Dudley Dillard

Biograpy a professor and author who was a specialist in Keynesian economics and the history of the North Atlantic Community, died Wednesday at Leland Hospital in Riverdale, Md. He was 77 years old and lived in University Park, Md. He died after a heart attack, said Mahlon Straszheim, chairman of the of the economics department at the University of Maryland. Dr. Dillard received his doctorate in economics from the University of California in 1940 and joined the economics department at Maryland in 1942. He was department chairman from 1952 to 1975. Cotribution His book, "The Economics of John Maynard Keynes," was published in 1948 and has since been translated into 10 languages. Later, he wrote "The Economic Development of the North Atlantic Community." He was president of several professional organizations including, in 1986, the Association of Evolutionary Economics. Dr. Dillard is survived by his wife of 52 years, Louisa; two daughters, Lorraine D. Gray of University Park and Amber D. Kelly of Riverdale, Md.; a brother, Winston Dillard of California, Md., and three sisters, Myra Slade of Redwood City, Calif., Jean Keyser of San Jose, Calif., and Ruth Elwell of Santa Barbara, Calif.

Robert Merton Solow Biography Robert Solow was born in Brooklyn, New York in a Jewish family on August 23, 1924, the oldest of three children. He was well educated in the neighborhood public schools of New York City and excelled academically early in life. In September 1940, Solow went to Harvard College with a scholarship. At Harvard, his first studies were in sociology and anthropology as well as elementary economics. By the end of 1942, Solow left the university and joined the U.S. Army. He served briefly in North Africa and Sicily, and later served in Italy during World War II until he was discharged in August 1945. He returned to Harvard in 1945, and studied under Wassily Leontief. As his research assistant he produced the first set of capital-coefficients for the input-output model. Then he became interested in statistics and probability models. From 194950, he spent a fellowship year atColumbia University to study statistics more intensively. During that year he was also working on his Ph.D. thesis, an exploratory attempt to model changes in the size distribution of wage income using interacting Markov processes for employment-unemployment and wage rates In 1949, just before going off to Columbia he was offered and accepted an Assistant Professorship in the Economics Department at Massachusetts Institute of Technology. At M.I.T. he taught courses in statistics and econometrics. Solows interest gradually changed to Macroeconomics. For almost 40 years, Solow andPaul Samuelson worked together on many landmark theories: von Neumann growth theory (1953), Theory of capital (1956), linear programming (1958) and the Phillips Curve (1960). Solow also held several government positions, including senior economist for the Council of Economic Advisers (196162) and member of the Presidents

Commission on Income Maintenance (196870). His studies focused mainly in the fields of employment and growth policies, and the theory of capital. In 1961 he won the American Economic Association's John Bates Clark Award, given to the best economist under age forty. In 1979 he was president of that association. In 1987, Robert Solow won the Nobel Prize for his analysis of economic growth In 1999, he received National Medal of Science. Solow is President of the Cournot Centre for Economic Studies, which he co-founded in 2000. He is a trustee of the Economists for Peace and Security. In 2011, he received an honorary degree in Doctor of Science from Tufts University.

Contribution Solow's model of economic growth, often known as the Solow-Swan neo-classical growth model as the model was independently discovered by Trevor W. Swan and published in "The Economic Record" in 1956, allows the determinants of economic growth to be separated out into increases in inputs (labour and capital) and technical progress. Using his model, Solow calculated that about four-fifths of the growth in US output per worker was attributable to technical progress. Solow also was the first to develop a growth model with different vintages of capital.The idea behind Solow's vintage capital growth model is that new capital is more valuable than old (vintage) capital because new capital is produced through known technology. Within the confines of Solow's model, this known technology is assumed to be constantly improving. Consequently, the products of this technology (the new capital) are expected to be more productive as well as more valuable. Both Paul Romer and Robert Lucas, Jr. subsequently developed alternatives to Solow's neoclassical growth model.

