Frontiers of Economics: Nobel Laureates of the Twentieth Century / Edition 1

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Economics Nobel laureates are the pioneers of the science of economics. They are the most brilliant products of the discipline and have made enormous original contributions to the field of economics, and oftentimes history, political science, business, and other subjects. Their works, struggles, successes and failures are fascinating, and readers are given a glimpse into each laureate's life, where and when they were born and raised, what schools they attended, and who influenced their intellectual development. Most importantly, each laureate's often complex corpus of work is described as succinctly as possible without losing the work's original flavor: what it contributed to the field, and how it was received by peers, and how it affected the world. A list of selected further readings concludes each entry, directing the reader to the primary and secondary works essential to understanding the works of these towering figures.

Arranged chronologically by year of award, all 44 entries cogently explain the laureate's life's work in language even non-economists can follow. Economists interested in the intellectual history of their discipline, and professors and students of business will find Wahid's book a very useful resource when seeking out the basic outlines of the thoughts of the scholars who have shaped the fields of economic inquiry, practice, and research. Also, any student in the social sciences thumbing through this book will instantly recognize many currents of thought that have influenced the way scholars in their discipline approach their craft.

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Editorial Reviews

Wahid (economics, Tennessee State U.) presents profiles of the 45 economists that have won the Nobel Prize between 1969 and 1999. The focus of the profiles is the Laureates' contributions to the field of economics, and authors have made efforts to make their ideas understandable to the layperson. Each profile does contain a brief biographical summary. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780313320736
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 6/30/2002
  • Edition number: 1
  • Pages: 456
  • Product dimensions: 6.14 (w) x 9.21 (h) x 1.00 (d)

Meet the Author

ABU N.M. WAHID is Professor of Economics and Finance at Tennessee State University's College of Business, Nashville. Professor Wahid co-edited, with Charles E. Weis, The Economy of Bangladesh: Problems and Prospects (Praeger, 1996).

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Table of Contents

About the Editor and Contributors
The Economics Nobel Prize at a Glance (1969-1999)
1 The Nobel Prize in Economics: A Brief Overview 1
2 Ragnar Frisch (1895-1973): A Founding Father of Econometrics and a Laureate of 1969 9
3 Jan Tinbergen (1903-1994): Who Integrated Physics, Mathematics, Statistics, and Economics and Was a Laureate of 1969 19
4 Paul Samuelson (1915- ): An Economist's Economist and the Laureate of 1970 27
5 Simon Kuznets (1901-1985): An Originator of the National Income Accounting Method and the Laureate of 1971 37
6 Kenneth Arrow (1921- ): The Father of the Arrow's Impossibility Theorem and a Laureate of 1972 45
7 John Hicks (1904-1989): An Architect of the Famous IS-LM Framework and a Laureate of 1972 55
8 Wassily Leontief (1906-1999): The Founder of Input-Output Analysis and the Laureate of 1973 63
9 Friedrich Hayek (1899-1992): Who Combined Psychology, Physiology, Philosophy, and Economics and Was a Laureate of 1974 75
10 Gunnar Myrdal (1898-1987): An Economist, a Social Thinker, a Politician, and a Laureate of 1974 83
11 Leonid Kantorovich (1912-1986): A Pioneer of the Theory of Optimum Resource Allocation and a Laureate of 1975 93
12 Tjalling Koopmans (1910-1985): The Originator of Activity Analysis and a Laureate of 1975 99
13 Milton Friedman (1912- ): The Leader of the Monetarist School of Thought and the Laureate of 1976 109
14 James Meade (1907-1995): A Pioneer of the Theory of the Second Best and a Laureate of 1977 117
15 Bertil Ohlin (1899-1979): A Co-founder of the Celebrated Heckscher-Ohlin Theorem of Factor Endowment and a Laureate of 1977 123
16 Herbert Simon (1916-2001): One of the Most Versatile Talents of the Twentieth Century and the Laureate of 1978 129
17 Arthur Lewis (1915-1991): The Founder of the Theory of Unlimited Supplies of Labor and a Laureate of 1979 137
18 Theodore Schultz (1902-1998): An Expert on Agricultural Economics and Human Capital Theories and a Laureate of 1979 147
19 Lawrence Klein (1920- ): A Giant of Econometric Modeling and the Laureate of 1980 157
20 James Tobin (1918- ): An Architect of the Portfolio Selection Theory and the Laureate of 1981 165
21 George Stigler (1911-1991): An Authority on the Economics of Regulations and Industrial Organization and the Laureate of 1982 171
22 Gerard Debreu (1921- ): A Brilliant Mathematician and a Frontiersman of the Theory of the Existence of Equilibrium and the Laureate of 1983 181
23 Richard Stone (1913-1991): A Specialist of the Consumer Demand Theories and Empirical Modeling and the Laureate of 1984 189
24 Franco Modigliani (1918- ): A Founder of the Life Cycle Hypothesis and the Laureate of 1985 199
25 James Buchanan (1919- ): A Pioneer of Public Economics and the Laureate of 1986 207
26 Robert Solow (1924- ): A Founder of the Modern Growth Theories and the Laureate of 1987 213
27 Maurice Allais (1911- ): An Applied Microtheorist and the Laureate of 1988 221
28 Trygve Haavelmo (1911-1999): A Founder of the Simultaneous Equations System and the Laureate of 1989 227
29 Harry Markowitz (1927- ): A Founding Father of the Modern Portfolio Theory and a Laureate of 1990 237
30 Merton Miller (1923-2000): A Guru of Corporate Finance and a Laureate of 1990 243
31 William Sharpe (1934- ): A Founder of the Capital Asset Pricing Model (CAPM) and a Laureate of 1990 253
32 Ronald Coase (1910- ): A Pioneer of the Economics of Property Rights and the Economics of Law and the Laureate of 1991 257
33 Gary Becker (1930- ): A Champion of the Economics of Household, Marriage, and Divorce and the Laureate of 1992 265
34 Robert Fogel (1926- ): An Originator of "Cliometrics" and a Laureate of 1993 273
35 Douglass North (1920- ): A Pioneer of the Economics of Institutions and a Laureate of 1993 283
36 John Harsanyi (1920-2000): A Master of Rational Behavior and Bargaining in Games and a Laureate of 1994 291
37 John Nash (1928- ): A Discoverer of the Nash Equilibrium and a Laureate of 1994 299
38 Reinhard Selten (1930- ): Who Refines the Concept of Equilibrium and Is a Laureate of 1994 309
39 Robert Lucas, Jr. (1937- ): A Pioneer of the New Classical School of Thought and the Laureate of 1995 319
40 James Mirrlees (1936- ): An Authority on Information Economics and a Laureate of 1996 333
41 William Vickrey (1914-1996): An Expert on Moral Hazard and Adverse Selection and a Laureate of 1996 339
42 Robert Merton (1944- ): A Solver of the Option Pricing Model and a Laureate of 1997 351
43 Myron Scholes (1941- ): An Applied Financial Economist and a Laureate of 1997 359
44 Amartya Sen (1933- ): A Champion of Welfare Economics and Poverty Studies and the Laureate of 1998 367
45 Robert Mundell (1932- ): Who Offers Consensual Frameworks for Continuing Controversies and Is the Laureate of 1999 381
Index 389
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