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Alan Heston

April 14, 2024

Alan W. Heston (born 1934 in Portland, Oregon) is an American economist best known for his collaborative work with fellow economist Robert Summers and the development of the Penn World Table (PWT).[1]

Education and early life edit

Heston was born October 18, 1934, and raised in Portland, Oregon. In 1955, he received his B.A. in economics from the University of Oregon. He received his M.A. in economics from the University of Washington in 1957. In 1962, he received his Ph.D. in economics from Yale University, where he studied under James Tobin, the winner of the 1981 Nobel Memorial Prize in Economic Sciences.

Academic career edit

Heston is a professor emeritus in the Department of Economics at the University of Pennsylvania, where he has taught since 1962. Prior to teaching at the University of Pennsylvania, Heston was an assistant professor at Yale University.

Heston co-directs (with Robert Summers) the University of Pennsylvania's Center for International Comparisons (CIC). The precursor to CIC was the United Nations’ (UN) International Comparison Programme (ICP), which Heston joined in its first year in 1968. The ICP developed the first systematic multilateral set of purchasing power comparisons. Heston participated in the ICP's benchmark comparisons and, by 1985, with Summers and Irving Kravis, expanded the number of countries included in the comparison database to 34 countries. That same year Heston and Summers developed benchmark comparisons of gross domestic product estimates on a purchasing power basis for non-benchmark countries for one year. Heston and Summers continued these comparisons and extended the estimates over both time and space in an effort that became the Penn World Table.[2] For that work, Summers and Alan Heston were recognized as American Economic Association Distinguished Fellows in 1998. Heston is considered a leading world expert on international economic comparisons and purchasing power parity.[3]

Penn World Table edit

In 1991, Heston co-authored with Summers a Quarterly Journal of Economics article titled "The Penn World Table (Mark 5): An Expanded Set of International Comparisons."[4] This article describes the Penn World Table as a set of national-accounts economic time series covering 138 countries.[5] Penn World Table expenditure entries are denominated in a common set of prices in a common currency to enable real quantity comparisons between countries and over time. The table also provides relative price details within and between countries, demographic data, and capital stock estimates. The article introduced an updated, revised, and expanded version of the table with broader applicability to researchers, and was one of the most cited economic papers of the 1990s.[6] Heston's and Summers’ techniques and data are widely used and cited, and a number of international organizations have adopted their methodology.[7]

In developing the Penn World Table, Heston, with Kravis and Summers, produced a series of three publications in 1975, 1978, and 1982.[8] These publications provided the detailed methodology of their international measurement approach to multilateral comparisons. The three economists developed an international price index for the valuation of each country's quantities. These formulas came into the limelight as the re-structuring and assistance programs of the major multilateral investment institutions gained traction in the 1980s and required more refined data for loan and assistance programs.[9]

Notes edit

  1. ^ Blaug, Mark, and Howard R. Vane (2003). Who's Who in Economics, "HESTON, Alan, Wiley," pp. 369-70.
  2. ^ . Archived from the original on 2009-12-27. Retrieved 2009-12-23.
  3. ^ Wood, Alan. "No future in Kyoto Protocol." The Australian. 2 March 2004.
  4. ^ Robert Summers and Alan Heston (1991). "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988," Quarterly Journal of Economics, 106(2), p p. 327-368.
  5. ^ Bradsher, Keith. "A Revisionist Tale: Why a Poor China Seems Richer." The New York Times. 21 December 2007. <https://www.nytimes.com/2007/12/21/business/21yuan.html?pagewanted=1&_r=1>
  6. ^ American Economics Association Distinguished Fellow Citation, 1998. <http://pwt.econ.upenn.edu/heston.html 2010-01-19 at the Wayback Machine>.
  7. ^ Johnson, Simon, Will Larson, Chris Papageorgiou, and Arvind Subramanian. Is newer better? The Penn World Table growth estimates. VOX. 7 December 2009. <http://www.voxeu.org/index.php?q=node/4339>
  8. ^ Kravis, Irving B., Alan W. Heston, and Robert Summers (1978). "Real GDP Per Capita for More Than One Hundred Countries," Economic Journal, 88(350), p p. 215-242.
  9. ^ Klein, Lawrence R. "Irving B. Kravis: Memoir of a Distinguished Fellow. Journal of Economic Perspectives Vol. 7, No. 3, Summer 1993, pp. 175–184.