Norman Angell Sir Ralph Norman Angell (26 December 1872 7 October 1967) was an English lecturer,journalist, author, and Member of Parliament[1] for the Labour Party. Angell was one of the principal founders of the Union of Democratic Control. He served on the Council of the Royal Institute of International Affairs, was an executive for the World Committee against War and Fascism, a member of the executive committee of the League of Nations Union, and the president of the Abyssinia Association. He was knighted in 1931 and awarded the Nobel Peace Prize in 1933. Biography Angell was one of six children, born to Thomas Angell Lane and Mary (Brittain) Lane in Holbeach, Lincolnshire, England. He was born asRalph Norman Angell Lane, but later dropped the "Lane". He attended several schools in England, the Lyce de St. Omer in France, and the University of Geneva, while editing an English newspaper, published in Geneva. Angell had while in Geneva, felt that Europe was "hopelessly entangled in insoluble problems"While still only a young man of 17, he took the bold decision to emigrate to the West Coast of the United States, where he was for several years to work as a vine planter, an irrigation-ditch digger, a cowboy, a California homesteader (after filing for American citizenship), a mail-carrier for his neighbourhood, aprospector,and then,

closer to his natural skills, as reporter for the St. Louis Globe-Democrat and later the San Francisco Chronicle. Due to family matters he returned to England briefly in 1898, then moved to Paris to work as sub-editor of the English language Daily Messenger, and then as a staff contributor to the newspaper clair. He also through this period acted as French correspondent for some American newspapers, to which he sent dispatches on the progress of the Dreyfus caseFrom 1905 to 1912, he became the Paris editor for the Daily Mail. Back in England again, he joined the Labour Party in 1920 and was MP for Bradford North from 1929 to 1931. In 1931 he was knighted for his public service, and later in 1933 he was presented with the Nobel Peace Prize. From the mid 1930s, Angell actively campaigned for collective international opposition to the aggressive policies of Germany, Italy, and Japan. He went to the United States in 1940 to lecture in favour of American support for Britain in World War II, and remained there until after the publication of his autobiography in 1951. He later returned to Britain and died at the age of 94 in Croydon, Surrey.

Dan Ariely Dan Ariely (born April 29, 1968) is an Israeli American professor of psychology andbehavioral economics. He teaches at Duke University and is the founder of The Center for Advanced Hindsight. Biography Ariely was born in New York while his father was studying for an MBA degree at Columbia University, and he grew up in Ramat Gan and Ramat Hasharon, Israel. His mother was a parole officer. When in his senior year of high school, he was active in the Hanoar Haoved Vehalomed youth movement, and while preparing "fire signs" (a common feature in ceremonies of youth movements in Israel) he suffered third-degree burns over 70 percent of his body from an accidental magnesium flare explosion. Ariely was a physics and mathematics major at Tel Aviv University, but transferred to philosophy and psychology when he found the writing too physically taxing. However, in his last year he dropped philosophy and concentrated solely on psychology, in which he received his B.A. He also holds an M.A. and Ph.D. in cognitive psychology from the University of North Carolina at Chapel Hill, and a Ph.D. in business from Duke University. After obtaining his PhD degree, he taught at MIT between 1998 and 2008, before returning to Duke University as James B. Duke Professor of Psychology and Behavioral Economics. Apart from his prolific academic writing, he published two popular books, one titled Predictably Irrational, and the other titled The Upside of Irrationality, both of which became New York Times best sellers.

Robert John Aumann Robert John Aumann , born June 8, 1930) is anIsraeli-American mathematician and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem in Israel. He also holds a visiting position at Stony Brook University and is one of the founding members of the Center for Game Theory in Economics at Stony Brook. Aumann received the Nobel Memorial Prize in Economics in 2005 for his work on conflict and cooperation through game-theory analysis. He shared the prize with Thomas Schelling.

Biography Aumann was born in Frankfurt am Main, Germany, and fled to the United States with his family in 1938, two weeks before the Kristallnacht pogrom. He attended the Rabbi Jacob Joseph School, a yeshiva high school in New York City. He graduated from the City College of New Yorkin 1950 with a B.Sc. in Mathematics. He received his M.Sc. in 1952, and his Ph.D. in Mathematics in 1955, both from the Massachusetts Institute of Technology. His doctoral dissertation, Asphericity of Alternating Linkages, concerned knot theory. His advisor wasGeorge Whitehead, Jr. In 1956 he joined the Mathematics faculty of the Hebrew University of Jerusalem and has been a visiting professor at Stony Brook University since 1989.

