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Knight, Frank H.
Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century. Paul Samuelson named Knight (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Wesley Clair Mitchell, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Life and career Knight ( BA, Milligan College, 1911; BS and AM, Tennessee, 1913; PhD, Cornell, 1916) was born in 1885 in McLean County, Illinois, the son of Julia Ann (Hyneman) and Winton Cyrus Knight. After hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago economists have also left their intellectual influence in other fields, notably in pioneerin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Bates Clark
John Bates Clark (January 26, 1847 – March 21, 1938) was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as professor at Columbia University. Biography Clark was born and raised in Providence, Rhode Island, and graduated from Amherst College, in Massachusetts, at the age of 25. From 1872 to 1875, he attended the University of Zurich and the University of Heidelberg where he studied under Karl Knies (a leader of the German Historical School). He taught as a professor of economics at Carleton College from 1875 to 1881 before moving east to teach at Smith College. He subsequently taught at Amherst College, Johns Hopkins University, and Columbia University. Early in his career Clark's writings reflected his German Socialist background and showed him as a critic of capitalism. During his time as a professor at Columbia University however, his views ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Gunnison Brown
Harry Gunnison Brown (May 7, 1880– March 11, 1975) was a Georgist economist teaching at Yale in the early 20th century. Paul Samuelson named Brown in a list of "American saints in economics" that included only 6 other economists born after 1860. Early life Harry Gunnison Brown was born in Troy, New York to Milton Peers and Elizabeth H. (Gunnison) Brown. He graduated from Williams College in 1904, studied at Ohio State University and he earned his Ph.D. at Yale University in 1909. While studying at Yale, Brown became a protégé of Irving Fisher. Fisher was one of the pioneers in the development of mathematical economics and econometrics in the United States. On August 23, 1911, he married Fleda Phillips in Columbia, New York. While continuing his career in economics, he had three children: Cleone Elsa Brown, and Philips Hamlin Brown (29 April 1918 - 4 February 2019) and Richmond Flint Brown (April 5, 1925 - ). Following the death of his first wife in 1953, Dr. Brown was mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Economic historian Randall E. Parker has called him the "Father of Modern Economics", and ''The New York Times'' considers him to be the "foremost academic economist of the 20th century". Samuelson was likely the most influential economist of the latter half of the 20th century."Paul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Liberalism
Classical liberalism is a political tradition Political culture describes how culture impacts politics. Every political system is embedded in a particular political culture. Definition Gabriel Almond defines it as "the particular pattern of orientations toward political actions in which ... and a History of liberalism, branch of liberalism that advocates free market and laissez-faire economics; civil liberties under the rule of law with especial emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. It gained full flowering in the early 18th century, building on ideas stemming at least as far back as the 13th century within the Iberian, Anglo-Saxon, and central European contexts and was foundational to the American Revolution and "American Project" more broadly. Notable liberal individuals whose ideas contributed to classical liberalism include John Locke,Steven M. Dworetz (1994). ''The Unvarnished Doctrine: Lock ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School (economics)
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago economists have also left their intellectual influence in other fields, notably in pioneerin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knightian Uncertainty
In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk (e.g., that in statistical noise or a parameter's confidence interval). The concept acknowledges some fundamental degree of ignorance, a limit to knowledge, and an essential unpredictability of future events. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885–1972), who distinguished risk and uncertainty in his 1921 work ''Risk, Uncertainty, and Profit:''Knight, F. H. (1921Risk, Uncertainty, and Profit Boston, MA: Hart, Schaffner & Marx; Houghton Mifflin Company :"Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated.... The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Calvert Simons
Henry Calvert Simons (; October 9, 1899 – June 19, 1946) was an American economist at the University of Chicago. A protégé of Frank Knight, his antitrust and monetarist models influenced the Chicago school of economics. He was a founding author of the Chicago plan for monetary reform that found broad support in the years following the 1930s Depression, which would have abolished the fractional-reserve banking system, which Simons viewed to be inherently unstable. This would have prevented unsecured bank credit from circulating as a "money substitute" in the financial system, and it would be replaced with money created by the government or central bank that would not be subject to bank runs. Simons is noted for a definition of economic income, developed in common with Robert M. Haig, known as the Haig–Simons equation. Work Program of reform In one of his essays, ''A Positive Program for Laissez Faire'' (1934) Simons set out a program of reform to bring private enterpr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Rockefeller
David Rockefeller (June 12, 1915 – March 20, 2017) was an American investment banker who served as chairman and chief executive of Chase Manhattan Corporation. He was the oldest living member of the third generation of the Rockefeller family, and family patriarch from July 2004 until his death in March 2017. Rockefeller was the fifth son and youngest child of John D. Rockefeller Jr. and Abby Aldrich Rockefeller, and a grandson of John D. Rockefeller and Laura Spelman Rockefeller. He was noted for his wide-ranging political connections and foreign travel, in which he met with many foreign leaders. His fortune was estimated at $3.3 billion at the time of his death in March 2017. Early life Rockefeller was born in New York City. He grew up in an eight-story house at 10 West 54th Street, the tallest private residence ever built in the city. Rockefeller was the youngest of six children born to financier John Davison Rockefeller Jr. and socialite Abigail Greene "Abby" Aldrich. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steven N
Stephen or Steven is a common English first name. It is particularly significant to Christians, as it belonged to Saint Stephen ( grc-gre, Στέφανος ), an early disciple and deacon who, according to the Book of Acts, was stoned to death; he is widely regarded as the first martyr (or "protomartyr") of the Christian Church. In English, Stephen is most commonly pronounced as ' (). The name, in both the forms Stephen and Steven, is often shortened to Steve or Stevie. The spelling as Stephen can also be pronounced which is from the Greek original version, Stephanos. In English, the female version of the name is Stephanie. Many surnames are derived from the first name, including Stephens, Stevens, Stephenson, and Stevenson, all of which mean "Stephen's (son)". In modern times the name has sometimes been given with intentionally non-standard spelling, such as Stevan or Stevon. A common variant of the name used in English is Stephan ; related names that have found some curr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
