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Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process; with six new laureates.

Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by thirty-two Nobel Prize laureates in economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content.

This seventh edition adds six Nobelists to its pages: Roger B. Myerson (co-recipient in 2007) describes his evolution as a game theorist and his application of game theory to issues that ranged from electoral systems to perverse incentives; Thomas J. Sargent (co-recipient in 2011), recounts the development of the rational expectations model, which fundamentally changed the policy implications for macroeconomic models; Amartya Sen (recipient in 1998) reflects on his use of a bicycle (later donated to the Nobel Museum) to collect data early in his career; A. Michael Spence (co-recipient in 2001) describes, among other things, his whiplash-inducing first foray into teaching an undergraduate class; Christopher A. Sims (co-recipient in 2011) discusses his “non-Nobel” research; and Alvin E. Roth (co-recipient in 2012) chronicles the “three insurrections” he has witnessed in mainstream economics.

Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms.

The Laureates

W. Arthur Lewis, Lawrence R. Klein, Kenneth J. Arrow, Paul A. Samuelson, Milton Friedman, George J. Stigler, James Tobin, Franco Modigliani, James M. Buchanan, Robert M. Solow, William F. Sharpe, Ronald H. Coase, Douglass C. North, John C. Harsanyi, Myron S. Scholes, Gary S. Becker, Robert E. Lucas, Jr., Vernon L. Smith, Clive W. J. Granger, Edward C. Prescott, Thomas C. Schelling, Edmund S. Phelps, Eric S. Maskin, Joseph E. Stiglitz, Paul Krugman, Peter A. Diamond, Roger B. Myerson, Thomas J. Sargent, Amartya Sen, A. Michael Spence, Christopher A. Sims, Alvin E. Roth

Product Details

ISBN-13: 9780262043779
Publisher: MIT Press
Publication date: 06/23/2020
Series: The MIT Press
Edition description: seventh edition
Pages: 488
Sales rank: 589,455
Product dimensions: 6.31(w) x 9.31(h) x 1.42(d)
Age Range: 18 Years

About the Author

Roger W. Spencer is Vernon F. Taylor Professor of Economics at Trinity University, San Antonio.

David A. Macpherson is E. M. Stevens Professor of Economics at Trinity University, San Antonio.

Kenneth J. Arrow, who was awarded the Nobel Memorial Prize in Economics in 1972, is Joan Kenny Professor of Economics and Professor of Operations Research at Stanford University.

Paul Samuelson (1915–2009) received the Nobel Prize in Economics in 1970. He was Institute Professor, Emeritus; Professor of Economics, Emeritus; and Gordon Y. Billard Fellow at MIT. His influential Economics: An Introductory Analysis is the most widely used economics textbook ever published.

James Tobin, who received the Nobel prize in economics in 1981, is Sterling Professor of Economics at Yale.

Franco Modigliani (1918-2003) was Professor Emeritus of Economics and Management at MIT, where he began teaching in 1960. He won the Nobel Prize for Economics in 1985.

James M. Buchanan, awarded the 1986 Nobel Prize in Economic Sciences, was Professor Emeritus at George Mason University.

Robert M. Solow is Institute Professor of Economics.

James J. Heckman is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago. He was a recipient of the Nobel Prize for Economic Sciences in 2000. He is the coauthor (with Alan B. Krueger) of Inequality in America: What Role for Human Capital Policies? (MIT Press).

Edward C. Prescott is Regents' Professor at the University of Minnesota and Economic Advisor, Federal Reserve Bank of Minneapolis.

Edmund S. Phelps is McVickar Professor of Political Economy at Columbia University and founder of Columbia's Center on Capitalism and Society. He was the 2006 Nobel Laureate in Economics.

Institute for Advanced Study

Joseph Stiglitz, a 2001 Nobel Laureate, is University Professor at Columbia University.

Paul Krugman is Professor of Economics and International Affairs at Princeton University and a New York Times columnist. He was awarded the Nobel Prize for Economics in 2008.

Peter Diamond is John and Jennie S. McDonald Professor of Economics at MIT. He received the 2010 Nobel Prize in Economics.

Table of Contents

Introduction to the Seventh Edition vii

Acknowledgments xi

W. Arthur Lewis 1

Lawrence R. Klein 9

Kenneth J. Arrow 25

Paul A. Samuelson 37

Milton Friedman 51

George J. Stigler 63

James Tobin 75

Franco Modigliani 89

James M. Buchanan 103

Robert M. Solow 115

William F. Sharpe 131

Ronald H. Coase 149

Douglass C. North 163

John C. Harsanyi 173

Myron S. Scholes 183

Gary S. Becker 195

Robert E. Lucas, Jr. 213

Vernon L. Smith 231

Clive W. J. Granger 245

Edward C. Prescott 255

Thomas C. Schelling 269

Edmund S. Phelps 283

Eric S. Maskin 295

Joseph E. Stiglitz 305

Paul Krugman 323

Peter A. Diamond 335

Roger B. Myerson 351

Thomas J. Sargent 369

Amartya Sen 387

A. Michael Spence 403

Christopher A. Sims 421

Alvin E. Roth 433

Lessons from the Laureates: An Afterword 453

What People are Saying About This

From the Publisher

For anyone who seeks to understand the economy, this book is pure inspiration. What could be better than looking into the minds and souls of the world's greatest economic thinkers?

N. Gregory Mankiw, Robert M. Beren Professor of Economics, Harvard University

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