Cover image for Frontiers of economics : Nobel laureates of the twentieth century
Frontiers of economics : Nobel laureates of the twentieth century
Wahid, Abu N. M.
Publication Information:
Westport, Conn. : Greenwood Press, [2002]

Physical Description:
xxxi, 422 pages ; 24 cm
Added Author:
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HB87 .F76 2002 Adult Non-Fiction Central Closed Stacks-Non circulating

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Economics Nobel laureates are the pioneers of the science of economics. They are the most brilliant products of the discipline and have made enormous original contributions to the field of economics, and oftentimes history, political science, business, and other subjects. Their works, struggles, successes and failures are fascinating, and readers are given a glimpse into each laureate's life, where and when they were born and raised, what schools they attended, and who influenced their intellectual development. Most importantly, each laureate's often complex corpus of work is described as succinctly as possible without losing the work's original flavor: what it contributed to the field, and how it was received by peers, and how it affected the world. A list of selected further readings concludes each entry, directing the reader to the primary and secondary works essential to understanding the works of these towering figures.

Arranged chronologically by year of award, all 44 entries cogently explain the laureate's life's work in language even non-economists can follow. Economists interested in the intellectual history of their discipline, and professors and students of business will find Wahid's book a very useful resource when seeking out the basic outlines of the thoughts of the scholars who have shaped the fields of economic inquiry, practice, and research. Also, any student in the social sciences thumbing through this book will instantly recognize many currents of thought that have influenced the way scholars in their discipline approach their craft.

Author Notes

ABU N.M. WAHID is Professor of Economics and Finance at Tennessee State University's College of Business, Nashville. Professor Wahid co-edited, with Charles E. Weis, The Economy of Bangladesh: Problems and Prospects (Praeger, 1996).

Reviews 1

Choice Review

Wahid (Tennessee State Univ.) originally planned to write a book exploring the frontiers of economic analysis by surveying the contributions of Nobel laureates in economics. Lacking time to write this book himself, he assembled a group of 42 collaborators and converted the project into a collection of essays. Each of the 44 Nobel winners through 1999 receives a short, 4-to-13-page chapter. Although the quality of the essays varies, the book has more unity than one might expect given its many contributors because each chapter follows the same format. The volume is competently written and edited, but its intended audience is unclear. Most chapters summarize the major publications and contributions of a laureate, and most laureates wrote extensively on many topics. Noneconomists, lost in technical detail, will often miss the significance of the central contribution of a laureate, while economists will find the discussions too brief and superficial to be of much interest. Most appropriate for academic collections, upper-division undergraduate and up, and public libraries with strong economics collections. R. E. Schenk Saint Joseph's College (IN)

