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MIT Department of Economics

February 16, 2024

The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.

Undergraduate studies in economics were introduced in the 19th century by institute president Francis Amasa Walker, while the department's Ph.D. program was introduced in 1941. The American Economics Association estimates that MIT and these peers produce half of all tenure track professors at U.S. research universities.[citation needed] By 2020, the department has the second highest number of Ph.D. alumni who received the Nobel Prize in Economics in the world (12) only behind Harvard Economics (13) and ahead of UChicago Economics (9). Nine out of 18 Clark medalists since 1999 received Ph.D. degrees from the department.

History edit

In the 1890s, economists including Francis Amasa Walker and Davis Rich Dewey taught courses in economics to the undergraduate students.[1] It was known as the Department of Economics and Social Sciences. In 1937, the department established a graduate program, while in 1941, it established a Ph.D. program.[2] In the 1950s and the 1960s, the department expanded its graduate program.[3] In these years, the program became more quantitatively oriented and emphasized technical training.[4] Approximately 25 students enrolled each year.[5] In the 1970s, the first Black American graduate students joined the program as part of a desegregation program.[6]

Prominent faculty edit

Nobel Laureates edit

Among the department's past and current faculty and alumni are several recipients of the Nobel Prize in Economics:

Current Faculty edit

Professors edit

Associate Professors edit

Assistant Professors edit

  • Nikhil Agarwal
  • Isiah Andrews
  • David Atkin
  • Frank Schilbach

Senior Lecturer edit

  • Sara Fisher Ellison

Professors Emeriti edit

Affiliated Faculty edit

Former Faculty edit

Notable alumni edit

References edit

  1. ^ "Economics in MIT's fourth school". Soundings.
  2. ^ "About the Program". MIT Economics.
  3. ^ Cherrier, Beatrice (2013). "A Preliminary History of Economics at MIT, 1940-1972". History of Political Economy.
  4. ^ Duarte, Pedro Garcia (2014). "The Early Years of the MIT PhD Program in Industrial Economics". History of Political Economy. 46: 81–108. doi:10.1215/00182702-2716127.
  5. ^ Collier, Irwin (7 February 2018). "M.I.T. GRADUATE ECONOMICS PROGRAM BROCHURE, 1961".
  6. ^ Darity, William; Kreeger, Arden (2013). "The Desegregation of an Elite Economics Department's PhD Program: Black Americans at MIT". History of Political Economy.
  7. ^ "McFadden developed Nobel winning theory at MIT".
  8. ^ "Rudiger Dornbusch". The Economist. 8 August 2002.
  9. ^ "Author(s) | the MIT Press".

