This article needs additional citations for verification .(February 2013)
|Died||August 20, 2006 84) (aged|
|Institution|| NBER (1960–2006)|
Columbia University (1959–91)
|Chicago School of Economics|
|Alma mater|| Columbia University (Ph.D.)|
Emory University (B.A.)
| George Stigler |
| Reuben Gronau |
|Influences||H. Gregg Lewis|
|Contributions||Idea of human capital |
|Awards||IZA Prize in Labor Economics (2002)|
Jacob Mincer (July 15, 1922 – August 20, 2006), was a father of modern labor economics. He was Joseph L. Buttenwieser Professor of Economics and Social Relations at Columbia University for most of his active life.
Born in Tomaszów Lubelski, Poland, Mincer survived World War II prison camps in Czechoslovakia and Germany as a teenager. After graduating from Emory University in 1950, Mincer received his Ph.D. from Columbia University in 1957.
Following teaching stints at City College of New York, Hebrew University, Stockholm School of Economics and the University of Chicago, Mincer joined Columbia's faculty where he stayed until his retirement in 1991.
Mincer was also a member of the National Bureau of Economic Research from 1960 through his death.
Mincer died at his Manhattan home on August 20, 2006, due to complications from Parkinson's disease, according to his wife, Dr. Flora Mincer, and his daughters, Deborah Mincer (Sussman) and Carolyn Mincer.
Mincer was considered by many to be a father of modern labor economics.As a leading member of a group of economists known as the Chicago School of Economics, Mincer and Nobel Laureate Gary Becker helped to develop the empirical foundations of human capital theory, consequently revolutionizing the field of labor economics.
During his academic career, Mincer authored four books and hundreds of journal articles, papers and essays. Mincer's ground-breaking work: Schooling, Experience and Earnings, published in 1974, used data from the 1950 and 1960 Censuses to relate income distribution in America to the varying amounts of education and on-the-job training among workers. "He calculated, for example, that annual earnings rose by 5 to 10 percent in the 1950s and 1960s for every year of additional schooling. There was a similar, although smaller, return on investment in job training—and age played a role."
Mincer's work continues to have a profound impact on the field of labor economics. Papers in the field frequently use Mincerian equations, which model wages as a function of human capital in statistical estimation. And as a result of Mincer's pioneering work, variables such as schooling and work experience are now the most commonly used measures of human capital.
In 1967 Mincer was elected as a Fellow of the American Statistical Association.
In 1991, he received an honorary Doctor of Laws degree from the University of Chicago which recognized his seminal work in the economic analysis of earnings and inequality, the labor force decisions of women and of job mobility. The citation for the degree also recognized Mincer's work in this area that has helped guide a generation of economists who study these important social questions.
In recognition of his lifetime achievements in economics, Mincer was awarded the first IZA Prize in Labor Economics of the Institute for the Study of Labor (Bonn, Germany). The $50,000 prize was presented to Mincer by more than 100 of his former students at a conference at Columbia University in 2002.
In 2004 Mincer received a Career Achievement Award from the University of Chicago's Society of Labor Economists; the annual award has subsequently become known as the Mincer Award.
Mincer was never awarded a Nobel Prize, though he was considered one of the world's greatest economists of the 20th century, and was nominated for the award numerous times by admiring colleagues.
..the decade Jacob and I spent working together was surely one of the most, if not the most exciting and fruitful in my life.— Gary Becker, 2006
The close blending of theory and data represented in Mincer's work has shaped the direction of labor economics and influenced and inspired all those who have followed him.— David Card, 2006
His very simple formulation basically fits the data for understanding how earnings are related to educational attainment in virtually every country in every time period.— Lawrence F. Katz, 2006
James Joseph Heckman is a Nobel Prize winning American economist who is currently at the University of Chicago, where he is The Henry Schultz Distinguished Service Professor in Economics and the College; 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 Professor of Law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. As of December 2020, according to RePEc, he is the second most influential economist in the world.
Gary Stanley Becker was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics.
Theodore William Schultz was an American 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.
Peter Richard Grenville Layard, Baron Layard FBA is a British labour economist, currently working as programme director of the Centre for Economic Performance at the London School of Economics.
Richard Barry Freeman is an economist. The Herbert Ascherman Professor of Economics at Harvard University and Co-Director of the Labor and Worklife Program at Harvard Law School, Freeman is also Senior Research Fellow on Labour Markets at the Centre for Economic Performance, part of the London School of Economics, funded by the Economic and Social Research Council, the UK's public body funding social science. Freeman directs the Science and Engineering Workforce Project (SEWP) at the National Bureau of Economic Research (NBER), a network focused on the economics of science, technical, engineering, and IT labor which has received major long-term support from the Sloan Foundation.
