Richard George Lipsey, (born August 28, 1928) is a Canadian academic and
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 ...
. He is best known for his work on the
economics of the second-best, a theory that demonstrated that piecemeal establishing of individual first best conditions would not necessarily raise welfare in a situation in which all first best conditions could not be satisfied, an article that he co-authored with
Kelvin Lancaster
Kelvin John Lancaster (10 December 1924 – 23 July 1999) was an Australian mathematical economist and John Bates Clark professor of economics at Columbia University. He is best known for the development of the Theory of the Second Best with R ...
, a mathematical economist of high standing. He is currently Professor Emeritus of Economics at
Simon Fraser University
Simon Fraser University (SFU) is a public research university in British Columbia, Canada, with three campuses, all in Greater Vancouver: Burnaby (main campus), Surrey, and Vancouver. The main Burnaby campus on Burnaby Mountain, located from ...
.
Early life and education
Born in
Victoria
Victoria most commonly refers to:
* Victoria (Australia), a state of the Commonwealth of Australia
* Victoria, British Columbia, provincial capital of British Columbia, Canada
* Victoria (mythology), Roman goddess of Victory
* Victoria, Seychelle ...
,
British Columbia
British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...
, he received a
Bachelor of Arts
Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...
degree in 1951 from the
University of British Columbia
The University of British Columbia (UBC) is a public university, public research university with campuses near Vancouver and in Kelowna, British Columbia. Established in 1908, it is British Columbia's oldest university. The university ranks a ...
, a
Master of Arts
A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Tho ...
degree in 1953 from the
University of Toronto
The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution ...
, and a
Ph.D.
A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...
in 1956 from the
London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
.
Career
From 1955 to 1963, he held the positions of Assistant Lecturer, Lecturer, Reader and Professor at the London School of Economics. From 1963 to 1969, he was a Professor of Economics, Chairman of the Economics Department, and Dean of the School of Social Studies at the
University of Essex
The University of Essex is a public university, public research university in Essex, England. Established by royal charter in 1965, Essex is one of the original plate glass university, plate glass universities. Essex's shield consists of the an ...
in England.
Returning to Canada, he held a brief position as a Visiting Professor at the
University of British Columbia
The University of British Columbia (UBC) is a public university, public research university with campuses near Vancouver and in Kelowna, British Columbia. Established in 1908, it is British Columbia's oldest university. The university ranks a ...
, before being appointed the Sir
Edward Robert Peacock professor of economics at
Queen's University in
Kingston, Ontario
Kingston is a city in Ontario, Canada. It is located on the north-eastern end of Lake Ontario, at the beginning of the St. Lawrence River and at the mouth of the Cataraqui River (south end of the Rideau Canal). The city is midway between Toro ...
in 1970.
He was the Irving Fisher Visiting Professor at
Yale University
Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the wo ...
from 1979 to 1980. From 1983 to 1989, he was a Senior Economic Advisor at the
C.D. Howe Institute
The C. D. Howe Institute (french: Institut C. D. Howe) is a Canadian nonprofit policy research organization in Toronto, Ontario, Canada. It aims to be distinguished by "research that is nonpartisan, evidence-based, and subject to definitive exper ...
, the economic and social think tank in
Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
. In 1989, he was appointed Professor of Economics at
Simon Fraser University
Simon Fraser University (SFU) is a public research university in British Columbia, Canada, with three campuses, all in Greater Vancouver: Burnaby (main campus), Surrey, and Vancouver. The main Burnaby campus on Burnaby Mountain, located from ...
and later became
Professor Emeritus
''Emeritus'' (; female: ''emerita'') is an adjective used to designate a retired chair, professor, pastor, bishop, pope, director, president, prime minister, rabbi, emperor, or other person who has been "permitted to retain as an honorary title ...
.
He is also a co-founder of
Simon Fraser University
Simon Fraser University (SFU) is a public research university in British Columbia, Canada, with three campuses, all in Greater Vancouver: Burnaby (main campus), Surrey, and Vancouver. The main Burnaby campus on Burnaby Mountain, located from ...
's ACT (Adaptation to Climate Change Team), an initiative that works to assist effective adaptation to climate-related challenges through policy development and awareness-raising.