External links edit

  • MIT Department of Economics website

February 16, 2024
department, economics, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, dece. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources MIT Department of Economics news newspapers books scholar JSTOR December 2016 Learn how and when to remove this template message The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge Massachusetts Undergraduate studies in economics were introduced in the 19th century by institute president Francis Amasa Walker while the department s Ph D program was introduced in 1941 The American Economics Association estimates that MIT and these peers produce half of all tenure track professors at U S research universities citation needed By 2020 the department has the second highest number of Ph D alumni who received the Nobel Prize in Economics in the world 12 only behind Harvard Economics 13 and ahead of UChicago Economics 9 Nine out of 18 Clark medalists since 1999 received Ph D degrees from the department Contents 1 History 2 Prominent faculty 3 Nobel Laureates 4 Current Faculty 4 1 Professors 4 2 Associate Professors 4 3 Assistant Professors 4 4 Senior Lecturer 4 5 Professors Emeriti 5 Affiliated Faculty 6 Former Faculty 7 Notable alumni 8 References 9 External linksHistory editIn the 1890s economists including Francis Amasa Walker and Davis Rich Dewey taught courses in economics to the undergraduate students 1 It was known as the Department of Economics and Social Sciences In 1937 the department established a graduate program while in 1941 it established a Ph D program 2 In the 1950s and the 1960s the department expanded its graduate program 3 In these years the program became more quantitatively oriented and emphasized technical training 4 Approximately 25 students enrolled each year 5 In the 1970s the first Black American graduate students joined the program as part of a desegregation program 6 Prominent faculty editPaul Samuelson 1940 2009 Nobel Prize 1970 Franco Modigliani 1962 2003 Nobel Prize 1985 John Williamson 1967 1980 originator of the Washington Consensus Robert Solow 1960 1979 Nobel Prize 1987 Stanley Fischer 1977 1988 Vice Chairman of the US Federal Reserve Governor of Bank of Israel Robert F Engle 1969 1977 Nobel Prize 2003 Daniel McFadden 1977 1991 Nobel Prize 2000 7 George P Shultz 1948 1957 Former Secretary of State Secretary of Treasury Secretary of Labour Myron S Scholes 1968 1973 Nobel prize in 1997 for the Black Scholes equation Rudi Dornbusch 1975 2002 known for the Overshooting Model 8 Francesco Giavazzi 1989 present 9 Nobel Laureates editAmong the department s past and current faculty and alumni are several recipients of the Nobel Prize in Economics Joshua Angrist 2021 Esther Duflo Ph D 1999 and Abhijit Banerjee 2019 William Nordhaus 2018 Bengt Holmstrom 2016 Jean Tirole 2014 Robert J Shiller 2013 Peter A Diamond 2010 Oliver E Williamson 2009 Paul Krugman Ph D 1977 2008 Eric Maskin 2007 Edmund Phelps 2006 Robert J Aumann 2005 Robert F Engle 2003 George Akerlof Ph D 1966 and Joseph Stiglitz Ph D 1967 2001 Daniel McFadden 2000 Robert Mundell Ph D 1956 1999 Amartya Sen 1998 Robert C Merton Ph D 1970 1997 Robert Solow 1987 Franco Modigliani 1985 Lawrence Klein Ph D 1944 1980 Paul Samuelson 1970Current Faculty editProfessors edit Alberto Abadie Daron Acemoglu George Marios Angeletos Joshua Angrist David Autor Abhijit Banerjee Ricardo J Caballero Victor Chernozhukov Arnaud Costinot Esther Duflo Glenn Ellison past Department Head Amy Finkelstein Drew Fudenberg Robert S Gibbons Jonathan Gruber Jeffrey Harris Bengt R Holmstrom past Department Head Whitney K Newey Benjamin Olken Parag Pathak James M Poterba past Department Head Drazen Prelec Nancy Rose current Department Head Robert M Townsend John Van Reenen Ivan Werning Michael Whinston Alexander Wolitzky Muhamet YildizAssociate Professors edit Anna MikushevaAssistant Professors edit Nikhil Agarwal Isiah Andrews David Atkin Frank SchilbachSenior Lecturer edit Sara Fisher EllisonProfessors Emeriti edit Morris Adelman Sidney Alexander Robert L Bishop former Department Head former Dean School of Humanities Arts and Social Sciences Olivier Blanchard Richard S Eckaus past Department Head Peter A Diamond past Department Head Stanley Fischer past Department Head Paul Joskow past Department Head Michael Piore Jerome Rothenberg Richard L Schmalensee Abraham J Seigel Robert Solow Peter Temin past Department Head William WheatonAffiliated Faculty editMathias Dewatripont Ernst Fehr Jean TiroleFormer Faculty editSusan Athey Ph D Stanford John Bates Clark Medal 2007 E Cary Brown Ph D Harvard Professor of Economics Emeritus Evsey Domar Ph D Harvard Rudi Dornbusch Ph D Chicago Ford International Professor International Economics Robert F Engle Ph D Cornell Stanley Fischer Ph D MIT Charles P Kindleberger Ph D Columbia Ford International Professor of Economics Emeritus Edwin Kuh Ph D Harvard Paul Krugman Ph D MIT John Bates Clark Medal 1991 Eric Maskin Ph D Harvard Daniel McFadden Ph D Minnesota Franco Modigliani D Jur Rome and D Soc Sci The New School for Social Research Institute Professor Emeritus Professor of Finance amp Economics George P Shultz Ph D MIT Hal Varian Ph D Berkeley Notable alumni editLawrence R Klein Ph D 1944 John Bates