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James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model.
Franco Modigliani was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon University, and MIT Sloan School of Management.
A tenant farmer is a person who resides on land owned by a landlord. Tenant farming is an agricultural production system in which landowners contribute their land and often a measure of operating capital and management, while tenant farmers contribute their labor along with at times varying amounts of capital and management. Depending on the contract, tenants can make payments to the owner either of a fixed portion of the product, in cash or in a combination. The rights the tenant has over the land, the form, and measures of payment vary across systems. In some systems, the tenant could be evicted at whim ; in others, the landowner and tenant sign a contract for a fixed number of years. In most developed countries today, at least some restrictions are placed on the rights of landlords to evict tenants under normal circumstances.
The Grange, officially named The National Grange of the Order of Patrons of Husbandry, is a social organization in the United States that encourages families to band together to promote the economic and political well-being of the community and agriculture. The Grange, founded after the Civil War in 1867, is the oldest American agricultural advocacy group with a national scope. The Grange actively lobbied state legislatures and Congress for political goals, such as the Granger Laws to lower rates charged by railroads, and rural free mail delivery by the Post Office.
Sharecropping is a legal arrangement in which a landowner allows a tenant to use the land in return for a share of the crops produced on that land.
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ecosystem. Throughout the 20th century the discipline expanded and the current scope of the discipline is much broader. Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics. Agricultural economists have made substantial contributions to research in economics, econometrics, development economics, and environmental economics. Agricultural economics influences food policy, agricultural policy, and environmental policy.
Harold Hotelling was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. He also developed and named the principal component analysis method widely used in finance, statistics and computer science.
Robert Fry Engle III is an American economist and statistician. He won the 2003 Nobel Memorial Prize in Economic Sciences, sharing the award with Clive Granger, "for methods of analyzing economic time series with time-varying volatility (ARCH)".
Theodore William Schultz was an American agricultural economist and chairman of the University of Chicago Department of Economics. Schultz rose to national prominence after winning the 1979 Nobel Memorial Prize in Economic Sciences.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Sanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance. His research in macroeconomics, finance, and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management, an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.
Ujamaa was a socialist ideology that formed the basis of Julius Nyerere's social and economic development policies in Tanzania after it gained independence from Britain in 1961.
David T. Beito is an American historian and professor emeritus of history at the University of Alabama.
The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.
Robert (Bob) Arthur Haugen was a financial economist and a pioneer in the field of quantitative investing and low-volatility investing. He was President of Haugen Custom Financial Systems and also consulted and spoke globally.
Kenneth Herald Parsons (1903–1998) was a professor of agricultural economics at the University of Wisconsin–Madison.
Marc Leon Nerlove is an American agricultural economist and econometrician and a distinguished university professor emeritus in agricultural and resource economics at the University of Maryland. He was awarded the John Bates Clark Medal from the American Economic Association (AEA) in 1969 and held appointments at eight different universities from 1958–2016. The Clark Medal is awarded to an economist under the age of 40 who “is judged to have made the most significant contribution to economic thought and knowledge”, and when the AEA appointed him as a distinguished fellow in 2012, they cited his development of widely used econometric methods across a range of subjects, including supply and demand, time series analysis, production functions, panel analysis, and family demography.
Thomas Nixon Carver was an American economics professor.
Roland R. Renne was an American agricultural economics professor who served as President of Montana State College from 1943 to 1964. Renne was also active in Washington, D.C., and United States overseas agricultural economics work. He was the 1964 Democratic candidate for governor of Montana.
Hans P. Binswanger-Mkhize was a Swiss economist. His research focused mainly on agricultural economics in developing countries.