| | 1 | Name: | Dr. Daron Acemoglu | | | Institution: | Massachusetts Institute of Technology | | | Year Elected: | 2021 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1967 | | | | | | |
Daron Acemoglu is an Institute Professor at the Massachusetts Institute of Technology. He earned his Ph.D. from the London School of Economics (LSE) in 1992. He was previously a Lecturer in economics at the LSE from 1992-1993. Since arriving at MIT, Acemoglu has served as an Assistant Professor of Economics (1993-1997), the Pentti Kouri Associate Professor of Economics (1997-2000), Professor of Economics (2000-2004), the Charles P. Kindleberger Professor of Applied Economics (2004-2010), and the Elizabeth and James Killian Professor of Economics (2010-2019). He also served as Co-Editor, and later, Editor-in-Chief of Econometrica.
Acemoglu has contributed to economics in an astonishing variety of areas. Many of his papers—not just one or two—have fundamentally changed the fields in which they were published. He has made seminal contributions to development economics, where he has been the leader in the argument that institutions are the crucial determinants of whether countries develop or fail. He has done so with a mixture of deep historical analysis, research into politics, and a range of imaginative econometric investigations, often based on historical data. Through his work, these arguments have won broad acceptance in the economics profession. He is a leader in tackling questions of directed technical progress, its determinants, and its consequences. His work is framing research being carried out throughout the profession, and it thoughtfully informs what we are witnessing in developed and developing countries today.
Acemoglu's bibliography includes: (with J. Robinson) Economic Origins of Dictatorship and Democracy, 2006; (with J. Robinson) Why Nations Fail: Origins of Power, Poverty and Prosperity, 2012; (with P. Restrepo) "The Race Between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment," American Economic Review, 2018; (with J. Robinson) The Narrow Corridor: States, Societies and the Fate of Liberty, 2019. He received the inaugural T. W. Shultz Prize from the University of Chicago in 2004, the Society of Labor Economics's 2004 Sherwin Rosen Award, the American Economic Association's 2005 John Bates Clark Medal, the Turkish Sciences Association's 2006 Distinguished Science Award, the Erwin Plein Nemmers Prize in 2012, the 2012 Inaugural Galasaray Prize For Contribution to Science, Technology, and Culture, the 2016 BBVA Frontiers of Knowledge Award, the John von Neumann Award, a Carnegie Fellowship, the Jean-Jacques Laffont Prize in 2018, the Global Economy Prize in 2019, and the CME Mathematical and Statistical Research Institute prize in 2021. He is a member of the British Academy of Sciences, the Turkish Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, the European Economic Association, and the Society of Labor Economists. Acemoglu was elected a member of the American Philosophical Society in 2021. | |
| 2 | Name: | Dr. Gardner Ackley | | | Institution: | Michigan University | | | Year Elected: | 1972 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1915 | | | Death Date: | 2/12/98 | | | | |
| 3 | Name: | Dr. Kenneth J. Arrow | | | Institution: | Stanford University | | | Year Elected: | 1968 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1921 | | | Death Date: | February 21, 2017 | | | | | | |
Kenneth Arrow was born in 1921 and brought up in New York City and its surroundings. He graduated from City College of New York in 1940 and went for graduate study in mathematics and economics at Columbia University, receiving an M.A. in mathematics in 1941 and a Ph.D. in economics in 1951. He served as a weather officer in the United States Army Air Forces (1942-46), retiring with the rank of captain. Dr. Arrow's academic career started as Research Associate at the Cowles Commission for Research in Economics (1947-49) and continued as Assistant Professor of Economics at the University of Chicago (1948-49). In 1949 he moved to Stanford University, serving as Assistant, Associate and full Professor of Economics, Statistics, and Operations Research through 1968 when he joined the Harvard University faculty as Professor of Economics and then James Bryant Conant University Professor (1968-79). In 1979 Dr. Arrow returned to Stanford as Professor of Economics and Operations Research at Stanford University (1979-91) and, subsequently, Emeritus Professor (1991- ). He had written, alone or with collaborators, 22 books, 254 technical papers, and 31 non-technical articles, edited or co-edited 22 books, and participated in 11 collective studies on policy issues. His particular interests included the theory of social choice and justice, general equilibrium theory, medical economics, the economics of individual choice, risk-bearing, the economics of information, inventory analysis, capital and growth theory, economics of social interaction, environmental economics, sequential statistical analysis, and the use of winds in flight planning. Dr. Arrow received several honors, including the John Bates Clark Medal of the American Economic Association (1957), the Nobel Memorial Prize in Economic Science (1972), the von Neumann Prize (1986), the 2nd Class Order of the Rising Sun (1984), the National Medal of Science (2004), and a number of honorary degrees. He had also been president of several learned societies and served as member and Chair of the Stanford University Senate and the Stanford Faculty Advisory Board. Kenneth Arrow died February 21, 2017, at age 95 at home in Palo Alto, California. | |
| 4 | Name: | Dr. Orley Ashenfelter | | | Institution: | Princeton University | | | Year Elected: | 2017 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1942 | | | | | | |
Orley Ashenfelter's areas of specialization include labor economics, econometrics, and law and economics. His current research includes the cross-country measurement of wage rates, and many other issues related to the economics of labor markets.
