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James Mirrlees

November 30, 2023

Sir James Alexander Mirrlees FRSE FBA (5 July 1936 – 29 August 2018) was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours.

Early life and education edit

Born in Minnigaff, Kirkcudbrightshire, Mirrlees was educated at Douglas Ewart High School, then at the University of Edinburgh (MA in Mathematics and Natural Philosophy in 1957) and Trinity College, Cambridge (Mathematical Tripos and PhD in 1963 with thesis title Optimum Planning for a Dynamic Economy, supervised by Richard Stone). He was a very active student debater. A contemporary, Quentin Skinner, has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period.[citation needed]

Economics edit

Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley (1986) and Yale University (1989).[2] He taught at both Oxford University (as Edgeworth Professor of Economics 1968–1995) and University of Cambridge (1963–1968 and 1995–2018).[citation needed]

During his time at Oxford, he published papers on economic models for which he would eventually be awarded his Nobel Prize. The papers centred on asymmetric information, which determines the extent to which they should affect the optimal rate of saving in an economy. Among other results, he demonstrated the principles of "moral hazard" and "optimal income taxation" discussed in the books of William Vickrey. The methodology has since become the standard in the field.[citation needed]

Mirrlees and Vickrey shared the 1996 Nobel Memorial Prize in Economic Sciences "for their fundamental contributions to the economic theory of incentives under asymmetric information".[3]

Mirrlees was also co-creator, with MIT Professor Peter A. Diamond, of the Diamond–Mirrlees efficiency theorem, which was developed in 1971.[4]

Mirrlees was emeritus Professor of Political Economy at the University of Cambridge and a Fellow of Trinity College, Cambridge. He spent several months a year at the University of Melbourne, Australia. He was the Distinguished Professor-at-Large of the Chinese University of Hong Kong as well as University of Macau.[5]

In 2009, he was appointed Founding Master of the Morningside College of the Chinese University of Hong Kong.[6]

Mirrlees was a member of Scotland's Council of Economic Advisers. He also led the Mirrlees Review, a review of the UK tax system by the Institute for Fiscal Studies.[citation needed]

His Ph.D. students included eminent academics and policy makers like professor Franklin Allen, Sir Partha Dasgupta,[3] professor Huw Dixon,[7] professor Hyun-Song Shin, Lord Nicholas Stern, professor Anthony Venables, Sir John Vickers, and professor Zhang Weiying.[8] He died in Cambridge, England, on 29 August 2018.[9][10][11]

Personal life edit

Mirrlees was an atheist.[12]