contribution umann's greatest contribution was in the realm of repeated games, which are situations in which players encounter the same situation over and over again. Aumann was the first to define the concept of correlated equilibrium in game theory, which is a type of equilibrium in non-cooperative games that is more flexible than the classical Nash equilibrium. Furthermore, Aumann has introduced the first purely formal account of the notion ofcommon knowledge in game theory. He collaborated with Lloyd Shapley on the Aumann-Shapley value. He is also known for his agreement theorem, in which he argues that under his given conditions, two Bayesian rationalists with common prior beliefs cannot agree to disagree. Aumann and Maschler used Game Theory also to analyze Talmudic dilemmas. They were able to solve the mystery about the "division problem", a long-time dilemma of explaining the Talmudic rationale in dividing the heritage of a late husband to his three wives, depending on the worth of the heritage compared to its original worth. The article in that matter was dedicated to a son of Aumann, Shlomo, who was killed during the 1982 Lebanon War while serving as a tank gunner in the Israel Defense Forces's armored corps.

Stanley "Stan" Fischer

Stanley "Stan" Fischer born 1943 is an American-Israeli economist and the current Governor of the Bank of Israel. He previously served as Chief Economist at the World Bank. Biography Born in Northern Rhodesia (now Zambia) on 15 October 1943, he obtained his B.Sc. and M.Sc.at the London School of Economics from 19621966 and his Ph.D. at MIT in 1969, all ineconomics. contribution He was a professor at the MIT Sloan School of Management from 1977 to 1988, where he authored three popular economics textbooks, Macroeconomics (with Rdiger Dornbusch and Richard Startz), Lectures on Macroeconomics (with Olivier Blanchard), and the introductoryEconomics, with David Begg and Rdiger Dornbusch. He was also Ben Bernanke's and Greg Mankiw's Ph.D. thesis advisor.

Celso Monteiro Furtado

Celso Monteiro Furtado (Pombal, Paraba, Northeast of Brazil, July 26, 1920 Rio de Janeiro, November 20, 2004) was an important Brazilian economist and one of the most distinguished intellectuals of his country during the 20th century. His work focuses on development and underdevelopment and on the persistence of poverty in peripheral countries throughout the world. He is viewed, along with Ral Prebisch, as one of the main formulators of economic structuralism, an economics school that is largely identified with CEPAL, which achieved prominence in Latin America and other developing regions during the 1960s and 1970s and sought to stimulate economic development through governmental intervention, largely inspired on the views of John Maynard Keynes. As a politician, Furtado was appointed Minister of Planning (Goulart government) and Minister of Culture (Sarney government). Biography Born in Pombal, a city set in the semi-arid region of the state of Paraba, Celso Furtado moved to Rio de Janeiro in 1939, to study Law, and graduated from the Federal University of Rio de Janeiro (UFRJ) in 1944. That same year, he was conscripted to the Brazilian Expeditionary Force to fight in Italy, during World War II, alongside the Allies. Seeing countries destroyed in post-war Europe had a profound impact on him, leading to the decision that he would study Economics: he enrolled in a doctorate program at the University of Paris (Sorbonne), in 1946, and presented a thesis on the economy of Brazil during the colonial period. In 1949, he moved to Santiago, Chile, where he joined the team of the newlycreated United Nations Economic Commission for Latin America and the Caribbean (best known by its Latin American acronym, CEPAL), which was then headed by Argentine economist Ral Prebisch. While working at CEPAL, Furtado and Prebisch were decisive for the formulation of socioeconomic policies for the

Benjamin Graham

(May 8, 1894 September 21, 1976) was a British-born Americaneconomist and professional investor. Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham's followers include Warren Buffett, William J. Ruane, Irving Kahn, Hani Anklis,Walter J. Schloss and others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons, Howard Graham Buffett and Thomas Graham Kahn, after him. The Crash of 1929 almost wiped Graham out but the partnership survived with the assistance of friends and the sale of most of the partners personal assets. At one stage, Grahams wife was forced to return to work as a dance teacher. Graham was soon back on his feet but he had learned valuable lessons that would soon be brought home to investors in his books. In 1934, Benjamin Graham together with David Dodd, another Columbia academic, published the classic Security Analysis which has never been out of print. Despite the crash, the book proposed that it was possible to successfully invest in common stocks as long as sound investment principles were applied. Graham and Dodd introduced the concept of intrinsic value and the wisdom of buying stocks at a discount to that value.