Professor Ashenfelter has been the director of the Industrial Relations Section at Princeton University, director of the Office of Evaluation of the U.S. Department of Labor, a Guggenheim Fellow, and the Benjamin Meeker Visiting Professor at the University of Bristol. He is a recipient of the IZA Prize in Labor Economics, the Mincer Award for Lifetime Achievement of the Society of Labor Economists, and the Karel Englis Medal awarded by the Academy of Sciences of the Czech Republic.
He is a Fellow of the Econometric Society, the American Academy of Arts and Sciences, the Society of Labor Economics, and a Corresponding Fellow of the Royal Society of Edinburgh. He edited the Handbook of Labor Economics, was editor of the American Economic Review, and the co-editor of the American Law and Economics Review. In 2018 he was elected a Corresponding Fellow of the British Academy. He is a past president of the American Economics Association, the American Law and Economic Association, and the Society of Labor Economics. Orley Ashenfelter was elected a member of the American Philosophical Society in 2017. | |
| 5 | Name: | Dr. William J. Baumol | | | Institution: | New York University & Princeton University | | | Year Elected: | 1977 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1922 | | | Death Date: | May 3, 2017? | | | | | | |
Economist William J. Baumol was born in 1922 in New York City. He received his B.S. from the College of the City of New York in 1942 and his Ph.D. from the University of London in 1949. Dr. Baumol was affiliated with Princeton University since 1949 as an assistant professor, associate professor, full professor and, senior economist and professor emeritus. He was also Harold Price Professor of Entrepreneurship and Academic Director of the Berkley Center for Entrepreneurial Studies at New York University's Stern School of Business. The author of more than 35 books and over 500 articles, Dr. Baumol was celebrated as an economic theorist, constructor of econometric models and business consultant. His honors and awards include eleven honorary degrees and membership in the British Academy, the American Academy of Arts & Sciences and the National Academy of Sciences. He was elected a member of the American Philosophical Society in 1977. The eleventh edition of his book (with A. Blinder) Economics: Principles and Policy was published in 2011. His book The Cost Disease: Why Computers Get Cheaper and Health Care Doesn't was published in 2012. Dr. Baumol died May 3, 2017, at the age of 95. | |
| 6 | Name: | Dr. Gary Stanley Becker | | | Institution: | University of Chicago | | | Year Elected: | 1986 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1930 | | | Death Date: | May 3, 2014 | | | | | | |
Gary Stanley Becker was born in 1930 in a coal mining town in eastern Pennsylvania. His family moved to Brooklyn a few years later, where he was first exposed to economics by his father, who gave him the task of reading stock quotations and other reports on financial developments. After graduating from Princeton University in three years, Dr. Becker earned his Ph.D. in 1955 from the University of Chicago, where he studied under Milton Friedman, Gregg Lewis and other prominent thinkers. Known for his distinction as an economic theorist and for pioneering the application of economic theory to human behavior (such as in welfare policy, population and the family), Dr. Becker published numerous important works, including the 1981 book A Treatise on the Family, in which he analyzed the effect of factors such as divorce, family size and changes in family composition and structure on inequality and economic growth. A greatly expanded edition of this pioneering work was published in 1991. In addition to his scholarly output, Dr. Becker also penned monthly articles for Business Week magazine beginning in 1985. He served on the faculty of Columbia University from 1957-70 and was University Professor of Economics at the University of Chicago beginning in 1970. A Senior Fellow at the Hoover Institution as well, Dr. Becker held the presidency of the American Economic Association and had been recognized with the Seidman Award as well as the first social science Award of Merit from the National Institute of Health. He received the National Medal of Science in 2000 and then served on the committee that recommends medal recipients. Dr. Becker was awarded the Presidential Medal of Freedom, the nation's highest civilian honor, in 2007 and the Nobel Prize in Economics in 1992. He was elected a member of the American Philosophical Society in 1986. Gary Becker died May 3, 2014, at the age of 83, in Chicago, Illinois. | |
