The Foundation for Teaching Economics(FTE) is an organization founded in 1975 that promotes economics education by hosting workshops for high school students and teachers, and by providing educational resources to teachers.
The Foundation for Teaching Economics(FTE) is an organization founded in 1975 that promotes economics education by hosting workshops for high school students and teachers, and by providing educational resources to teachers.
The organization was established in 1975 by Jaquelin H. Hume, the co-founder of Basic American Foods. [1] [2] [3] The foundation promotes the teaching of economics in elementary and high schools in the United States. [1] and describes its mission as promoting "excellence in economic education by helping teachers of economics become more effective educators". [4]
As of 2009, Jaquelin H. Hume's two sons William J. Hume and George H. Hume served on the Board of Trustees. [5] The other trustees were Orley Ashenfelter, a professor of economics at Princeton University; Arthur J. Hedge, an investor; Caroline Hoxby, a professor of economics at Stanford University; Jay Jacobs, an investor; Edward A. Landry, an attorney; John Manfredi, an investor; Douglass North, the 1993 winner of the Nobel Memorial Prize in Economic Sciences; Vernon L. Smith, the 2002 winner of the Nobel Memorial Prize in Economic Sciences; and Christopher A. Wright, an investor. [5]
An economist is a professional and practitioner in the social science discipline of economics.
Daniel Little McFadden is an American econometrician who shared the 2000 Nobel Memorial Prize in Economic Sciences with James Heckman. McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He is the Presidential Professor of Health Economics at the University of Southern California and Professor of the Graduate School at University of California, Berkeley.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
Richard H. Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association.
Jean Tirole is a French economist who is currently a professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and psychology. In particular, he focuses on the regulation of economic activity in a way that does not hinder innovation while maintaining fair rules.
David E. Bloom is an American author, academic, economist, and demographer. He is a Professor of Economics and Demography at the Harvard School of Public Health, and director of the Program on the Global Demography of Aging. He is widely considered as one of the greatest multidisciplinary social science researchers of the world.
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University, a role he held from 2003 to 2020. In 2019, Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Claudia Dale Goldin is an American economic historian and labor economist. She is the Henry Lee Professor of Economics at Harvard University. In October 2023, she was awarded the Nobel Memorial Prize in Economic Sciences "for having advanced our understanding of women's labor market outcomes”. The third woman to win the award, she was the first woman to win the award solo.
Leonid Hurwicz was a Polish–American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90.
Esther Duflo, FBA is a French-American economist currently serving as the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). In 2019, she was jointly awarded the Nobel Memorial Prize in Economic Sciences alongside Abhijit Banerjee and Michael Kremer "for their experimental approach to alleviating global poverty".
Abhijit Vinayak Banerjee is an Indian-born American economist who is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. He is co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), an MIT based global research center promoting the use of scientific evidence to inform poverty alleviation strategies. In 2019, Banerjee shared the Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer, "for their experimental approach to alleviating global poverty." He and Esther Duflo are married, and became the sixth married couple to jointly win a Nobel or Nobel Memorial Prize.
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an economics award funded by Sveriges Riksbank and administered by the Nobel Foundation.
William J. Hume, known as Jerry Hume, is an American businessman and conservative donor.
Jaquelin Holliday "Jack" Hume (1905–1991) was an American businessman and conservative philanthropist. He co-founded Basic American Foods, the world's largest producer of dried onion and garlic, and later dried potatoes, for instant mashed potatoes and boxed potato casseroles. He was a major donor to President Ronald Reagan, and a patron of the arts.
George H. Hume is an American heir, businessman and philanthropist. He serves as president and chief executive officer of Basic American Foods, the world's largest producer of dried onion, garlic and potato products. He served as president of the San Francisco Opera Association from 2006 to 2013, and currently serves as its vice chairman.
The Jaquelin Hume Foundation is a 501(c)(3) organization "support[ing] free-market solutions to education reform," and funds many right-wing and libertarian organizations. Established in 1962 and headquartered in San Francisco, California. Businessman Jaquelin Hume began financing various free-market policies and started focusing its money more specifically in education reform "including charter schools, vouchers, standards and curricula,". It has granted donations to the Center for Education Reform, the State Policy Network, the Institute for Justice, the Alliance for School Choice, and the Association of American Educators.
The 2021 Nobel Memorial Prize in Economic Sciences was divided one half awarded to the American-Canadian David Card "for his empirical contributions to labour economics", the other half jointly to Israeli-American Joshua Angrist and Dutch-American Guido W. Imbens "for their methodological contributions to the analysis of causal relationships." The Nobel Committee stated their reason behind the decision, saying:
"This year's Laureates – David Card, Joshua Angrist and Guido Imbens – have shown that natural experiments can be used to answer central questions for society, such as how minimum wages and immigration affect the labour market. They have also clarified exactly which conclusions about cause and effect can be drawn using this research approach. Together, they have revolutionised empirical research in the economic sciences."
The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating:
"This year's laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital."
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