External links edit

    April 14, 2024
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Alan W Heston born 1934 in Portland Oregon is an American economist best known for his collaborative work with fellow economist Robert Summers and the development of the Penn World Table PWT 1 Contents 1 Education and early life 2 Academic career 3 Penn World Table 4 Notes 5 External linksEducation and early life editHeston was born October 18 1934 and raised in Portland Oregon In 1955 he received his B A in economics from the University of Oregon He received his M A in economics from the University of Washington in 1957 In 1962 he received his Ph D in economics from Yale University where he studied under James Tobin the winner of the 1981 Nobel Memorial Prize in Economic Sciences Academic career editHeston is a professor emeritus in the Department of Economics at the University of Pennsylvania where he has taught since 1962 Prior to teaching at the University of Pennsylvania Heston was an assistant professor at Yale University Heston co directs with Robert Summers the University of Pennsylvania s Center for International Comparisons CIC The precursor to CIC was the United Nations UN International Comparison Programme ICP which Heston joined in its first year in 1968 The ICP developed the first systematic multilateral set of purchasing power comparisons Heston participated in the ICP s benchmark comparisons and by 1985 with Summers and Irving Kravis expanded the number of countries included in the comparison database to 34 countries That same year Heston and Summers developed benchmark comparisons of gross domestic product estimates on a purchasing power basis for non benchmark countries for one year Heston and Summers continued these comparisons and extended the estimates over both time and space in an effort that became the Penn World Table 2 For that work Summers and Alan Heston were recognized as American Economic Association Distinguished Fellows in 1998 Heston is considered a leading world expert on international economic comparisons and purchasing power parity 3 Penn World Table editIn 1991 Heston co authored with Summers a Quarterly Journal of Economics article titled The Penn World Table Mark 5 An Expanded Set of International Comparisons 4 This article describes the Penn World Table as a set of national accounts economic time series covering 138 countries 5 Penn World Table expenditure entries are denominated in a common set of prices in a common currency to enable real quantity comparisons between countries and over time The table also provides relative price details within and between countries demographic data and capital stock estimates The article introduced an updated revised and expanded version of the table with broader applicability to researchers and was one of the most cited economic papers of the 1990s 6 Heston s and Summers techniques and data are widely used and cited and a number of international organizations have adopted their methodology 7 In developing the Penn World Table Heston with Kravis and Summers produced a series of three publications in 1975 1978 and 1982 8 These publications provided the detailed methodology of their international measurement approach to multilateral comparisons The three economists developed an international price index for the valuation of each country s quantities These formulas came into the limelight as the re structuring and assistance programs of the major multilateral investment institutions gained traction in the 1980s and required more refined data for loan and assistance programs 9 Notes edit Blaug Mark and Howard R Vane 2003 Who s Who in Economics HESTON Alan Wiley pp 369 70 Penn World Table Center for International Comparisons University of Pennsylvania Archived from the original on 2009 12 27 Retrieved 2009 12 23 Wood Alan No future in Kyoto Protocol The Australian 2 March 2004 Robert Summers and Alan Heston 1991 The Penn World Table Mark 5 An Expanded Set of International Comparisons 1950 1988 Quarterly Journal of Economics 106 2 p p 327 368 Bradsher Keith A Revisionist Tale Why a Poor China Seems Richer The New York Times 21 December 2007 lt https www nytimes com 2007 12 21 business 21yuan html pagewanted 1 amp r 1 gt American Economics Association Distinguished Fellow Citation 1998 lt http pwt econ upenn edu heston html Archived 2010 01 19 at the Wayback Machine gt Johnson Simon Will Larson Chris Papageorgiou and Arvind Subramanian Is newer better The Penn World Table growth estimates VOX 7 December 2009 lt http www voxeu org index php q node 4339 gt Kravis Irving B Alan W Heston and Robert Summers 1978 Real GDP Per Capita for More Than One Hundred Countries Economic Journal 88 350 p p 215 242 Klein Lawrence R Irving B Kravis Memoir of a Distinguished Fellow Journal of Economic Perspectives Vol 7 No 3 Summer 1993 pp 175 184 External links editPenn World Table Retrieved from https en wikipedia org w index php title Alan Heston amp oldid 1106351465, wikipedia, wiki, book, books, library,

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