| 7 | Name: | Dr. Abram Bergson | | | Institution: | Harvard University | | | Year Elected: | 1965 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1914 | | | Death Date: | April 23, 2003 | | | | |
| 8 | Name: | Dr. Ben Bernanke | | | Institution: | Brookings Institution | | | Year Elected: | 2006 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1953 | | | | | | |
Ben S. Bernanke is a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. He served two terms as chairman of the Federal Reserve, the central bank of the United States from 2006 to 2014. He is a leading economist who has carried out important research on macroeconomic and monetary history and policy. In a 1983 article in the American Economic Review he noted and analyzed the non-monetary effects of the financial crisis in the Great Depression, and in a 1991 article in the Journal of Political Economy he critically examined competing theories of the business cycle and the phenomenon of pro-cyclical movements in labor productivity. He returned to the analysis of the Great Depression in 1995, and in an influential 2001 article in the American Economic Review he tackled the question of whether central banks should respond to asset prices (i.e., financial bubbles). His analysis of deflation and its consequences in the Japanese economy was very influential in recent policy-making. Ben Bernanke was nominated to succeed Alan Greenspan as the fourteenth chairman of the Federal Reserve in 2005, and he was easily confirmed in 2006. He was confirmed for a second term in January 2010. He served on the Federal Reserve Board of Governors from 2002-05 and also held the chairmanship of the White House Council of Economic Advisors. A graduate of the Massachusetts Institute of Technology (Ph.D., 1979), he has served on the faculties of Stanford (1979-85) and Princeton (1985-2005) Universities, chairing the latter's economics department from 1996-2005. He was elected a member of the American Academy of Arts & Sciences in 2001 and a member of the American Philosophical Society in 2006. | |
| 9 | Name: | Dr. Jagdish N. Bhagwati | | | Institution: | Columbia University | | | Year Elected: | 1995 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1934 | | | | | | |
A native of India, Jagdish Bhagwati attended Cambridge University where he graduated in 1956 with a first in Economics Tripos. He then continued to study at the Massachusetts Institute of Technology (MIT) and Oxford, returning to India in 1961 as Professor of Economics at the Indian Statistical Institute, and then as Professor of International Trade at the Delhi School of Economics. He returned to MIT in 1968, leaving it twelve years later as the Ford International Professor of Economics. He currently holds the position of University Professor of Economics and Law at Columbia University and is a Senior Fellow in International Economics at the Council on Foreign Relations. Dr. Bhagwati was Economic Policy Advisor to the Director General of GATT from 1991-93 and also served as Special Advisor to the United Nations on Globalization and External Advisor to the Director General of the World Trade Organization. Additionally, he served as a member of UN Secretary General Kofi Annan's Advisory Group on the NEPAD process in Africa . Five volumes of his scientific writings and two of his public policy essays have been published by MIT Press. The recipient of six festschrifts in his honor, he has also received several prizes and honorary degrees. Professor Bhagwati has published more than three hundred articles and fifty volumes and also writes frequently for The New York Times, The Wall Street Journal, and The Financial Times and has reviewed for The New Republic and The Times Literary Supplement. Professor Bhagwati is described as the most creative international trade theorist of his generation and is a longtime defender of free trade. His most recent books include: The Wind of the Hundred Days: How Washington Mismanaged Globalization (2002), In Defense of Globalization (2004), and Termites in the Trading System: How Preferential Agreements Undermine Free Trade (2008). | |
| 10 | Name: | Dr. Alan S. Blinder | | | Institution: | Princeton University | | | Year Elected: | 1996 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1945 | | | | | | |
Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, where he founded Princeton’s Griswold Center for Economic Policy Studies in 1989. Dr. Blinder served as Vice Chairman of the Board of Governors of the Federal Reserve System from 1994 to 1996. In this position, he represented the Fed at various international meetings and was a member of the Board's committees on Bank Supervision and Regulation, Consumer and Community Affairs, and Derivative Instruments. He also chaired the Board in the Chairman's absence. Before becoming a member of the Board, Dr. Blinder served as a Member of President Clinton's original Council of Economic Advisers from 1993 until 1994. There he was in charge of the Administration's macroeconomic forecasting and also worked intensively on budget, international trade, and health care issues. During presidential campaigns, he has served as an economic adviser to Al Gore, John Kerry, Hillary Clinton, and Joe Biden. Dr. Blinder was born on October 14, 1945 in Brooklyn, New York. He earned his A.B. at Princeton University in 1967, his M.Sc. at the London School of Economics in 1968, and his Ph.D. at the Massachusetts Institute of Technology in 1971—all in economics. Dr. Blinder has taught at Princeton since 1971, and chaired the Department of Economics from 1988 to 1990. He is the author or co-author of more than twenty books, including the textbook Economics: Principles and Policy (now, with William J. Baumol and John Solow, in its 14th edition), from which over three million college students have learned introductory economics. In 2013 he wrote the award-winning After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead. He has also written Advice and Dissent: Why America Suffers when Economics and Politics Collide (2018), A Monetary and Fiscal History of the United States, 1961-2021 (2022), and scores of scholarly articles on such topics as fiscal policy, monetary policy, and the distribution of income. Dr. Blinder has been writing newspaper and magazine columns since 1981, and currently writes monthly for The Wall Street Journal. He also appears frequently on CNBC, Bloomberg, NPR, and elsewhere. Dr. Blinder served briefly as Deputy Assistant Director of the Congressional Budget Office when that agency started in 1975 and has testified many times before Congress on a wide variety of public policy issues. He is a member of the Council on Foreign Relations, a member of the Bretton Woods Committee, a former governor of the American Stock Exchange, and a former trustee of both the Council on Foreign Relations and the Russell Sage Foundation. He has been elected to the American Philosophical Society, the American Academy of Arts & Sciences, and the American Academy of Political and Social Science—which awarded him the Daniel Patrick Moynihan Prize in 2023. He and his wife, Madeline, live in Princeton, NJ. They have two sons and four grandchildren. | |
| 11 | Name: | Dr. Kenneth E. Boulding | | | Institution: | University of Colorado | | | Year Elected: | 1960 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1910 | | | Death Date: | 3/19/93 | | | | |
| 12 | Name: | Dr. William G. Bowen | | | Institution: | Andrew W. Mellon Foundation | | | Year Elected: | 1978 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1933 | | | Death Date: | October 20, 2016 | | | | | | |
William G. Bowen was president of the Andrew W. Mellon Foundation from 1988-2006. Previously he served as President of Princeton University from 1972-88, where he was also Professor of Economics and Public Affairs. A graduate of Denison University and Princeton University, he joined the Princeton faculty in 1958, specializing in labor economics, and served as provost there from 1967-72. In 1988 Dr. Bowen joined the Mellon Foundation, where his tenure was marked by increases in the scale of the foundation's activities, with annual appropriations now exceeding $180 million. To ensure that Mellon's grant-making activities would be better informed and more effective while also following his interest in studying questions central to higher education and philanthropy, he created an in-house research program to investigate doctoral education, collegiate admissions, independent research libraries and charitable nonprofits. Dr. Bowen's special interest in the application of information technology to scholarship has led to a range of initiatives including the foundation-sponsored creation of JSTOR (a searchable electronic archive of the full runs of core journals in many fields), the Mellon International Dunhuang Archive, ARTstor (a repository of high-quality digitized works of art and related materials for teaching and research) and Ithaka Harbors, Inc. (a new organization launched to help accelerate the adoption of productive and efficient uses of information technology for the benefit of the worldwide higher education community). Dr. Bowen was the author or co-author of 20 books, including most recently Equity and Excellence in American Higher Education. His other works include (with Sarah A. Levin) Reclaiming the Game: College Sports and Educational Values; The Game of Life: College Sports and Educational Values; (with Derek Bok) the Grawemeyer Award-winning The Shape of the River: Long-Term Consequences of Considering Race in College and University Admissions; and (with Neil L. Rudenstine) In Pursuit of the Ph.D. He was honored with the 2012 National Humanities Medal by President Obama. William G. Bowen died October 20, 2016, at age 83, at home in Princeton, New Jersey. | |
