Anne Osborn Krueger
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Anne Osborn Krueger (; born February 12, 1934) is an American
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 ...
. She was the World Bank Chief Economist from 1982 to 1986, and the first deputy managing director of the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) from 2001 to 2006. She is currently the senior research professor of
international economics International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns an ...
at the
Johns Hopkins School of Advanced International Studies The School of Advanced International Studies (SAIS) is a graduate school of Johns Hopkins University based in Washington, D.C. The school also maintains campuses in Bologna, Italy and Nanjing, China. The school is devoted to the study of int ...
in Washington, D.C. She also is a senior fellow of Center for International Development (also was the founding Director) and the Herald L. and Caroline Ritch Emeritus Professor of Sciences and Humanities' Economics Department at Stanford University.


Early life

Krueger was born on February 12, 1934, in
Endicott, New York Endicott is a Village (New York), village within the town of Union, New York, Union in Broome County, New York, United States. The population was 13,392 at the 2010 census. It is part of the Binghamton metropolitan area. The village is named after ...
. Her father was a
physician A physician, medical practitioner (British English), medical doctor, or simply doctor is a health professional who practices medicine, which is concerned with promoting, maintaining or restoring health through the Medical education, study, Med ...
. Her uncles include the Australian politician Sir Reginald Wright and physiologist Sir Douglas Wright. She received her
undergraduate Undergraduate education is education conducted after secondary education and before postgraduate education, usually in a college or university. It typically includes all postsecondary programs up to the level of a bachelor's degree. For example, ...
degree from
Oberlin College Oberlin College is a Private university, private Liberal arts colleges in the United States, liberal arts college and conservatory of music in Oberlin, Ohio, United States. Founded in 1833, it is the oldest Mixed-sex education, coeducational lib ...
in 1953. She received her Masters and Ph.D. in
economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
from the
University of Wisconsin–Madison The University of Wisconsin–Madison (University of Wisconsin, Wisconsin, UW, UW–Madison, or simply Madison) is a public land-grant research university in Madison, Wisconsin, United States. It was founded in 1848 when Wisconsin achieved st ...
in 1956 and 1958 respectively.


Professional career

As an economist, Krueger is known in macroeconomics and trade, famously coining the term
rent-seeking Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic effi ...
in a 1974 article."The Political Economy of the Rent-Seeking Society," ''American Economic Review'' 64.3 (1974): 291 Walter E. Williams 303 Furthermore, she has frequently criticised the U.S. sugar subsidies. She has published extensively on policy reform in
developing countries A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. ...
, the role of multilateral institutions in the
international economy International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. A key focus in IPE is on the power of different actors such as nation states, international organizations and ...
, and the
political economy Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Wi ...
of
trade policy A commercial policy (also referred to as a trade policy or international trade policy) is a government's policy governing international trade. Commercial policy is an all encompassing term that is used to cover topics which involve international ...
. In her 1996 Presidential address to the American Economic Association, she explored the lack of congruence between successful trade and development policies enacted worldwide and prevailing academic views. She first started teaching at the University of Wisconsin as a teaching assistant in 1955 and then became an economics professor in 1958. She taught economics at the
University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...
from 1959 to 1982 before serving as World Bank Chief Economist from 1982 to 1986 where she was the Vice President of Economics and Research. Under her tenure as chief economist, the World Bank undertook very large multi-country comparative studies to understand the effects of trade. After leaving the Bank, she taught at
Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...
from 1987 to 1993, when she joined the faculty of
Stanford University Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth ...
as Herald L. and Caroline L. Ritch Professor in Humanities and Sciences in the Department of Economics. She stayed at Stanford until 2001. She was also the founding director of Stanford's Center for Research on Economic Development and Policy Reform; and a senior fellow of the
Hoover Institution The Hoover Institution (officially The Hoover Institution on War, Revolution, and Peace and formerly The Hoover Institute and Library on War, Revolution, and Peace) is an American public policy think tank which promotes personal and economic ...
. She served as First Deputy Managing Director of the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) from September 1, 2001, to August 31, 2006, serving as Acting Managing Director of the Fund on a temporary basis between March 4, 2004 (resignation of
Horst Köhler Horst Köhler (; 22 February 1943 – 1 February 2025) was a German politician who served as President of Germany from 2004 to 2010. As the candidate of the two Christian Democratic sister parties, the Christian Democratic Union of Germany, CDU ...
), and June 7, 2004 (starting date for Rodrigo de Rato's mandate). Until the appointment of
Christine Lagarde Christine Madeleine Odette Lagarde (; , ; born 1 January 1956) is a French politician and lawyer who has been the President of the European Central Bank since 2019. She previously served as the 11th Managing Director of the International Monetar ...
in 2011, she was the only female to fill the role of IMF Managing Director. In 2005, she was awarded the prestigious title of Honorary Patron of the
University Philosophical Society The University Philosophical Society (UPS), commonly known as The Phil, is a student paper-reading and debating society in Trinity College, Dublin, Ireland. Founded in 1683, it describes itself as the oldest student, collegial and paper-read ...
,
Trinity College Dublin Trinity College Dublin (), officially titled The College of the Holy and Undivided Trinity of Queen Elizabeth near Dublin, and legally incorporated as Trinity College, the University of Dublin (TCD), is the sole constituent college of the Unive ...
. In 2010, she was awarded an honorary doctorate from her alma mater, Oberlin College. Beginning in the spring of 2007, she assumed the position of professor of international economics at the
Johns Hopkins School of Advanced International Studies The School of Advanced International Studies (SAIS) is a graduate school of Johns Hopkins University based in Washington, D.C. The school also maintains campuses in Bologna, Italy and Nanjing, China. The school is devoted to the study of int ...
in Washington, D.C. She is a Distinguished Fellow and past president of the
American Economic Association The American Economic Association (AEA) is a learned society in the field of economics, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, an ...
, a member of the
National Academy of Sciences The National Academy of Sciences (NAS) is a United States nonprofit, NGO, non-governmental organization. NAS is part of the National Academies of Sciences, Engineering, and Medicine, along with the National Academy of Engineering (NAE) and the ...
, the American Academy of Arts and Sciences, The Econometric Society, and The American Philosophical Society and a senior research fellow of the
National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic co ...
. She is the recipient of a number of economic prizes and awards.