Clark Medalist 1959 president of the Econometric Society 1960 president of the American Economic Association 1977 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1980 Margaret Garritsen de Vries Ph D 1946 Carolyn Shaw Bell Award Recipient 2002 George P Shultz Ph D 1949 Distinguished Fellow of the American Economic Association 2004 Ronald W Jones Ph D 1956 Distinguished Fellow of the American Economic Association 2009 William Nordhaus Ph D 1967 Council of Economic Advisers 1977 1979 Mario Draghi Ph D 1976 Governor of the Banca d Italia chairman of the Financial Stability Forum president of the European Central Bank Robert A Mundell Ph D 1956 Distinguished Fellow of the American Economic Association 1996 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1999 Peter A Diamond Ph D 1963 president of the Econometric Society 1991 president of the American Economic Association 2003 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010 Riccardo Faini PhD former head of the Economic and Financial Analysis Service of the Italian Ministry of Treasury George A Akerlof Ph D 1966 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001 president of the American Economic Association 2006 Joseph E Stiglitz Ph D 1966 John Bates Clark Medalist 1979 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001 Jagdish N Bhagwati Ph D 1967 Distinguished Fellow of the American Economic Association 2003 Robert E Hall Ph D 1967 president of the American Economic Association 2010 William D Nordhaus Ph D 1967 Member of the Council of Economic Advisers 1977 1979 Distinguished Fellow of the American Economic Association 2004 president of the American Economic Association 2014 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 Avinash K Dixit Ph D 1968 president of the Econometric Society 2001 president of the American Economic Association 2008 Robert J Gordon Ph D 1967 Distinguished Fellow of the American Economic Association 2014 Michael Rothschild Ph D 1968 Distinguished Fellow of the American Economic Association 2005 Stanley Fischer Ph D 1969 Vice Chairman of the US Federal Reserve Governor of the Bank of Israel Distinguished Fellow of the American Economic Association 2013 Robert C Merton Ph D 1970 president of the American Finance Association 1986 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1997 Tommaso Padoa Schioppa M Sc 1970 European Central Bank executive board 1998 2005 former Italian minister of economy and finance Jeremy J Siegel Ph D 1971 financial markets guru Martin Neil Baily Ph D 1972 Chairman of the Council of Economic Advisers 1999 2001 Alan S Blinder Ph D 1971 Distinguished Fellow of the American Economic Association 2011 Robert J Shiller Ph D 1972 Fellow of the American Finance Association 2006 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013 Lawrence Summers B S 1975 Secretary of the Treasury 1999 2001 Mario Draghi Ph D 1976 president of the European Central Bank 2011 Governor of the Banca d Italia Chairman of the Financial Stability Forum Paul R Krugman Ph D 1977 Member of the Council of Economic Advisers 1982 1983 John Bates Clark Medalist 1991 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 Lucas Papademos Ph D 1977 vice president of the European Central Bank 2002 Ben S Bernanke Ph D 1979 Chairman of the Federal Reserve 2006 2014 Kenneth S Rogoff Ph D 1980 IMF chief economist Jean Tirole Ph D 1981 president of the Econometric Society 1998 president of the European Economic Association 2001 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 N Gregory Mankiw Ph D 1984 Chairman of the Council of Economic Advisers 2003 2005 Andrei Shleifer Ph D 1986 John Bates Clark Medalist 1999 Matthew Rabin Ph D 1989 John Bates Clark Medalist 2001 Andrew Samwick Ph D 1993 Member of the Council of Economic Advisers 2003 2004 Judith Chevalier Ph D 1993 Elaine Bennett Research Prize recipient 1998 Steven D Levitt Ph D 1994 John Bates Clark Medalist 2003 co author of Freakonomics Emmanuel Saez Ph D 1999 John Bates Clark Medalist 2009 Esther Duflo Ph D 1999 John Bates Clark Medalist 2010 Elaine Bennett Research Prize recipient 2002 Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 co author Poor Economics Jonathan Levin Ph D 1999 John Bates Clark Medalist 2011 Amy Finkelstein Ph D 2001 John Bates Clark Medalist 2012 Elaine Bennett Research Prize recipient 2008References edit Economics in MIT s fourth school Soundings About the Program MIT Economics Cherrier Beatrice 2013 A Preliminary History of Economics at MIT 1940 1972 History of Political Economy Duarte Pedro Garcia 2014 The Early Years of the MIT PhD Program in Industrial Economics History of Political Economy 46 81 108 doi 10 1215 00182702 2716127 Collier Irwin 7 February 2018 M I T GRADUATE ECONOMICS PROGRAM BROCHURE 1961 Darity William Kreeger Arden 2013 The Desegregation of an Elite Economics Department s PhD Program Black Americans at MIT History of Political Economy McFadden developed Nobel winning theory at MIT Rudiger Dornbusch The Economist 8 August 2002 Author s the MIT Press External links editMIT Department of Economics website Retrieved from https en wikipedia org w index php title MIT Department of Economics amp oldid 1188184467, wikipedia, wiki, book, books, library,

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