The partnership between Graham and Newman continued until 1956 but never again lost money for its investors, earning, we understand, an annual return of about 17 per cent. Graham continued as a partner, while writing and lecturing at Columbia, before retiring from that institution, also in 1956. Warren Buffett studied under Graham at Columbia and approached him for a job in his investment firm. Graham declined but Buffett was persistent, and Graham finally yielded, giving Buffett a job in the firm. This was the start Buffett needed and he has never failed to acknowledge what he learned from Ben Graham. It is interesting that one of the Graham Newman investments was GEICO, which, as you probably know, was an early acquisition of Berkshire Hathaway and which remains today a major investment vehicle in the Buffett Group. Graham had originally bought GEICO in 1948. Apparently, after the partnership bought it as a private business, it was found that an investment firm could not own an insurance company and accordingly Graham and Newman converted it to a public company and distributed its shares amongst their investors. In 1949, Graham wrote The Intelligent Investor, considered the Bible of value investing. That book too has never been out of print. Benjamin Graham died in 1976, with the reputation of being the Father of Security Analysis.

Roy Harrod Sir Henry Roy Forbes Harrod (February 13, 1900 March 8, 1978) was an English economist. He is best known for his biography of John Maynard Keynes and the development of the HarrodDomar model, which he and Evsey Domar developed independently. He is also known for hisInternational Economics, a former standard textbook, the first edition of which contained some observations and ruminations (wanting in subsequent editions) that would foreshadow theories developed independently by later scholars (such as the Balassa-Samuelson effect). Born in London[1] he attended St Paul's and then Westminster School. Harrod attended New College in Oxford on a history scholarship. After a brief period in the Artillery in 1918 he gained a first in "literae humaniores" in 1921, and a first in modern history the following year. Afterwards he spent some time in 1922 at King's College, Cambridge. It was there that he met and befriended Keynes.[citation needed] After moving back to Oxford, he became a Student (i.e. Fellow) and Tutor in economics at Christ Church. He held the fellowship in modern history and economics until 1967. He was still in contact with Keynes and was later his biographer. He was additionally a Fellow at Nuffield College 1938 to 1947 and from 1954 to 1958. He married Wilhelmine Cresswell (Billa), step-daughter of General Peter Strickland, in 1938. During the Second World War, he was briefly in Winston Churchill's "S branch" - a statistical section within the Admiralty. After retiring in 1967, he moved to Holt, Norfolk

James Heckman James Joseph Heckman (born 19 April 1944) is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation. Heckman shared the Nobel Memorial Prize in Economics in 2000 with Daniel McFadden for his pioneering work in econometrics and microeconomics. He is considered to be among the ten most influential economists in the world.

Biography Heckman was born to John Jacob Heckman and Bernice Irene Medley in Chicago, Illinois. Heckman received his B.A. in mathematics from Colorado College, and received his Ph.D. fromPrinceton University in economics in 1971. Heckman then served as an Assistant Professor atColumbia University before moving to the University of Chicago in 1973. In addition to serving as the Henry B. Schultz Distinguished Service Professor of Economics, Heckman is also the director of the Economics Research Center and the Center for Social Program Evaluation at the Irving B. Harris School of Public Policy. In 2004, he was appointed as the Distinguished Chair of Microeconometrics at University College London. In June 2006 he was appointed as the Professor of Science and Society at University College Dublin. Heckman is also a senior research fellow at the American Bar Foundation.

William C. Hsiao William C. Hsiao (born 19356)an American economist, is the K.T. Li Professor of Economics at the Harvard School of Public Health in Boston, Massachusetts. He is internationally recognized for his work on health care financing and social insurance. Professor Hsiao is a graduate of Ohio Wesleyan University and received his Ph.D from Harvard University in Economics. He is a member of the National Academy of Sciences, Institute of Medicine, the Society of Actuaries, the National Academy of Social Insurance, and holds several honorary degrees. He has been awarded teaching awards by Harvard graduate students on several occasions. He resides in Cambridge, Massachusetts with his wife, Ruth, a former lecturer at Tufts University. He has two sons and three grandchildren. Biography Professor Hsiao was born in Beijing, China and as a teenager emigrated to the United States, where his father was an economic advisor to the Kuomintang (KMT) delegation to the United Nations. He grew up in Forest Hills, Queens of New York City, and attended New York public schools. Following graduation from college, Professor Hsiao began his career as an actuary for Connecticut General Life Insurance Co. in Hartford CT, which was a predecessor company to CIGNA. Following this corporate stint, Professor Hsiao moved to Washington DC and was employed as an actuary to

