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Leonid Hurwicz
Leonid "Leo" Hurwicz (August 21, 1917 – June 24, 2008) was a Polish American economist and mathematician.[1][2] He originated incentive compatibility and mechanism design, which show how desired outcomes are achieved in economics, social science and political science. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences (with Eric Maskin
Eric Maskin
and Roger Myerson) for work on mechanism design.[3] Hurwicz is the oldest Nobel Laureate, having received the prize at the age of 90. Hurwicz was educated and grew up in Poland, and became a refugee in the United States
United States
after Hitler invaded Poland
Poland
in 1939. In 1941, Hurwicz worked as a research assistant for Paul Samuelson
Paul Samuelson
at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
and Oskar Lange
Oskar Lange
at the University of Chicago
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Moscow
Moscow
Moscow
(/ˈmɒskoʊ, -kaʊ/; Russian: Москва́, tr. Moskva, IPA: [mɐˈskva] ( listen)) is the capital and most populous city of Russia, with 12.2 million residents within the city limits[11] and 17.1 million within the urban area.[12] Moscow
Moscow
is recognized as a Russian federal city. Moscow
Moscow
is a major political, economic, cultural, and scientific centre of Russia
Russia
and Eastern Europe, as well as the largest city entirely on the European continent. By broader definitions Moscow
Moscow
is among the world's largest cities, being the 14th largest metro area, the 18th largest agglomeration, the 15th largest urban area, and the 11th largest by population within city limits worldwide
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Emeritus
Emeritus (/ɪˈmɛrɪtəs/),[Note 1] in its current usage, is an adjective used to designate a retired professor, pastor, bishop, pope, director, president, prime minister, or other person. In some cases, the term is conferred automatically upon all persons who retire at a given rank, but in others, it remains a mark of distinguished service, awarded to only a few on retirement. It is also used when a person of distinction in a profession retires or hands over the position, enabling their former rank to be retained in their title, e.g., " Professor
Professor
Emeritus"
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Russian Republic
The Russian Republic
Russian Republic
(Russian: Российская республика, tr
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Invasion Of Poland
German and Soviet victoryBeginning of World War IITerritorial changes Polish territory divided among Germany, the Soviet Union, Lithuania and Slovakia
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Massachusetts Institute Of Technology
The Massachusetts Institute of Technology
Massachusetts Institute of Technology
(MIT) is a private research university in Cambridge, Massachusetts, United States. Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering. The Institute is traditionally known for its research and education in the physical sciences and engineering, but more recently in biology, economics, linguistics and management as well
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Oskar Lange
Oskar Ryszard Lange (27 July 1904 – 2 October 1965) was a Polish economist and diplomat. He is best known for advocating the use of market pricing tools in socialist systems and providing a model of market socialism.[3] During his stay in the United States, Lange was a sought-after academic teacher and researcher in mathematical economics. Later in communist Poland, he was a member of the Central Committee of the Polish United Workers' Party
Polish United Workers' Party
and a believer in centrally-managed economy.[4]Contents1 Career 2 Academic contributions 3 Bibliography 4 See also 5 Notes 6 References 7 External linksCareer[edit] Lange was born in Tomaszów Mazowiecki
Tomaszów Mazowiecki
as son of Arthur Julius Lange and Sophie Albertine Rosner
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University Of Chicago
The University
University
of Chicago
Chicago
(UChi, U of C, Chicago, or UChicago) is a private research university in Chicago, Illinois. It holds top-ten positions in various national and international rankings.[9][10][11][12] The university is composed of the College, various graduate programs and interdisciplinary committees organized into five academic research divisions and seven professional schools. Beyond the arts and sciences, Chicago
Chicago
is also well known for its professional schools, which include the Pritzker School of Medicine, the Booth School of Business, the Law School, the School of Social Service Administration, the Harris School of Public Policy Studies, the Divinity School and the Graham School of Continuing Liberal and Professional Studies
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Iowa State College
Iowa
Iowa
State University of Science and Technology, generally referred to as Iowa
Iowa
State, is a public flagship[4] land-grant and space-grant research university located in Ames, Iowa, United States. It is the largest university in the state of Iowa
Iowa
and the 3rd largest university in the Big 12 athletic conference
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Regents' Professor
In the U.S., "professors" commonly occupy any of several positions in academia, typically the ranks of assistant professor, associate professor, or professor. The same terms are used outside the U.S., although they often denote different roles from in the U.S. system. However, the majority of university lecturers and instructors in the United States, as of 2015[update], do not occupy these tenure-track ranks, but are part-time adjuncts.[citation needed] Research and education are among the main tasks of tenured and tenure-track professors, with the amount of time spent on research or teaching depending strongly on the type of institution. Publication of articles in conferences, journals, and books is essential to occupational advancement.[1] As of August 2007, teaching in tertiary educational institutions is one of the fastest growing occupations, topping the U.S
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Market (economics)
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and resource allocation in a society. Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods
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Economics
Economics
Economics
(/ɛkəˈnɒmɪks, iːkə-/)[1][2][3] is the social science that studies the production, distribution, and consumption of goods and services.[4] Economics
Economics
focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics
Microeconomics
analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies)
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Trade
Trade
Trade
involves the transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market. The original form of trade, barter, saw the direct exchange of goods and services for other goods and services.[1][need quotation to verify] Barter
Barter
involves trading things without the use of money.[1] Later one bartering party started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and later credit, paper money and of non-physical money) greatly simplified and promoted trade
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Russia
Coordinates: 60°N 90°E / 60°N 90°E / 60; 90Russian Federation Росси́йская Федерaция (Russian) Rossiyskaya FederatsiyaFlagCoat of armsAnthem:  "Gosudarstvenny gimn Rossiyskoy Federatsii"  (transliteration) "State Anthem of the Russian Federation"Location of Russia
Russia
(green) Russian-administered Crimea
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October Revolution
Bolshevik victoryEnd of Russian Provisional Government, Russian Republic
Russian Republic
and dual power Creation of Soviet Russia The Second All-Russian Congress of Soviets
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Warsaw
From top, left to right: Warsaw
Warsaw
Skyline Royal Baths Park Royal Route Staszic Palace
Staszic Palace
and Copernicus Monument
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