Table of Contents

Abu N. M. WahidLewis L. LaskaM. Mahabub-ul IslamDerek P.J. HumM. Mahabub-ul IslamShamim ShakurShamim ShakurLorenzo GarboMussaddeq ChowdhuryS. Hussain Ali JafriKhashruzzaman ChoudhuryAbul Hasnat DewanMuhammad MustafaKhashruzzaman ChoudhuryKhashruzzaman Choudhury and Abu N. M. WahidSajjad Zahir and Abu N. M. WahidMohammed SharifBaker A. Siddiquee and Faridul IslamAkhter FaroqueAbdur R. ChowdhuryMahbub UllahMasudul A. ChoudhurySalah Uddin AhmedMoazzem HossainMinh Q. DaoB. Mak Arvin and Marisa A. SciglianoBruce Cater and A. Eric KamAbu N. M. Wahid and Baker A. SiddiqueeJohn M. HastySyed M. Harun and M. Kabir HassanLinda L. CarrSaud A. ChoudhryMobinul HuqAbu N.M. WahidNorman SchofieldIrwin LipnowskiHalima Qureshi and Hasina MohyuddinIrwin LipnowskiFaridul Islam and Norman D. GardnerHollis F. Price and A.K. Enamul HaqueM. Muin UddinIhsan Isik and M. Kabir HassanIhsan Isik and M. Kabir HassanFaridul Islam and Ian K. Wilson and Norman D. GardnerJames W. Dean
Prefacep. xiii
About the Editor and Contributorsp. xv
The Economics Nobel Prize at a Glance (1969-1999)p. xxvii
1. The Nobel Prize in Economics: A Brief Overviewp. 1
2. Ragnar Frisch (1895-1973): A Founding Father of Econometrics and a Laureate of 1969p. 9
3. Jan Tinbergen (1903-1994): Who Integrated Physics, Mathematics, Statistics, and Economics and Was a Laureate of 1969p. 19
4. Paul Samuelson (1915- ): An Economist's Economist and the Laureate of 1970p. 27
5. Simon Kuznets (1901-1985): An Originator of the National Income Accounting Method and the Laureate of 1971p. 37
6. Kenneth Arrow (1921- ): The Father of the Arrow's Impossibility Theorem and a Laureate of 1972p. 45
7. John Hicks (1904-1989): An Architect of the Famous IS-LM Framework and a Laureate of 1972p. 55
8. Wassily Leontief (1906-1999): The Founder of Input-Output Analysis and the Laureate of 1973p. 63
9. Friedrich Hayek (1899-1992): Who Combined Psychology, Physiology, Philosophy, and Economics and Was a Laureate of 1974p. 75
10. Gunnar Myrdal (1898-1987): An Economist, a Social Thinker, a Politician, and a Laureate of 1974p. 83
11. Leonid Kantorovich (1912-1986): A Pioneer of the Theory of Optimum Resource Allocation and a Laureate of 1975p. 93
12. Tjalling Koopmans (1910-1985): The Originator of Activity Analysis and a Laureate of 1975p. 99
13. Milton Friedman (1912- ): The Leader of the Monetarist School of Thought and the Laureate of 1976p. 109
14. James Meade (1907-1995): A Pioneer of the Theory of the Second Best and a Laureate of 1977p. 117
15. Bertil Ohlin (1899-1979): A Co-founder of the Celebrated Heckscher-Ohlin Theorem of Factor Endowment and a Laureate of 1977p. 123
16. Herbert Simon (1916-2001): One of the Most Versatile Talents of the Twentieth Century and the Laureate of 1978p. 129
17. Arthur Lewis (1915-1991): The Founder of the Theory of Unlimited Supplies of Labor and a Laureate of 1979p. 137
18. Theodore Schultz (1902-1998): An Expert on Agricultural Economics and Human Capital Theories and a Laureate of 1979p. 147
19. Lawrence Klein (1920- ): A Giant of Econometric Modeling and the Laureate of 1980p. 157
20. James Tobin (1918- ): An Architect of the Portfolio Selection Theory and the Laureate of 1981p. 165
21. George Stigler (1911-1991): An Authority on the Economics of Regulations and Industrial Organization and the Laureate of 1982p. 171
22. Gerard Debreu (1921- ): A Brilliant Mathematician and a Frontiersman of the Theory of the Existence of Equilibrium and the Laureate of 1983p. 181
23. Richard Stone (1913-1991): A Specialist of the Consumer Demand Theories and Empirical Modeling and the Laureate of 1984p. 189
24. Franco Modigliani (1918- ): A Founder of the Life Cycle Hypothesis and the Laureate of 1985p. 199
25. James Buchanan (1919- ): A Pioneer of Public Economics and the Laureate of 1986p. 207
26. Robert Solow (1924- ): A Founder of the Modern Growth Theories and the Laureate of 1987p. 213
27. Maurice Allais (1911- ): An Applied Microtheorist and the Laureate of 1988p. 221
28. Trygve Haavelmo (1911-1999): A Founder of the Simultaneous Equations System and the Laureate of 1989p. 227
29. Harry Markowitz (1927- ): A Founding Father of the Modern Portfolio Theory and a Laureate of 1990p. 237
30. Merton Miller (1923-2000): A Guru of Corporate Finance and a Laureate of 1990p. 243
31. William Sharpe (1934- ): A Founder of the Capital Asset Pricing Model (CAPM) and a Laureate of 1990p. 253
32. Ronald Coase (1910- ): A Pioneer of the Economics of Property Rights and the Economics of Law and the Laureate of 1991p. 257
33. Gary Becker (1930- ): A Champion of the Economics of Household, Marriage, and Divorce and the Laureate of 1992p. 265
34. Robert Fogel (1926- ): An Originator of "Cliometrics" and a Laureate of 1993p. 273
35. Douglass North (1920- ): A Pioneer of the Economics of Institutions and a Laureate of 1993p. 283
36. John Harsanyi (1920-2000): A Master of Rational Behavior and Bargaining in Games and a Laureate of 1994p. 291
37. John Nash (1928- ): A Discoverer of the Nash Equilibrium and a Laureate of 1994p. 299
38. Reinhard Selten (1930- ): Who Refines the Concept of Equilibrium and Is a Laureate of 1994p. 309
39. Robert Lucas Jr. (1937- ): A Pioneer of the New Classical School of Thought and the Laureate of 1995p. 319
40. James Mirrlees (1936- ): An Authority on Information Economics and a Laureate of 1996p. 333
41. William Vickrey (1914-1996): An Expert on Moral Hazard and Adverse Selection and a Laureate of 1996p. 339
42. Robert Merton (1944- ): A Solver of the Option Pricing Model and a Laureate of 1997p. 351
43. Myron Scholes (1941- ): An Applied Financial Economist and a Laureate of 1997p. 359
44. Amartya Sen (1933- ): A Champion of Welfare Economics and Poverty Studies and the Laureate of 1998p. 367
45. Robert Mundell (1932- ): Who Offers Consensual Frameworks for Continuing Controversies and Is the Laureate of 1999p. 381
Indexp. 389