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Lionel McKenzie
Lionel Wilfred McKenzie (January 26, 1919 – October 12, 2010) was an American economist. He was the Wilson Professor Emeritus of Economics at the University of Rochester. He was born in Montezuma, Georgia. He completed undergraduate studies at Duke University in 1939 and subsequently moved to Oxford that year as a Rhodes Scholar. McKenzie worked with the Cowles Commission while it was in Chicago and served as an assistant professor at Duke from 1948–1957. Having received his Ph.D. at Princeton University in 1956, McKenzie moved to Rochester where he was responsible for the establishment of the graduate program in economics. McKenzie has been the recipient of numerous professional awards, including the Guggenheim Fellowship in 1973, election to the United States National Academy of Sciences in 1978, the Order of the Rising Sun in 1995 and honorary doctorates from Keio University in 1998 and Kyoto University in 2004. The latter three reflect the success of his many Japa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Montezuma, Georgia
Montezuma is a city in Macon County, Georgia ( ZIP code ''31063''). The population was 3,460 at the 2010 census, a decrease of 13.5% since 2000. It is home to the armory of Bravo Company, 648th Engineers of the Georgia Army National Guard. History Montezuma had its start in 1851, when the railroad was extended to that point. The city was named after the famous Aztec leader by soldiers returning from the Mexican-American War. It was incorporated in 1854. Montezuma is also home to a thriving Mennonite community, because 10 to 15 Mennonite families moved from Virginia in the 1950s. Geography According to the United States Census Bureau, the city has a total area of 4.5 square miles (11.7 km), of which, 4.5 square miles (11.7 km) of it is land and 0.04 square miles (0.1 km) of it (0.66%) is water. Demographics 2020 census As of the 2020 United States census, there were 3,047 people, 1,276 households, and 898 families residing in the city. 2000 cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Academy Of Sciences
The National Academy of Sciences (NAS) is a United States nonprofit, 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 National Academy of Medicine (NAM). As a national academy, new members of the organization are elected annually by current members, based on their distinguished and continuing achievements in original research. Election to the National Academy is one of the highest honors in the scientific field. Members of the National Academy of Sciences serve '' pro bono'' as "advisers to the nation" on science, engineering, and medicine. The group holds a congressional charter under Title 36 of the United States Code. Founded in 1863 as a result of an Act of Congress that was approved by Abraham Lincoln, the NAS is charged with "providing independent, objective advice to the nation on matters related to science and technology. ... to provide scien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1919 Births
Events January * January 1 ** The Czechoslovak Legions occupy much of the self-proclaimed "free city" of Pressburg (now Bratislava), enforcing its incorporation into the new republic of Czechoslovakia. ** HMY ''Iolaire'' sinks off the coast of the Hebrides; 201 people, mostly servicemen returning home to Lewis and Harris, are killed. * January 2– 22 – Russian Civil War: The Red Army's Caspian-Caucasian Front begins the Northern Caucasus Operation against the White Army, but fails to make progress. * January 3 – The Faisal–Weizmann Agreement is signed by Emir Faisal (representing the Arab Kingdom of Hejaz) and Zionist leader Chaim Weizmann, for Arab–Jewish cooperation in the development of a Jewish homeland in Palestine, and an Arab nation in a large part of the Middle East. * January 5 – In Germany: ** Spartacist uprising in Berlin: The Marxist Spartacus League, with the newly formed Communist Party of Germany and the Independent Social De ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shephard's Lemma
Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good (i) with price p_i is unique. The idea is that a consumer will buy a unique ideal amount of each item to minimize the price for obtaining a certain level of utility given the price of goods in the market. The lemma is named after Ronald Shephard who gave a proof using the distance formula in his book ''Theory of Cost and Production Functions'' (Princeton University Press, 1953). The equivalent result in the context of consumer theory was first derived by Lionel W. McKenzie in 1957. It states that the partial derivatives of the expenditure function with respect to the prices of goods equal the Hicksian demand functions for the relevant goods. Similar results had already been derived by John Hicks (1939) and Paul Samuels ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gérard Debreu
Gérard Debreu (; 4 July 1921 – 31 December 2004) was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences. Biography His father was the business partner of his maternal grandfather in lace manufacturing, a traditional industry in Calais. Debreu was orphaned at an early age, as his father committed suicide and his mother died of natural causes. Prior to the start of World War II, he received his baccalauréat and went to Ambert to begin preparing for the entrance examination of a grande école. Later on, he moved from Ambert to Grenoble to complete his preparation, both places being in Vichy France during World War II. In 1941, he was admitted to the École Normale Supérieure in Paris, along with Marcel Boiteux. He was influenced by Henri Cartan and the Bourbaki writers. When he was about to take the final examinations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Arrow
Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics, he was a major figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. Education and early career Arrow was born on 23 August 1921, in New York City. Arrow's mother, Lilian (Greenberg), was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The Arrow family were Romanian Jews. His family was very supportive of his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kakutani's Fixed Point Theorem
In mathematical analysis, the Kakutani fixed-point theorem is a fixed-point theorem for set-valued functions. It provides sufficient conditions for a set-valued function defined on a convex, compact subset of a Euclidean space to have a fixed point, i.e. a point which is mapped to a set containing it. The Kakutani fixed point theorem is a generalization of the Brouwer fixed point theorem. The Brouwer fixed point theorem is a fundamental result in topology which proves the existence of fixed points for continuous functions defined on compact, convex subsets of Euclidean spaces. Kakutani's theorem extends this to set-valued functions. The theorem was developed by Shizuo Kakutani in 1941, and was used by John Nash in his description of Nash equilibria. It has subsequently found widespread application in game theory and economics. Statement Kakutani's theorem states: : ''Let'' ''S'' ''be a non-empty, compact and convex subset of some Euclidean space'' R''n''. :''Let'' ''φ'': ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnpike Theory
Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system, depending on the initial and final levels. In the context of a macroeconomic exogenous growth model, for example, it says that if an infinite optimal path is calculated, and an economic planner wishes to move an economy from one level of capital to another, as long as the planner has sufficient time, the most efficient path is to quickly move the level of capital stock to a level close to the infinite optimal path, and to allow Capital (economics), capital to develop along that path until it is nearly the end of the desired term and the planner must move the capital stock to the desired final level. The name of the theory refers to the idea that a Toll road, turnpike is the fastest route between two points which are far apart, even if it is not the most direct route. Origins Although the idea can be traced back to John von Neumann in 1945, Lionel W. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Dictionary Of Economics
A, or a, is the first letter and the first vowel of the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''a'' (pronounced ), plural ''aes''. It is similar in shape to the Ancient Greek letter alpha, from which it derives. The uppercase version consists of the two slanting sides of a triangle, crossed in the middle by a horizontal bar. The lowercase version can be written in two forms: the double-storey a and single-storey ɑ. The latter is commonly used in handwriting and fonts based on it, especially fonts intended to be read by children, and is also found in italic type. In English grammar, " a", and its variant " an", are indefinite articles. History The earliest certain ancestor of "A" is aleph (also written 'aleph), the first letter of the Phoenician alphabet, which consisted entirely of consonants (for that reason, it is also called an abjad to distinguish it fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium Theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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