| 13 | Name: | Dr. Arthur F. Burns | | | Year Elected: | 1947 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1904 | | | Death Date: | 6/26/87 | | | | |
| 14 | Name: | Dr. Anne Case | | | Institution: | Princeton University | | | Year Elected: | 2017 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1957 | | | | | | |
Anne Case’s best known early work was on the political economy of competition between states, and how it affected the elections of governors; this work remains heavily cited today. Today, she is best known for a wide range of work on health, family structure, and demography. Her prize-winning work on the origin of the gradient showed that the effect of family income on child health steepens as the child grows older. She discovered that the inferior morbidity and superior mortality of women comes from the composition of disease: roughly, women get conditions that make them sick, and men get conditions that make them dead. She has made challenging discoveries on the effects of step-parenting, and on the premium that taller people receive in the labor market, which she attributes to nutritional and cognitive deficiencies in very young children. She is one of the leading scholars of the effects of the AIDS epidemic on child and family outcomes in South Africa.
Her paper on the deaths of despair among midlife whites in the U.S. won the PNAS’s Cozzarelli Prize and attracted enormous attention. In 2020 she was elected to the National Academy of Sciences. Anne Case was elected a member of the American Philosophical Society in 2017. | |
| 15 | Name: | Dr. John T. Chew | | | Institution: | W.H. Newbold's Son & Co. | | | Year Elected: | 1974 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1918 | | | Death Date: | 1/4/88 | | | | |
| 16 | Name: | Dr. John S. Chipman | | | Institution: | University of Minnesota | | | Year Elected: | 2000 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1926 | | | | | | |
John Chipman received a Ph.D. at Johns Hopkins University in 1951. He was assistant professor of economics at Harvard University from 1951-55 and moved to the University of Minnesota, where he is currently Regents' Professor of Economics Emeritus, in 1955. John Chipman is an economist's economist, enjoying the highest respect as a scholar who has made important contributions in several diverse fields within and on the borders of economics. His main contributions are to utility theory, to the theory of aggregation (with profound implications for questions such as how to conceptualise and measure trade in "similar" products, or what is called "intra-industry trade"), and to many other analytical issues in the theory of international trade. He is also an important scholar of the history of international trade theory and its evolution from the earliest times. Dr. Chipman is among the most important and influential theorists of his generation. He received the James Murray Luck Award from the National Academy of Sciences in 1981 and a Festschrift presented by students and scholars in 1999. He is a fellow of the Econometric Society, the American Statistical Association, the American Academy of Arts & Sciences, a distinguished fellow of the American Economics Association, an elected member of the International Statistical Institute, and a member of the National Academy of Sciences. He was elected a member of the American Philosophical Society in 2000. | |
| 17 | Name: | Dr. Gregory C. Chow | | | Institution: | Princeton University | | | Year Elected: | 1992 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1929 | | | | | | |
Gregory C. Chow has been a major figure in econometrics and applied economics. Every beginning econometrics student learns the "Chow test", a statistical test for structural change in a regression. However, Dr. Chow's work extends far beyond his eponymous test. He was a major figure in the postwar flowering of econometrics, and his applied work included important research in microeconomics, macroeconomics, and development economics (particularly in reference to Southeast Asia). He has also been a major adviser on economic policy, economic reform, and economic education in both Taiwan and mainland China. Gregory Chow grew up in Guangdong province in South China, one of seven children in a wealthy family. His father, Tin-Pong Chow, served as the chairman of the Chamber of Commerce of Guangzhou (the