Works
Lipsey wrote the econometric follow up article to
William Phillips William Phillips may refer to:
Entertainment
* William Phillips (editor) (1907–2002), American editor and co-founder of ''Partisan Review''
* William T. Phillips (1863–1937), American author
* William Phillips (director), Canadian film-make ...
' original article that introduced the curve that became known as the
Phillips curve
The Phillips curve is an economic model, named after William Phillips hypothesizing a correlation between reduction in unemployment and increased rates of wage rises within an economy. While Phillips himself did not state a linked relationship ...
, which held that a tradeoff existed between unemployment and inflation. At the 1968 American Economic Association meetings
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...
countered Lipsey's and Phillips' arguments in what was perhaps one of the great arguments in economics. Recently Lipsey co-edited with William Scarth a three volume compilation of many of the most important articles on the Phillips curve.
He is also the author or co-author of several economics textbooks including a book on
positive economics
Positive economics (as opposed to normative economics) is the part of economics that deals with positive statements. That is, it focuses on the description, quantification and explanation of economic phenomena. Stanley Wong (1987). "positive econom ...
(''Economics'' published by
Oxford University Press
Oxford University Press (OUP) is the university press of the University of Oxford. It is the largest university press in the world, and its printing history dates back to the 1480s. Having been officially granted the legal right to print books ...
in its 14th edition in March 2020 with Alec Chrystal as co-author).
His book on growth, co-authored with Kenneth Carlaw and Clifford Bekar, ''Economic Transformations: General Purpose Technologies and Long Term Economic Growth'' won the 2006
Schumpeter Prize
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Ha ...
for the best writing on evolutionary economics over the previous two years.
He was co-author, with Gordon R. Sparks and
Peter O. Steiner Peter Otto Steiner (July 9, 1922 – June 26, 2010) was a noted economist and Professor Emeritus of Economics at the University of Michigan. His research was on a wide range of topics and he published several books including (with Richard G. Lipsey ...
, of ''Economics'', a standard Canadian university textbook and now co-authored with Christopher Ragan.
Recognition
He is an Officer of the
Order of Canada
The Order of Canada (french: Ordre du Canada; abbreviated as OC) is a Canadian state order and the second-highest honour for merit in the system of orders, decorations, and medals of Canada, after the Order of Merit.
To coincide with the ...
and a Fellow of the
Royal Society of Canada
The Royal Society of Canada (RSC; french: Société royale du Canada, SRC), also known as the Academies of Arts, Humanities and Sciences of Canada (French: ''Académies des arts, des lettres et des sciences du Canada''), is the senior national, bil ...
and the
Econometric Society
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. ...
. In 2005, he won the gold medal for achievement in research from the
Social Sciences and Humanities Research Council of Canada
The Social Sciences and Humanities Research Council of Canada (SSHRC; french: Conseil de recherches en sciences humaines du Canada, CRSH) is a Canadian federal research-funding agency that promotes and supports post-secondary research and traini ...
.
Personal life
Lipsey was the second husband of
Assia Gutmann (later Wevill); they had met while she was enrolled in the
University of British Columbia
The University of British Columbia (UBC) is a public university, public research university with campuses near Vancouver and in Kelowna, British Columbia. Established in 1908, it is British Columbia's oldest university. The university ranks a ...
, Vancouver. They married in 1952 and later divorced.
References
External links
ACT(Adaptation to Climate Change Team) a
Simon Fraser University*Simon Fraser University'
City Programhas
*Richard Lipsey. "Yes, we saw the climate changing, but what were we to do?" Globe and Mail (BC Edition) October 11, 2007: A27
*Heather Scoffield. "The Man Who Wrote The Book" Globe and Mail (Ontario Edition) June 3, 2006: B6.
*Richard Lipsey/Simon Fraser University. June 4, 2006
*
{{DEFAULTSORT:Lipsey, Richard
1928 births
Living people
Alumni of the London School of Economics
Academics of the London School of Economics
Academics of the University of Essex
Canadian economists
Canadian university and college faculty deans
Fellows of the Royal Society of Canada
Officers of the Order of Canada
Simon Fraser University faculty
Queen's University at Kingston faculty
University of British Columbia alumni
University of Toronto alumni
People from Victoria, British Columbia
Fellows of the Econometric Society