Publications edit

  • "A New Model of Economic Growth"(with N. Kaldor), RES, 1962
  • "Optimum Growth When Technology is Changing", RES, 1967
  • "The Dynamic Nonsubstitution Theorem", RES, 1969
  • "The Evaluation of National Income in an Imperfect Economy", Pakistan Development Review, 1969
  • Manual of Industrial Project Analysis in Developing Countries, Vol II: Social Cost Benefit Analysis (with I.M.D. Little), 1969
  • "An Exploration in the Theory of Optimum Income Taxation", RES, 1971 [1]
  • "Optimal Taxation and Public Production I: Production Efficiency" (with P.A. Diamond), AER, 1971
  • "Optimal Taxation and Public Production II: Tax Rules"(with P.A. Diamond),AER, 1971
  • "The Terms of Trade: Pearson on Trade, Debt, and Liquidity", in The Widening Gap (ed. Barbara Ward), 1971)
  • "On Producer Taxation", RES, 1972
  • "Further Reflections on Project Analysis" (with I.M.D. Little), Development and Planning. Essays for Paul Rosenstein-Rodan (eds. Bhagwati and Eckaus, 1972
  • "Fairly Good Plans" (with N.H. Stern), Journal of Economic Theory, 1972
  • "Aggregate Production with Consumption Externalities" (with P.A. Diamond), QJE, 1973
  • "The Optimum Town", Swedish Journal of Economics, 1972
  • "Population Policy and the Taxation of Family Size", Journal of Public Economics, 1972 *"Agreeable Plans" (with P.J. Hammond) and "Models of Economic Growth" (introduction), in Models of Economic Growth (ed. Mirrlees and Stern), 1973
  • Project Appraisal and Planning for Developing Countries (with I.M.D. Little), 1974
  • "Optimal Accumulation under Uncertainty: the Case of Stationary Returns to Investment", in Allocation under Uncertainty (ed. J. Dreze), 1974
  • "Notes on Welfare Economics, Information and Uncertainty", in Essays in Equilibrium Behavior under Uncertainty (eds. M. Balch, D. McFadden, and S. Wu), 1974
  • "Optimal Taxation in a Two-Class Economy", Journal of Public Economics, 1975
  • "Optimum Saving with Economies of Scale" (with A.K. Dixit and N.H. Stern), RES, 1975
  • "A Pure Theory of Underdeveloped Economies, using a Relationship between Consumption and Productivity", in Agriculture in Development Theory (ed. L. Reynolds), 1975
  • "The Desirability of Natural Resource Depletion" (with J.A. Kay), in The Economics of Natural Resource Depletion (ed. D.W. Pearce), 1975
  • "The Optimal Structure of Incentives and Authority within an Organization", Bell Journal of Economics and Management Science, 1976
  • "On the Assignment of Liability: the Uniform Case" (with P.A. Diamond), Bell Journal of Economics, 1975
  • "Private Constant Returns and Public Shadow Prices"(with P.A. Diamond), RES, 1976
  • "Optimal Tax Theory: A Synthesis", Journal of Public Economics, December 1976
  • "Implications for Tax Rates", in Taxation and Incentives, 1976
  • "Arguments for Public Expenditure" in Contemporary Economic Analysis (eds. Artis and Nobay), 1979
  • "Social Benefit-Cost Analysis and the Distribution of Income", World Development, 1978
  • "A Model of Optimal Social Insurance with Variable Retirement" (with P.A. Diamond), Journal of Public Economics, 1978
  • "Optimal Taxation in a Stochastic Economy: A Cobb-Douglas Example" (with P.A. Diamond and J. Helms), Journal of Public Economics, 1980
  • "Optimal Foreign-income taxation", Journal of Public Economics, 1982
  • "The economic uses of utilitarianism", in Sen, Amartya; Williams, Bernard, eds. (1982). Utilitarianism and beyond. Cambridge: Cambridge University Press. pp. 63–84. ISBN 9780511611964.
  • "The Theory of Optimum Taxation", Handbook of Mathematical Economics (eds. Arrow and Intriligator), Vol.III, 1985
  • "Insurance Aspects of Pensions" (with P.A. Diamond), in Pensions, Labor and Individual Choice (ed. David A. Wise), 1985
  • "Payroll-tax financed social insurance with variable retirement" (with P. A. Diamond), Scandinavian Journal of Economics, 1986
  • "Taxing Uncertain Incomes", Oxford Economic Papers, 1990
  • "Project Appraisal and Planning Twenty Years On" (with I.M.D. Little), in Proceedings of the World Bank Annual Conference on Development Economics 1990 (eds. Stanley Fischer, Dennis de Tray and Shekhar Shah), 1991
  • "Optimal Taxation of Identical Consumers when markets are incomplete" (with P.A. Diamond), in Economic Analysis of Markets and Games (ed. Dasgupta, Gale, Hart and Maskin), 1992
  • "Optimal Taxation and Government Finance" in Modern Public Finance (eds. Quigley and Smolensky), 1994
  • "Welfare Economics and Economies of Scale", Japanese Economic Review, 1995
  • "Private Risk and Public Action: The Economies of the Welfare State", European Economic Review, 1995
  • "Tax by Design: the Mirrlees Review" 19 June 2021 at the Wayback Machine, J. Mirrlees, S. Adam, T. Besley, R. Blundell, S. Bond, R. Chote, M. Gammie, P. Johnson, G. Myles and J. Poterba, ISBN 978-0-19-955374-7, Oxford University Press: September 2011.

Further reading edit

  • Huw Dixon, James Mirrlees 1936-. The Palgrave Companion to Cambridge Economics, Editor Robert Cord. Palgrave Macmillan, 2017, Pages 1079-1094. ISBN 978-1-137-41233-1
  • Richard Blundell, Ian Preston. 25 January 2019. Principles of tax design, public policy and beyond: The ideas of James Mirrlees, 1936-2018