capital city of Guangdong, formerly Canton) for many years; his mother, Pauline Law Chow, studied in England. When the Japanese invaded China in 1937, the Chow family moved from Guangzhou to Hong Kong where Gregory attended primary school. In 1942, after the Japanese occupation of Hong Kong, the family moved to Macao. The Chow family returned to Guangzhou in 1945, at the end of World War II. At the age of five Gregory learned swimming and the Chinese art of Taichi, both his father's hobbies, and he still practices both almost daily. Dr. Chow entered Cornell University as a sophomore in 1948, after one year at Lingnan University in Guangzhou. Being mathematically inclined, he took advantage of the strong mathematics department at Cornell. But in the economics department, mathematical economics and econometrics were largely absent from the curriculum, and Dr. Chow had to study these topics on his own. He learned enough to know that he wanted to specialize in econometrics. He went on to graduate study at the University of Chicago, entering in the fall of 1951. The 1950s were a heroic period for Chicago economics, with Milton Friedman the dominant intellectual figure. Dr. Chow was strongly influenced by Friedman's views that economic models should be kept simple and judged mainly on their ability to explain the data. At Chicago Dr. Chow took courses from other luminaries, such as the philosopher Rudoph Carnap, Henrik Houthakker, Tjalling Koopmans, William Kruskal, Jacob Marschak, L. J. Savage, and Allan Wallis. He also attended a seminar on methodology in the social sciences organized by Friedrich Hayek. The seminar's participants included the physicist Enrico Fermi, Friedman, Savage, Wallis, and fellow student Gary Becker. Dr. Chow's doctoral dissertation, which became a standard reference in empirical economics, was a study of the factors determining the demand for automobiles. After the publication of his thesis, Dr. Chow was invited by Al Harberger of Chicago to write a paper extending his work. Dr. Chow was curious to see whether the equations he had estimated in his thesis were applicable to data outside the sample period, and so he developed a statistical test for stability of the coefficients of a regression over time. This work was the origin of the Chow test. Dr. Chow's first position after receiving his Ph.D. in 1955 was at the Sloan School of Management of the Massachusetts Institute of Technology, which had the only economics department that rivaled Chicago in the early 1950s. At M.I.T. during those years Paul Samuelson was doing pioneering work in mathematical economics, and Robert Solow was developing the model of economic growth that remains central to current thinking on growth and business cycles. Thus, at both Chicago and M.I.T., Dr. Chow was fortunate to have been exposed to some of the most fertile thinkers in early postwar economics. From M.I.T., Dr. Chow accepted a tenured position at Cornell, his alma mater, in 1959. But he found the environment there less suitable, and so he accepted an offer from Ralph Gomory to join the IBM Thomas Watson Research Center at Yorktown Heights, New York, for a year. Dr. Chow so liked IBM that after a few months he resigned his professorship at Cornell to join the company---quite an unusual career move at the time. Dr. Chow was highly productive at IBM, doing work in econometrics, applied economics (including studies of the demand for money, the demand for computers, and the multiplier-accelerator model of Keynesian macroeconomics), and dynamic economics. While at IBM Dr. Chow also applied his economic analysis and judgment together with his econometric skills to advise on corporate planning and to solve business problems for the company. Beginning in the middle 1960s, he also visited Taiwan often and served as a major economic adviser to the Taiwanese government. In 1970 Dr. Chow accepted a professorship at Princeton University, succeeding Oskar Morgenstern as the Director of the Econometric Research Program. He remained director for almost three decades, stepping down in 1997. In 2001 Princeton University renamed the Program the Gregory C. Chow Econometric Research Program in his honor. At Princeton he continued to do innovative research in both econometrics and applied economics. His econometric research included the study of simultaneous equation systems, both linear and nonlinear; full-information maximum likelihood estimation; estimation with missing observations; estimation of large macroeconomic models; and modeling and forecasting with time series methods. Combining econometrics, economic theory, and macroeconomics, Dr. Chow did path-breaking work on optimal control theory and its application to