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Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rose Friedman
Rose Director Friedman ; born Rose Director (30 December 1910 – 18 August 2009) was a free-market economist and co-founder of the Milton and Rose D. Friedman Foundation. Biography Rose Director was born in Staryi Chortoryisk, in Ukraine, to the Director family, prominent Jewish residents. She is believed to have been born the last week of December 1910; however, the birth records have been lost. In her youth, she wrote articles with Dorothy Brady on consumption. Rose Friedman attended Reed College and then transferred to the University of Chicago, where she received a Bachelor of Philosophy degree. After this she began to study for a doctorate in economics at the University of Chicago and completed all work necessary for the PhD except for writing the dissertation. She was married to her frequent collaborator, Milton Friedman (1912–2006), who won the 1976 Nobel Prize in Economics. Her brother, Aaron Director (1901–2004), was a professor at the University of Chicago Law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neil Wallace
Neil Wallace (born 1939) is an American economist and professor of economics at Penn State University. He is considered one of the main proponents of new classical macroeconomics in the field of economics. Early life and education Wallace was born in 1939, in New York City. He attended Columbia University, where he earned a BA in economics in 1960 and his Ph.D in economics from the University of Chicago in 1964, where he studied under Nobel Prize-winning economist Milton Friedman. Career In 1969, Wallace was hired as a consultant to the Federal Reserve Bank of Minneapolis. He served as a professor at the University of Minnesota from 1974 until 1994 and as a professor at the University of Miami from 1994 until 1997. In 1997, he was hired as a professor at Penn State. In 1975, he and Thomas J. Sargent proposed the policy-ineffectiveness proposition, which refuted a basic assumption of Keynesian economics. In 2012, he was elected Distinguished Fellow of the American Economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or the "father of capitalism".———— He is known for two classic works: ''The Theory of Moral Sentiments'' (1759) and ''The Wealth of Nations, An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is regarded as his ''magnum opus'', marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Calvert Simons
Henry Calvert Simons (; October 9, 1899 – June 19, 1946) was an American economist at the University of Chicago. A protégé of Frank Knight, his antitrust and monetarist models influenced the Chicago school of economics. He was a founding author of the Chicago plan for monetary reform that found broad support in the years following the 1930s Depression, which would have abolished the fractional-reserve banking system, which Simons viewed to be inherently unstable. This would have prevented unsecured bank credit from circulating as a "money substitute" in the financial system, and it would be replaced with money created by the government or central bank that would not be subject to bank runs. Simons is noted for a definition of economic income, developed in common with Robert M. Haig, known as the Haig–Simons equation. Work Program of reform In one of his essays, ''A Positive Program for Laissez Faire'' (1934) Simons set out a program of reform to bring private enterp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Schultz
Henry Schultz (September 4, 1893 – November 26, 1938) was an American economist, statistician, and one of the founders of econometrics. Paul Samuelson named Schultz (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Frank Knight, Jacob Viner, and Wesley Clair Mitchell) as one of the several "American saints in economics" born after 1860. Life Henry Schultz was born on September 4, 1893, in a Polish Jewish family in Sharkawshchyna, in the Russian Empire (now part of Belarus). " Schultz's family - father, mother (Rebecca Kissin) with their 2 sons - Henry and his brother Joseph moved to New York City in the United States. Henry Schultz completed his primary education, as well as undergraduate studies at the College of the City of New York, receiving a BA in 1916. For graduate work, Henry Schultz enrolled at Columbia University, but had to interrupt studies in 1917 because of World War I. After the war he received a scholarship which enabled him to spen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Knight
Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century. Paul Samuelson named Knight (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Wesley Clair Mitchell, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Life and career Knight ( BA, Milligan College, 1911; BS and AM, Tennessee, 1913; PhD, Cornell, 1916) was born in 1885 in McLean County, Illinois, the son of Julia Ann (Hyneman) and Winton Cyrus Knight. After ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Homer Jones (economist)
Homer Jones (1906–1986) was an American economist. In the course of his career, Jones spent time at Rutgers University, the University of Chicago, the Brookings Institution and the Federal Deposit Insurance Corporation. He is best known for serving as research director and later senior vice-president at the Federal Reserve Bank of St. Louis, which he joined in 1958. Under his leadership, the St. Louis Fed gained a reputation as a maverick in the Federal Reserve System because of its espousal of monetarism. Milton Friedman, who studied under Jones at Rutgers, credited Jones' encouragement for his decision to become an economist. The St. Louis Fed sponsors the annual Homer Jones Memorial Lecture Series in his memory. Speakers have included R. Glenn Hubbard (2013), dean of the Columbia University Graduate School of Business, a former deputy assistant secretary at the U.S. Department of the Treasury and a former chairman of the Council of Economic Advisors; Mohamed A. El-Erian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harold Hotelling
Harold Hotelling (; September 29, 1895 – December 26, 1973) was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. He also developed and named the principal component analysis method widely used in finance, statistics and computer science. He was associate professor of mathematics at Stanford University from 1927 until 1931, a member of the faculty of Columbia University from 1931 until 1946, and a professor of Mathematical Statistics at the University of North Carolina at Chapel Hill from 1946 until his death. A street in Chapel Hill bears his name. In 1972, he received the North Carolina Award for contributions to science. Statistics Hotelling is known to statisticians because of Hotelling's T-squared distribution which is a generalization of the Student's t-distribution in multivariate setting, and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry George
Henry George (September 2, 1839 – October 29, 1897) was an American political economist, Social philosophy, social philosopher and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce themselves, but that the economic value of land (economics), land (including natural resources) should belong equally to all members of society. George famously argued that a single tax on land values would create a more productive and just society. His most famous work, ''Progress and Poverty'' (1879), sold millions of copies worldwide. The treatise investigates the paradox of increasing inequality and poverty amid economic and technological progress, the business cycle with its cyclic nature of industrialized economies, and the use of rent capture such as land value taxation and other anti-monopoly reforms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur F
Arthur is a masculine given name of uncertain etymology. Its popularity derives from it being the name of the legendary hero King Arthur. A common spelling variant used in many Slavic, Romance, and Germanic languages is Artur. In Spanish and Italian it is Arturo. Etymology The earliest attestation of the name Arthur is in the early 9th century Welsh-Latin text ''Historia Brittonum'', where it refers to a circa 5th century Romano-British general who fought against the invading Saxons, and who later gave rise to the famous King Arthur of medieval legend and literature. A possible earlier mention of the same man is to be found in the epic Welsh poem ''Y Gododdin'' by Aneirin, which some scholars assign to the late 6th century, though this is still a matter of debate and the poem only survives in a late 13th century manuscript entitled the Book of Aneirin. A 9th-century Breton landowner named Arthur witnessed several charters collected in the '' Cartulary of Redon''. The Irish borro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeremy Bentham
Jeremy Bentham (; 4 February Dual dating, 1747/8 Old Style and New Style dates, O.S. [15 February 1748 Old Style and New Style dates, N.S.] – 6 June 1832) was an English philosopher, jurist, and social reformer regarded as the founder of modern utilitarianism. Bentham defined as the "fundamental axiom" of his philosophy the principle that "it is the greatest happiness of the greatest number that is the measure of right and wrong." He became a leading theorist in Anglo-Americans, Anglo-American philosophy of law, and a political radical whose ideas influenced the development of welfarism. He advocated Individualism, individual and economic freedoms, the separation of church and state, freedom of expression, equal rights for women, the right to divorce, and (in an unpublished essay) the decriminalizing of homosexual acts. He called for the abolitionism, abolition of slavery, capital punishment#Abolition of capital punishment, capital punishment, and physical punishment, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