References edit

  1. ^ Hammond, Peter J. "Curriculum Vitae" (PDF). Peter J. Hammond's Personal Home Page. Retrieved 28 January 2017.
  2. ^ "James A. Mirrlees – Curriculum Vitae". Nobelprize.org. Retrieved 29 October 2013.
  3. ^ a b "James A. Mirrlees - Biographical". www.nobelprize.org. Retrieved 6 August 2016.
  4. ^ Peter A. Diamond and James A. Mirrlees (1971). "Optimal Taxation and Public Production I: Production Efficiency," American Economic Review, 61(1), pp. 8–27 18 June 2015 at the Wayback Machine (press +).
       _____ (1971). "Optimal Taxation and Public Production II: Tax Rules," American Economic Review, 61(3), Part 1, pp. 261–278 14 August 2013 at the Wayback Machine (press +).
  5. ^ UMAC Department of Economics: Staff 16 March 2011 at the Wayback Machine
  6. ^ "Professor Sir James Mirrlees (5 July 1936 - 29 August 2018) - News - News & Events - Morningside College". www.morningside.cuhk.edu.hk. Retrieved 4 June 2023.
  7. ^ "Professor Huw Dixon". Retrieved 6 August 2016.
  8. ^ Leonard, Mark (1 January 2008). What Does China Think?. PublicAffairs. p. 141. ISBN 978-0786732036.
  9. ^ "Nobel Prize-Winning Economist James Mirrlees Dies at 82". The New York Times.
  10. ^ "Chinese University Nobel laureate James Mirrlees dies aged 82". 31 August 2018.
  11. ^ Goyal, Sanjeev (30 August 2018). "Professor Sir James Mirrlees 1936-2018". University of Cambridge. Retrieved 30 August 2018.
  12. ^ Klein, Daniel B.; Daza, Ryan; Mead, Hannah (September 2013). "James A. Mirrlees [Ideological Profiles of the Economics Laureates]" (PDF). Econ Journal Watch. 10 (3): 466–472. Retrieved 30 August 2018. At 35 no longer Christian, atheist rather.

External links edit

 
Wikiquote has quotations related to James Mirrlees.