stochastic economic systems. In more recent years he developed and championed a solution approach for dynamic optimization problems using Lagrange multiplier methods. Dr. Chow also published a number of monographs and popular textbooks (his econometrics textbook has been translated into Chinese and Polish). Among his eleven books are: Demand for Automobiles for the United States (1957); Analysis and Control of Dynamic Economic Systems (1975); Econometrics (1983); The Chinese Economy (1985); Dynamic Economics (1997); China's Economic Transformation (2002) and Knowing China (2004). From the middle 1960s Dr. Chow became increasingly interested in the economies of Taiwan and later China and Hong Kong, an interest that would result in many scholarly books and articles. Dr. Chow visited East Asia many times, establishing contacts with policy-makers and businesspeople. He observed and influenced the remarkable growth of Taiwan and Hong Kong and played a role in the transformation of the economy of mainland China from a centrally planned economy to one with a large and robust market sector. In the process Dr. Chow has become a well-known figure in China. He also did a great deal for ties between China and the United States, including supporting education programs for Chinese students in both countries. His experiences and writings on China were the basis for a popular undergraduate course on the Chinese economy that Dr. Chow taught regularly at Princeton for many years. What may yet become his most influential book, China's Economic Transformation, was published by Blackwell in early 2002. In this book Dr. Chow studied the process of Chinese economic transformation, as influenced by a combination of historical-institutional factors, government policy choices, and market-based incentives. Dr. Chow is a member of Academia Sinica and a fellow of the American Statistical Association and of the Econometric Society. He was chairman of the American Economic Association's Committee on Exchanges in Economics with the People's Republic of China from 1981-94 and co-chairman of the U.S. Committee on Economics Education and Research in China from 1985-94. He served as adviser to the Premier and the Commission on Restructuring the Economic System of the PRC on the reform of China's economy. He has been appointed Honorary Professor at Fudan, Hainan, Nankai, Shandong, the People's and Zhongshan Universities and the City University of Hong Kong, and has received honorary doctorate degrees from Zhongzhan University and Lingnan University in Hong Kong. Dr. Chow's wife, Paula K. Chow, is the director of Princeton's International Center. She co-founded the center in 1974, with Louise Sayen, as a volunteer organization. With the help of over one hundred volunteers, friends and students, the center serves the needs of Princeton's international and internationally-minded students and scholars. It also has initiated many intercultural programs on and off campus. Paula Chow is a popular figure in the Princeton community, and Gregory often jokes that he is best known in Princeton as Paula's husband. The couple has two sons, John and James, both engineers, and a daughter, Meimei, a radiologist. | |
| 18 | Name: | Dr. Paul A. David | | | Institution: | Stanford University; University of Oxford | | | Year Elected: | 2003 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1935 | | | Death Date: | January 23, 2023 | | | | | | |
Paul Allan David is Professor of Economics Emeritus and Senior Fellow of the Institute for Economic Policy Research at Stanford University. He is Professor Emeritus of Economics and Economic History in the University of Oxford, Emeritus Fellow of All Souls College, Oxford. Currently he is Titular Professor of Research on the Digital Economy at l'Ecole Polytechnique and l'Ecole National Superior de Telecommunications (Paris). Dr. David is the author of more than 160 journal articles and contributions to edited volumes, as well as of the author and editor of several books including Technical Choice, Innovation and Economic Growth (1975) and The Economic Future in Historical Perspective (2003). He was among the pioneering practitioners of the "new economic history" and is known internationally for wide-ranging contributions in the fields of American economic history, economic and historical demography, and the economics of science and technology. Investigation of the conditions that give rise to "path dependence" - the persisting influence of historical events in micro- and macro-economic phenomena - is a recurring theme in his research. Two main areas of contemporary economic policy research have emerged in his work in the past two decades: the evolution of information