''Struggling with Success''

The 1950s and the 1960s brought the neoclassical argument for open trade under attack because it had ignored (as Krueger quotes it) “dynamic considerations” and they stated that open trade was “static” (p. 51). Throughout the 1990s there was a general consensus that open trade was anything but static and the benefits were largely “dynamic” (p51). In the book, ''Struggling with Success: Challenges Facing the International Economy'' (2012), Anne Krueger takes a defensive stance on globalization and the role it has played on improving the world and the lives of the people on it as a whole. She states that, “...globalization, has proceeded at a rapid pace since about 1800 and the degree of interdependence has greatly increased (p 24).” During the same time the industrial countries (whose economies were integrating) saw rapid growth in the quality of life for poor nations (p 24). Krueger's main focus is on the causes of the Asian “Tigers” growth, the rise of government regulation after and slightly before WWII and (regulations) inevitable fall, and how further deregulation improved the world economy. Krueger places emphasis on the need to remove trade barriers and to deregulate domestic economies in the book ''Struggling with Success''. Krueger says a lot of credit must be given to tools like “ producer subsidy equivalent” in helping to remove trade barriers. “That tool permitted negotiations to begin restricting and dismantling agricultural protection (p 63).” These effective protection and cost benefit analysis gave politicians “empirical quantification, however rough, of their relevant magnitudes (p 63).” Krueger states that research results should be “observable, hopefully quantifiable, and recognizable by the policy maker (p 64).” The most prevalent danger for economists is for their theories to be misinterpreted by policy makers (p 64). Ultimately, regulation has negative effects of the market in the country imposing the regulation and may have spillover effects on other countries trading with the nation imposing the regulations (p85). She points to the interest equalization tax that caused the move of financial capital from the New York to London, Sarbanes-Oxley caused corporate headquarters to be moved from the US, and anti-dumping duties caused the move of computer assembly firms (p85). She concludes here by saying that unprecedented economic growth from open trade regimes led to an increased appreciation of
supply-side economics Supply-side economics is a Macroeconomics, macroeconomic theory postulating that economic growth can be most effectively fostered by Tax cuts, lowering taxes, Deregulation, decreasing regulation, and allowing free trade. According to supply- ...
.


Rent-Seeking

In 1974, Krueger wrote "The Political Economy of the Rent-Seeking Society" in which she popularized the term ''
rent-seeking Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic effi ...
''. Rent seeking occurs when interest groups lobby for government favors in the form of tariffs, patents, subsidies, import quotas, and other market regulations. Rent-seeking behavior is inefficient because it manipulates the existing market, rather than creating new wealth. Krueger says rent-seeking behavior in the form of import restrictions carry the welfare costs of tariffs, as well as an additional welfare cost due to rent-seeking behavior. She also claims that rent-seeking behavior breeds more rent-seeking behavior by creating an economic environment where participating in rent-seeking is the only way to enter the market. In markets dominated by rent-seeking, new firms must dedicate their resources to rent-seeking rather than using their resources to develop technology. In 2011, the American Economics Association named Krueger's article one of the twenty best articles in the first hundred years of the ''
American Economic Review The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is ...
''.


Editorship

* ''Reforming India's Economic, Financial and Fiscal Policies'' (2003, with Sajjid Z. Chinoy). * ''Latin American Macroeconomic Reform: The Second Stage'' (2003, with Jose Antonio Gonzales,
Vittorio Corbo Vittorio Corbo Lioi (born 22 March 1943) is a former Governor of the Central Bank of Chile, who held the post since May 2003 until December 2007.Aaron Tornell). * ''Economic Policy Reform and the Indian Economy'' (2003). * ''A New Approach to Sovereign Debt Restructuring'' (2002). * ''Economic Policy Reform: The Second Stage'' (2000). * ''The WTO as an International Organization'' (2000). *


References


External links


Johns Hopkins University SAIS Faculty Website
* Anne O. Krueger, Biographical Information, copyrighted by the International Monetary Fun

A, used under
fair use Fair use is a Legal doctrine, doctrine in United States law that permits limited use of copyrighted material without having to first acquire permission from the copyright holder. Fair use is one of the limitations to copyright intended to bal ...
; se


Anne O. Krueger Trade Policy and Economic Development: How We Learn ''The American Economic Review,'' Vol. 87, No. 1 (Mar., 1997), pp. 1–22
* , - , - {{DEFAULTSORT:Krueger, Anne O. 1934 births 20th-century American economists 21st-century American economists Acting Managing directors of the International Monetary Fund American officials of the United Nations American people of Australian descent American women economists Distinguished fellows of the American Economic Association Duke University faculty Fellows of the American Academy of Arts and Sciences Fellows of the Econometric Society Hoover Institution people Johns Hopkins University faculty Living people Members of the American Philosophical Society Members of the United States National Academy of Sciences Oberlin College alumni Presidents of the American Economic Association Stanford University Department of Economics faculty University of Wisconsin–Madison College of Letters and Science alumni World Bank Chief Economists Member of the Mont Pelerin Society