the Social Security Administration in 1968. When the Chief Actuary of the SSA resigned, Professor Hsiao was appointed the acting Chief Actuary in 1970. During this time, the Social Security Administration was roiled by efforts by the United States Congress to reform the social security system and maintain its solvency. Professor Hsiao headed up two blue-ribbon panels and testified several times before Congress regarding the actuarial viability of the system under the funding mechanisms in place. Eventually, in 1977, the Congress passed and President Jimmy Carter signed into law one of the most comprehensive legislative efforts to bolster the Social security system. Following this government service, Professor Hsiao commenced studies at the Harvard University Institute of Government, which later became the John F. Kennedy School of Government. He then entered the Ph.D program in the Department of Economics at Harvard University. His doctoral thesis was advised by Martin Feldstein, who later was Chair of the Council of Economic Advisors under President Ronald Reagan. Professor Hsiao was appointed to the faculty of the Harvard School of Public Health as an Assistant Professor in 1979. He became a full professor in 1986. He was appointed to the K.T. Li chaired professorship in 1992, named for the Taiwanese policy-maker KwohTing Li.

Thomas Hodgskin Thomas Hodgskin (1787-1869, Feltham, Middlesex) was an English socialist writer onpolitical economy, critic of capitalism, free-market anarchist and defender of free trade and early trade unions. Hodgskin was "a freemarket radical who was one of the first to apply the term 'capitalist' disparagingly to the beneficiaries of government favors bestowed on capital at the expense of labor." Born of a father who worked in the Chatham Naval Dockyard, Hodgskin joined the navy at the age of 12. He rose rapidly through the ranks in the years of naval struggle with the French to the rank of first lieutenant. Following the naval defeat of the French the opportunities for advancement closed and Hodgskin increasingly ran into disciplinary trouble with his superiors, eventually leading to his court martial and dismissal in 1812. This prompted his first book An Essay on Naval Discipline (1813) a scathing critique of the brutal authoritarian regime then current in the navy. Entering Edinburgh University for study he later came to London in 1815 and entered the utilitarian circle around Francis Place, Jeremy Bentham and James Mill. With their support he spent the next five years in a programme of travel and study around Europe which resulted, inter alia, in a second book "Travels in North Germany" (1820). After 3 years in Edinburgh, Hodgskin returned to London in 1823 as a journalist. Influenced by, amongst others, Jean Baptiste Say, his views on political economy had diverged from the utilitarian orthodoxy of David Ricardo and James Mill. During the controversy around the parliamentary acts to first legalise and then ban worker's "combinations" Mill and Ricardo had been in favour of the ban whereas Hodgskin

supported the right to organise. Taking Ricardo's labour theory of value he used it to denounce the appropriation of the most part of value produced by the labour of industrial workers as illegitimate. He propounded these views in a series of lectures at the London Mechanics Institute where he debated with William Thompson with whom he shared the critique of capitalist expropriation but not the proposed remedy. The results of these lectures and debates he published as "Labour Defended against the Claims of Capital" (1825), "Popular Political Economy" (1827) and "Natural and Artificial Right of Property Contrasted" (1832). The title of "Labour Defended" was a jibe at James Mill's earlier "Commerce Defended" and signalled his opposition to the latters taking sides with the capitalists against their employees. Though his criticism of Employers appropriation of the lion's share of the value produced by their employees went on to influence subsequent generations of socialists, including Karl Marx, Hodgskin's fundamental Deist beliefs identified production and exchange based on the labour theory of value (freed from the supposedly illegitimate expropriations of rent, interest and owner's profits) as part of "natural right", the divinely ordained proper relations of society contrasted to "artificial" contrivances the source of disharmonies and conflicts. He rejected the proto-communism of William Thompson and Robert Owen by the same appeal to "natural right". In 1823 Hodgskin joined forces with Joseph Clinton Robinson in founding the "Mechanics Magazine". In the October 1823 edition Hodgskin and Francis Place wrote a manifesto for a Mechanics Institute. This would be more than a technical school but a place where practical studies could be combined with practical reflection about the condition of society. The inaugural meeting to found the Institute took place in 1823 but the idea was taken over by people of less radical views concerned about Hodgskin's unorthodox economic views including George Birkbeck a well known educator from Glasgow.