technology standards and network industries, and the influence of legal institutions and social norms upon the funding and conduct of scientific research in the public sector, and the interactions between that latter and private sector R&D. Dr. David currently leads an international research project on the organization, performance and viability of free and open source software. Many professional honors have been bestowed upon Dr. David in the course of his career, including election as Fellow of the International Econometrics Society (1975), Pitt Professor of American History and Institutions at the University of Cambridge, as Fellow of the American Academy of Arts & Sciences (1979), Vice-President, and President of the Economic History Association (1988-89), as Marshall Lecturer at the University of Cambridge (1992), Ordinary Fellow of the British Academy (1995), Member of Council of the Royal Economics Society (1996-2002), and Member of the American Philosophical Society (2003). He was made Professor of Economics and Economic History by the University of Oxford, "in recognition of distinction" (1997) and was awarded a Doctorate Honoris Causa by the University of Torino (2003). He serves on the Advisory Boards of Science Commons, l'Ecole Paris de l'Economie, Alta Scuola de Politechnico Milano and Turino, and on the Executive Committee of the international organization CODATA. Dr. David's extensive service as a consultant to international organizations has included work for the World Bank, the United Nations Commission on Trade and Development, the United Nations University Institute, the OECD, several directorates of the European Commission of the EU, the European Committee for Future Accelerators, the Economic and Social Research Council (U.K.), the Treasury and the Ministry of Science and Technology of New Zealand, and the German Monopolies Commission. He also has had extensive service experience as a consultant to U.S. government agencies and foundations, including the National Academy of Sciences (National Research Council), the National Science Foundation, the Departments of Commerce and Energy, the Rockefeller Foundation, the Sloan Foundation and other public and non-profit organizations. He has been a non-executive director of La Compagnie de Saint-Gobain (2002-07). | |
| 19 | Name: | Sir Angus Deaton | | | Institution: | Princeton University | | | Year Elected: | 2014 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Living
| | | Birth Date: | 1945 | | | | | | |
Angus Deaton is Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at Princeton University where he has taught for more than thirty years. In March 2017 he was appointed Presidential Professor of Economics at the University of Southern California. He is the author of five books including, most recently, The Great Escape: Health, Wealth, and the Origins of Inequality. He was born in Edinburgh, Scotland, and was educated there, in the Scottish borders, and at Cambridge University. He taught at the University of Bristol, where he was Professor of Econometrics, from 1976 to 1983. Over the years, his interests have included consumer behavior, econometrics, health, development, poverty, inequality, and wellbeing. His book with John Muellbauer, Economics and Consumer Behavior, has been a basic reference since its publication in 1980. His 1997 book, The Analysis of Household Surveys, is widely used by researchers in economic development. He has consulted for the World Bank, on poverty measurement and on international comparisons, and for the Gallup Organization, exploring global and national links between life evaluation, hedonic wellbeing, income and health. He was the first recipient of the Econometric Society’s Frisch Medal, and was Editor of Econometrica in the 1980s. He is a Fellow of the British Academy and of the Royal Society of Edinburgh, and was President of the American Economic Association in 2009. He holds honorary degrees from the Universities of Rome, London, St Andrews, Edinburgh, and Cyprus. In 2012, he won the BBVA Foundation Frontiers of Knowledge Award in recognition of his life’s work. He was elected a member of the American Philosophical Society in 2014. In 2015 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of consumption, poverty, and welfare. In 2016 he was knighted in the Queen's Birthday Honours list. | |
| 20 | Name: | Dr. Gerard Debreu | | | Institution: | University of California, Berkeley | | | Year Elected: | 1984 | | | Class: | 3. Social Sciences | | | Subdivision: | 302. Economics | | | Residency: | Resident | | | Living? : |
Deceased
| | | Birth Date: | 1921 | | | Death Date: | December 31, 2004 | | | | |
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