Claudia Goldin is an American economic historian and labor economist who is currently the Henry Lee Professor of Economics at Harvard University. She is a co-director of the NBER's Gender in the Economy Study Group and was the director of the NBER’s Development of the American Economy program from 1989 to 2017. Goldin's research covers a wide range of topics, including the female labor force, the gender gap in earnings, income inequality, technological change, education, and immigration. Most of her research interprets the present through the lens of the past and explores the origins of current issues of concern. Her recently completed book Career & Family: Women's Century-Long Journey toward Equity will be released October 5, 2021.
Orley Clark Ashenfelter is an American economist and the Joseph Douglas Green 1895 Professor of Economics at Princeton University. His areas of specialization include labor economics, econometrics, and law and economics.
Marianne A. Ferber was an American feminist economist and the author of many books and articles on the subject of women's work, the family, and the construction of gender. She held a Ph.D. from the University of Chicago.
Daniel Selim Hamermesh is a U.S. economist, and Distinguished Scholar at Barnard College, Columbia University, Research Associate at the National Bureau of Economic Research, and Research Fellow at the Institute for the Study of Labor (IZA). Previously he was a Sue Killam Professor in the Foundations of Economics at the University of Texas at Austin and professor of economics at Royal Holloway, University of London.
The Institute for the Study of Labor awards a prize each year for outstanding academic achievement in the field of labor economics. The IZA Prize in Labor Economics has become a highly prestigious science award in international economics, is the only international science prize awarded exclusively to labor economists and is considered the most important award in labor economics worldwide. The prize was established in 2002 and is awarded annually through a nomination process and decided upon by the IZA Prize Committee, which consists of internationally renowned labor economists. As a part of the prize, all IZA Prize Laureates contribute a volume as an overview of their most significant findings to the IZA Prize in Labor Economics Series published by Oxford University Press.
Katherine Jane Humphries, CBE FBA, is a Fellow of All Souls College, University of Oxford with the Title of Distinction of professor of economic history. Her research interest has been in economic growth and development and the industrial revolution. She is the former president of the Economic History Society and the current vice-president of the Economic History Association.
Francine Dee Blau is an American economist and professor of economics as well as Industrial and Labor Relations at Cornell University. In 2010, Blau was the first woman to receive the IZA Prize in Labor Economics for her "seminal contributions to the economic analysis of labor market inequality." She was awarded the 2017 Jacob Mincer Award by the Society of Labor Economists in recognition of lifetime of contributions to the field of labor economics.
Shoshana Grossbard is an economist and professor of economics emerita at San Diego State University. She is also a member of the Family Inequality Network, HCEO,U of Chicago and a research fellow at the Institute for the Study of Labor and the CESifo Institute. She is a well-published scholar as well as a founder of two organizations related to household economics: a journal, the Review of Economics of the Household founded in 2001 and the Society of Economics of the Household. The Society (SEHO) holds annual meetings since 2017.
Isaac Ehrlich is an American economist. He has done research in the economics of crime and law enforcement and the economics of deterrence, including the death penalty and its deterrent effects. Ehrlich has served as the Chair of the Department of Economics at the State University of New York at Buffalo since 2000.
Michael Grossman is an American health economist and economics professor emeritus at the City University of New York Graduate Center (CUNY). He directed the Health Economics Program at the National Bureau of Economic Research (NBER) from 1972 to 2020. Grossman was an early contributor to New Home Economics (NHE).
The Mincer earnings function is a single-equation model that explains wage income as a function of schooling and experience. It is named after Jacob Mincer. Thomas Lemieux argues it is "one of the most widely used models in empirical economics". The equation has been examined on many datasets. Typically the logarithm of earnings is modelled as the sum of years of education and a quadratic function of "years of potential experience".
Research in Labor Economics (RLE) is a biannual series that publishes peer-reviewed research applying economic theory and econometrics to analyze policy issues. Typical themes of each volume include labor supply, work effort, schooling, on-the-job training, earnings distribution, discrimination, migration, and the effects of government policies. Research in Labor Economics is published by Emerald Group Publishing in conjunction with the IZA Institute of Labor Economics (IZA).
Joseph Gerard Altonji is an American labour economist and the Thomas DeWitt Cuyler Professor of Economics at Yale University. His fields of interest include macroeconomics and applied econometrics and in particular labour economics, being ranked as one of the foremost labour economists worldwide. In 2018, his contributions to the analysis of labour supply, family economics and discrimination were rewarded with the IZA Prize in Labor Economics.
Mark Richard Rosenzweig is an economist and the Frank Altschul Professor of International Economics at Yale University, where he also directs the Economic Growth Center. Rosenzweig belongs to the world's most prominent agricultural and development economists, and is one of the leading scholars on the subjects of the economics of insurance and migration.
Uwe Sunde is a German economist and currently Professor of Economics at the Ludwig Maximilian University of Munich (LMU) as well as a Research Professor in the ifo Center for Labour and Demographic Economics. Sunde's research interests include long-term development and growth, political economy, labour economics, population economics, and behavioural economics. In 2015, his research on risk preferences and on the role of life expectancy and human capital for long-term economic development earned him the Gossen Prize.