November 30, 2023
james, mirrlees, james, alexander, mirrlees, frse, july, 1936, august, 2018, british, economist, winner, 1996, nobel, memorial, prize, economic, sciences, knighted, 1997, birthday, honours, frse, fbaborn, 1936, july, 1936minnigaff, scotlanddied29, august, 2018. Sir James Alexander Mirrlees FRSE FBA 5 July 1936 29 August 2018 was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences He was knighted in the 1997 Birthday Honours Sir James MirrleesFRSE FBABorn 1936 07 05 5 July 1936Minnigaff ScotlandDied29 August 2018 2018 08 29 aged 82 Cambridge EnglandNationalityBritishAcademic careerInstitutionChinese University of Hong KongOxford UniversityUniversity of CambridgeFieldPolitical economicsAlma materUniversity of Edinburgh MA Trinity College Cambridge PhD DoctoraladvisorRichard StoneDoctoralstudentsPartha DasguptaNicholas SternPeter J Hammond 1 Franklin AllenBarry NalebuffGeoffrey M HealHuw DixonAnthony VenablesJohn VickersAlan ManningGareth MylesPaul SeabrightHyun Song ShinZhang WeiyingContributionsAsymmetric informationMoral HazardOptimal income taxationZero population growthSpence Mirrlees conditionAwardsNobel Memorial Prize in Economic Sciences 1996 Information at IDEAS RePEc Contents 1 Early life and education 2 Economics 3 Personal life 4 Publications 5 Further reading 6 References 7 External linksEarly life and education editBorn in Minnigaff Kirkcudbrightshire Mirrlees was educated at Douglas Ewart High School then at the University of Edinburgh MA in Mathematics and Natural Philosophy in 1957 and Trinity College Cambridge Mathematical Tripos and PhD in 1963 with thesis title Optimum Planning for a Dynamic Economy supervised by Richard Stone He was a very active student debater A contemporary Quentin Skinner has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period citation needed Economics editBetween 1968 and 1976 Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times He was also a visiting professor at the University of California Berkeley 1986 and Yale University 1989 2 He taught at both Oxford University as Edgeworth Professor of Economics 1968 1995 and University of Cambridge 1963 1968 and 1995 2018 citation needed During his time at Oxford he published papers on economic models for which he would eventually be awarded his Nobel Prize The papers centred on asymmetric information which determines the extent to which they should affect the optimal rate of saving in an economy Among other results he demonstrated the principles of moral hazard and optimal income taxation discussed in the books of William Vickrey The methodology has since become the standard in the field citation needed Mirrlees and Vickrey shared the 1996 Nobel Memorial Prize in Economic Sciences for their fundamental contributions to the economic theory of incentives under asymmetric information 3 Mirrlees was also co creator with MIT Professor Peter A Diamond of the Diamond Mirrlees efficiency theorem which was developed in 1971 4 Mirrlees was emeritus Professor of Political Economy at the University of Cambridge and a Fellow of Trinity College Cambridge He spent several months a year at the University of Melbourne Australia He was the Distinguished Professor at Large of the Chinese University of Hong Kong as well as University of Macau 5 In 2009 he was appointed Founding Master of the Morningside College of the Chinese University of Hong Kong 6 Mirrlees was a member of Scotland s Council of Economic Advisers He also led the Mirrlees Review a review of the UK tax system by the Institute for Fiscal Studies citation needed His Ph D students included eminent academics and policy makers like professor Franklin Allen Sir Partha Dasgupta 3 professor Huw Dixon 7 professor Hyun Song Shin Lord Nicholas Stern professor Anthony Venables Sir John Vickers and professor Zhang Weiying 8 He died in Cambridge England on 29 August 2018 9 10 11 Personal life editMirrlees was an atheist 12 Publications edit A New Model of Economic Growth with N Kaldor RES 1962 Optimum Growth When Technology is Changing RES 1967 The Dynamic Nonsubstitution Theorem RES 1969 The Evaluation of National Income in an Imperfect Economy Pakistan Development Review 1969 Manual of Industrial Project Analysis in Developing Countries Vol II Social Cost Benefit Analysis with I M D Little 1969 An Exploration in the Theory of Optimum Income Taxation RES 1971 1 Optimal Taxation and Public Production I Production Efficiency with P A Diamond AER 1971 Optimal Taxation and Public Production II Tax Rules with P A Diamond AER 1971 The Terms of Trade Pearson on Trade Debt and Liquidity in The Widening Gap ed Barbara Ward 1971 On Producer Taxation RES 1972 Further Reflections on Project Analysis with I M D Little Development and Planning Essays for Paul Rosenstein Rodan eds Bhagwati and Eckaus 1972 Fairly Good Plans with N H Stern Journal of Economic Theory 1972 Aggregate Production with Consumption Externalities with P A Diamond QJE 1973 The Optimum Town Swedish Journal of Economics 1972 Population Policy and the Taxation of Family Size Journal of Public Economics 1972 Agreeable Plans with P J Hammond and Models of Economic Growth introduction in Models of Economic Growth ed Mirrlees and Stern 1973 Project Appraisal and Planning for Developing Countries with I M D Little 1974 Optimal Accumulation under Uncertainty the Case of Stationary Returns to Investment in Allocation under Uncertainty ed J Dreze 1974 Notes on Welfare Economics Information and Uncertainty in Essays in Equilibrium Behavior under Uncertainty eds M Balch