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The Heller-Hurwicz Economics Institute was launched in 2010 in order to promote socioeconomic research.
The Heller-Hurwicz Economics Institute was launched in 2010 to establish an intellectual powerhouse of the world’s top faculty and graduate students who are focused on creating effective tools of economic theory that will lead to policies and institutions that address major socioeconomic problems. Since its founding, Heller-Hurwicz has hosted numerous seminars, panels and roundtables with some of the brightest minds in economic innovation. Topics have included the economics of climate change, social insurance, monetary policy, psychology of economics, globalization, U.S. manufacturing and occupational regulation. The Heller-Hurwicz Economics Institute is translating frontier economic research into real world policy solutions. [1]
The Heller-Hurwicz Economics Institute is a global initiative in the College of Liberal Arts at the University of Minnesota created to inform and influence public policy by supporting and promoting frontier economic research and by communicating our findings to leading academics, policymakers, and business executives around the world.
The mission and intention of the institution is guided by legacies of Walter Heller and Leo Hurwicz. Both Heller and Hurwicz served as professors of economics at the University of Minnesota for the early 1950s through the 1980s, during which time they revolutionized the university’s economics department to be one of the world’s finest schools of economic thought. Heller, who served as one of the most influential economic policymakers under Presidents Kennedy and Johnson, was an innovator of taxation and social policy, two areas that guide the work of the Heller - Hurwicz Economics Institute. Hurwicz, on the other hand, fathered the economic theory of mechanism design, which helps organizations and businesses determine optimal outcomes given an individual’s motivations, honesty and social welfare. It is Leo Hurwicz’s contributions to economic science that not only influence thinking at the Heller - Hurwicz Economics Institute, but how political and economic dilemmas are solved today.
V.V. Chari, 2010–2016
Ellen McGrattan, 2016-2022
Kjetil Storesletten, 2022-present
James Joseph Heckman is an American economist and Nobel laureate who serves as the Henry Schultz Distinguished Service Professor in Economics at the University of Chicago, where he is also a professor at the College, a professor at the Harris School of Public Policy, Director of the Center for the Economics of Human Development (CEHD), and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also a professor of law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the NBER. He received the John Bates Clark Medal in 1983, and the Nobel Memorial Prize in Economic Sciences in 2000, which he shared with Daniel McFadden. He is known principally for his pioneering work in econometrics and microeconomics.
Kenneth Joseph Arrow was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
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.
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.
Sir James Alexander Mirrlees was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours.
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.
William Jack Baumol was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect.
The University of Chicago Harris School of Public Policy is the public policy school of the University of Chicago in Chicago, Illinois, United States. It is located on the University of Chicago's main campus in Hyde Park. The school's namesake is businessman Irving B. Harris, who made a donation that established the Harris School in 1986. In addition to policy studies and policy analysis, the school requires its students to pursue training in economics and statistics through preliminary examinations and course requirements. The Harris School offers joint degrees with the Booth School of Business, Law School, School of Social Service Administration, and the Graduate Division of the Social Sciences.
Walter Wolfgang Heller was a leading American economist of the 1960s, and an influential adviser to President John F. Kennedy as chairman of the Council of Economic Advisers, 1961–1964.
Christopher Albert Sims is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy".
Varadarajan Venkata Chari is an Indian-American economist and professor of economics, currently teaches macroeconomic theory, public economics, and monetary economics at the University of Minnesota's College of Liberal Arts.
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.
Eric Stark Maskin is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University.
Roger Bruce Myerson is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy, the Griffin Department of Economics, and the College of the University of Chicago. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory". He was elected a Member of the American Philosophical Society in 2019.
Jordi Galí is a Catalan macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is a Senior Researcher at the Centre de Recerca en Economia Internacional (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona School of Economics. After obtaining his doctorate from MIT in 1989 under the supervision of Olivier Blanchard, he held faculty positions at Columbia University and New York University before moving to Barcelona.
The following outline is provided as an overview of and topical guide to economics:
The Gary Becker Milton Friedman Institute for Research in Economics is a collaborative, cross-disciplinary center for research in economics. The institute was established at the University of Chicago in June 2011. It brought together the activities of two formerly independent economic research centers at the university: the Milton Friedman Institute for Research in Economics and the Becker Center on Chicago Price Theory.
The Marshall Society is an economics society at the University of Cambridge. It was established in 1927, and is named after Alfred Marshall, the prominent economist who was Professor of Political Economy at Cambridge from 1885 to 1908 and established the university's economics Tripos in 1903. Notable former members of the society include economists such as John Maynard Keynes and Nicholas Kaldor, as well as political figures such as Manmohan Singh. At present, the society organises some events for members, including occasionally inviting speakers and hosting some social events.
