

, he also studied the

Talmud The Talmud (; he, , Talmūḏ) is the central text of Rabbinic Judaism and the primary source of Jewish religious law ('' halakha'') and Jewish theology. Until the advent of modernity, in nearly all Jewish communities, the Talmud was the ce ...

at the Hebrew Theological College in Chicago. He continued at Chicago for his graduate studies, earning a Ph.D. in 1947 under the supervision of Oskar R. Lange. Patinkin was a strong

Zionist Zionism ( he, צִיּוֹנוּת ''Tsiyyonut'' after '' Zion'') is a nationalist movement that espouses the establishment of, and support for a homeland for the Jewish people centered in the area roughly corresponding to what is known in Je ...

and, while doing his graduate studies, planned to immigrate to Palestine; in his graduate research he studied Palestinian economics, although he did not complete his thesis in this subject. After graduating he held lecturer positions at the University of Chicago and the

University of Illinois The University of Illinois Urbana-Champaign (U of I, Illinois, University of Illinois, or UIUC) is a public land-grant research university in Illinois in the twin cities of Champaign and Urbana. It is the flagship institution of the Uni ...

until he succeeded in emigrating to Israel in 1949, where he was hired by the Hebrew University in Jerusalem. In 1956 he was appointed the research director of the Falk Institute for Economic Research, which was established by Simon Kuznetz with the support of the Falk Foundation.

Academic career

He remained at the Hebrew University. becoming university president from 1982 to 1986, following Avraham Harman. He resigned due to the poor state of the university's finances and was succeeded by Amnon Pazy. He retired in 1989, and died August 7, 1995, in Jerusalem.

Economic research

Patinkin's work explored some of the

microfoundations Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions.Maarten Janssen (2008),Microfoundations, in ''The New Palgrave Dictionary of Economics'', 2nd ed. Research in microf ...

of Keynesian macroeconomics, particularly the role of money demand. His monograph ''Money, Interest, and Prices'' (1956) was for many years one of the most widely used advanced references on monetary economics. Huw Dixon believes that: "''Money, Interest and Prices'' is perhaps as great in its vision as Keynes' ''General Theory''. Whilst the latter has a greater abundance of originality, the former has a greater clarity of insight and formal expression. Don Patinkin states his theory of the labour market and corresponding notion of the full employment equilibrium in just three pages of ''Money, Interest and Prices'' (in the 1965 edn. pp. 127–30). These pages deserve great attention: they state the labour market model that became the standard foundation for the aggregate supply curve in the aggregate demand/aggregate supply (AD/AS) model. Although Patinkin himself did not formulate the AD/AS representation, it is implicit in his ''Money, Interest and Prices''."

Dixon H Dixon may refer to: Places International * Dixon Entrance, part of the Inside Passage between Alaska and British Columbia Canada * Dixon, Ontario United States * Dixon, California * Dixon, Illinois * Dixon, Greene County, Indiana * Dixon, In ...

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Published works

* "Mercantilism and the Readmission of Jews in England", 1946, ''Jewish Social Studies'' * "Multiple-Plant Firms, Cartels and Imperfect Competition", 1947, ''QJE''. * "Relative Prices, Say's Law, and the Demand for Money", 1948, ''Econometrica''. * "Price Flexibility and Full Employment", 1948, ''AER''. * "The Indeterminacy of Absolute Prices in Classical Economic Theory", 1949, ''Econometrica''. * "Involuntary Unemployment and the Keynesian Supply Function", 1949, ''EJ''. * "A Reconsideration of the General Equilibrium Theory of Money", 1950, ''RES''. * "The Invalidity of Classical Monetary Theory", 1951, ''Econometrica''. * "Further Considerations of the General Equilibrium Theory of Money", 1951, ''RES''. * "The Limitations of Samuelson's `Correspondence Principle'", 1952, ''Metroeconomica''. * "Wicksell's `Cumulative Process'", 1952, ''EJ''. * "Dichotomies of the Pricing Process in Economic Theory", 1954, ''Economica''. * "Keynesian Economics and the Quantity Theory", 1954, in Kurihara, editor, ''Post-Keynesian Economics''. * "Monetary and Price Developments in Israel", 1955, ''Scripta Hierosolymitana''. * "Money, Interest and Prices: An integration of monetary and value theory", 1956. * "Liquidity Preference and Loanable Funds: Stock and flow analysis", 1958, ''Economica''. * "Secular Price Movements and Economic Development: Some theoretical aspects", in Bonne, editor, ''The Challenge of Development''. * "The Israel Economy: The first decade", 1959. * "Keynes and Econometrics: On the Interaction of the Macroeconomic Revolutions of the Interwar Period", 1976, ''Econometrica''.

Awards and recognition

Patinkin was awarded the

Israel Prize The Israel Prize ( he, פרס ישראל; ''pras israél'') is an award bestowed by the State of Israel, and regarded as the state's highest cultural honor. History The Israel Prize is awarded annually, on Israeli Independence Day, in a state cer ...

in 1970. In 1989, a conference was held in honor of Patinkin's retirement.

References

External links

Don Patinkin Papers, 1870-1995
Rubenstein Library, Duke University. Also includes life chronology.

{{DEFAULTSORT:Patinkin, Don 1922 births 1995 deaths People from Chicago American people of Russian-Jewish descent Jewish American social scientists University of Chicago alumni Hebrew University of Jerusalem faculty Presidents of universities in Israel Israel Prize in social sciences recipients Israel Prize in social sciences recipients who were economists Members of the Israel Academy of Sciences and Humanities Neo-Keynesian economists Fellows of the Econometric Society Presidents of the Econometric Society 20th-century Israeli economists Patinkin family Corresponding Fellows of the British Academy American emigrants to Israel 20th-century American Jews