D McFadden and S Wu 1974 Optimal Taxation in a Two Class Economy Journal of Public Economics 1975 Optimum Saving with Economies of Scale with A K Dixit and N H Stern RES 1975 A Pure Theory of Underdeveloped Economies using a Relationship between Consumption and Productivity in Agriculture in Development Theory ed L Reynolds 1975 The Desirability of Natural Resource Depletion with J A Kay in The Economics of Natural Resource Depletion ed D W Pearce 1975 The Optimal Structure of Incentives and Authority within an Organization Bell Journal of Economics and Management Science 1976 On the Assignment of Liability the Uniform Case with P A Diamond Bell Journal of Economics 1975 Private Constant Returns and Public Shadow Prices with P A Diamond RES 1976 Optimal Tax Theory A Synthesis Journal of Public Economics December 1976 Implications for Tax Rates in Taxation and Incentives 1976 Arguments for Public Expenditure in Contemporary Economic Analysis eds Artis and Nobay 1979 Social Benefit Cost Analysis and the Distribution of Income World Development 1978 A Model of Optimal Social Insurance with Variable Retirement with P A Diamond Journal of Public Economics 1978 Optimal Taxation in a Stochastic Economy A Cobb Douglas Example with P A Diamond and J Helms Journal of Public Economics 1980 Optimal Foreign income taxation Journal of Public Economics 1982 The economic uses of utilitarianism in Sen Amartya Williams Bernard eds 1982 Utilitarianism and beyond Cambridge Cambridge University Press pp 63 84 ISBN 9780511611964 The Theory of Optimum Taxation Handbook of Mathematical Economics eds Arrow and Intriligator Vol III 1985 Insurance Aspects of Pensions with P A Diamond in Pensions Labor and Individual Choice ed David A Wise 1985 Payroll tax financed social insurance with variable retirement with P A Diamond Scandinavian Journal of Economics 1986 Taxing Uncertain Incomes Oxford Economic Papers 1990 Project Appraisal and Planning Twenty Years On with I M D Little in Proceedings of the World Bank Annual Conference on Development Economics 1990 eds Stanley Fischer Dennis de Tray and Shekhar Shah 1991 Optimal Taxation of Identical Consumers when markets are incomplete with P A Diamond in Economic Analysis of Markets and Games ed Dasgupta Gale Hart and Maskin 1992 Optimal Taxation and Government Finance in Modern Public Finance eds Quigley and Smolensky 1994 Welfare Economics and Economies of Scale Japanese Economic Review 1995 Private Risk and Public Action The Economies of the Welfare State European Economic Review 1995 Tax by Design the Mirrlees Review Archived 19 June 2021 at the Wayback Machine J Mirrlees S Adam T Besley R Blundell S Bond R Chote M Gammie P Johnson G Myles and J Poterba ISBN 978 0 19 955374 7 Oxford University Press September 2011 Further reading editHuw Dixon James Mirrlees 1936 The Palgrave Companion to Cambridge Economics Editor Robert Cord Palgrave Macmillan 2017 Pages 1079 1094 ISBN 978 1 137 41233 1 Richard Blundell Ian Preston 25 January 2019 Principles of tax design public policy and beyond The ideas of James Mirrlees 1936 2018References edit Hammond Peter J Curriculum Vitae PDF Peter J Hammond s Personal Home Page Retrieved 28 January 2017 James A Mirrlees Curriculum Vitae Nobelprize org Retrieved 29 October 2013 a b James A Mirrlees Biographical www nobelprize org Retrieved 6 August 2016 Peter A Diamond and James A Mirrlees 1971 Optimal Taxation and Public Production I Production Efficiency American Economic Review 61 1 pp 8 27 Archived 18 June 2015 at the Wayback Machine press 1971 Optimal Taxation and Public Production II Tax Rules American Economic Review 61 3 Part 1 pp 261 278 Archived 14 August 2013 at the Wayback Machine press UMAC Department of Economics Staff Archived 16 March 2011 at the Wayback Machine Professor Sir James Mirrlees 5 July 1936 29 August 2018 News News amp Events Morningside College www morningside cuhk edu hk Retrieved 4 June 2023 Professor Huw Dixon Retrieved 6 August 2016 Leonard Mark 1 January 2008 What Does China Think PublicAffairs p 141 ISBN 978 0786732036 Nobel Prize Winning Economist James Mirrlees Dies at 82 The New York Times Chinese University Nobel laureate James Mirrlees dies aged 82 31 August 2018 Goyal Sanjeev 30 August 2018 Professor Sir James Mirrlees 1936 2018 University of Cambridge Retrieved 30 August 2018 Klein Daniel B Daza Ryan Mead Hannah September 2013 James A Mirrlees Ideological Profiles of the Economics Laureates PDF Econ Journal Watch 10 3 466 472 Retrieved 30 August 2018 At 35 no longer Christian atheist rather External links edit nbsp Wikiquote has quotations related to James Mirrlees James A Mirrlees Autobiography and CV at the Wayback Machine archived 27 October 2009 James Mirrlees website Pete Tregear and Dan Atherton Biographic speech from The Chinese University of Hong Kong James Mirrlees interviewed by Alan Macfarlane 21 July 2009 video James A Mirrlees 1936 The Concise Encyclopedia of Economics Library of Economics and Liberty 2nd ed Liberty Fund 2008 James Mirrlees at the Mathematics Genealogy Project nbsp James Mirrlees on Nobelprize org nbsp including the Prize Lecture 9 December 1996 Information and Incentives The Economics of Carrots and SticksAwardsPreceded byRobert E Lucas Jr Laureate of the Nobel Memorial Prize in Economics1996 Served alongside William Vickrey Succeeded byRobert C MertonMyron S Scholes Retrieved from https en wikipedia org w index php title James Mirrlees amp oldid 1163050555, wikipedia, wiki, book, books, library,

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