In economics,a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets,as modeled,operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market,in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy,prices for goods and services are set solely by the bids and offers of the participants.
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.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods,statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics,including equality,finance,technology,labour,and business. It emphasizes historicizing the economy itself,analyzing it as a dynamic entity and attempting to provide insights into the way it is structured and conceived.
Political economy is a branch of political science and economics studying economic systems and their governance by political systems. Widely studied phenomena within the discipline are systems such as labour markets and financial markets,as well as phenomena such as growth,distribution,inequality,and trade,and how these are shaped by institutions,laws,and government policy. Originating in the 18th century,it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field,drawing on theory from both political science and modern economics.
The National University of Singapore (NUS) is a national public research university in Singapore. It was officially established in 1980 by the merger of the University of Singapore and Nanyang University.
Karl Paul Polanyi was an Austro-Hungarian economic anthropologist,economic sociologist,and politician,best known for his book The Great Transformation, which questions the conceptual validity of self-regulating markets.
Nancy Laura Stokey has been the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago since 1990 and focuses particularly on mathematical economics while recently conducting research about Growth Theory,economic dynamics,and fiscal/monetary policy. She earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978,under the direction of thesis advisor Kenneth Arrow. She is a Fellow of the Econometric Society,the American Academy of Arts and Sciences and the National Academy of Sciences. She previously served as a co editor of Econometrica and was a member of the Expert Panel of the Copenhagen Consensus. She received her Honorary Doctor of Laws (L.L.D) in 2012 from the University of Western Ontario.
The American Economic Review is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer,a professor of economics at Dartmouth College. The journal is based in Pittsburgh.
Danny Quah is Li Ka Shing Professor in Economics at the Lee Kuan Yew School of Public Policy,National University of Singapore. Quah's work includes contributions to the fields of economic growth,development economics,monetary economics,macroeconometrics,and the weightless economy. Quah is best known for his research on estimation techniques for disentangling the effects of different disturbances on economies,for his studies on economic growth and convergence across nation states,and for his analyses of large-scale shifts in the global economy. Quah became the dean of the Lee Kuan Yew School of Public Policy,beginning his term on 1 May 2018.
William Dawbney Nordhaus is an American economist. He was a Sterling Professor of Economics at Yale University,best known for his work in economic modeling and climate change,and a co-recipient of the 2018 Nobel Memorial Prize in Economic Sciences. Nordhaus received the prize "for integrating climate change into long-run macroeconomic analysis".
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.
Tan Eng Chye is a Singaporean mathematician and university administrator who has been serving as the third president of the National University of Singapore since 2018. Prior to his presidency,he served as the deputy president of academic affairs and provost at the National University of Singapore.
Muthucumaraswamy Sornarajah is a legal academic. He is an Emeritus Professor and former C. J. Koh Professor of Law at the National University of Singapore,the Tunku Abdul Rahman Professor of Law at the University of Malaya,and the former head of the school of law at the University of Tasmania. He is also a visiting professor at the Centre for Human Rights,London School of Economics. He has been arbitrator,counsel or expert in several leading investment arbitrations.
Abraham Rotstein was a Canadian economist who was a professor of economics at the University of Toronto. He was a fellow of Massey College. He is best known as a co-founder of the Committee for an Independent Canada. He received his doctorate from the University of Toronto in 1967 for the thesis Fur Trade and Empire:An Institutional Analysis. He was a student of Karl Polanyi.
Yale-NUS College is a liberal arts college in Singapore. Established in 2011 as a collaboration between Yale University and the National University of Singapore,it is the first liberal arts college in Singapore and one of the first few in Asia. With an average acceptance rate of 5.2%,it is among the most selective institutions in the world. Yale-NUS was the first institution outside New Haven,Connecticut that Yale University had developed in its 300-year history,making Yale one of the first American Ivy League schools to establish a college bearing its name in Asia.
Valerie Hansen is an American historian.
Oriana Bandiera,FBA is an Italian development economist and academic,who is currently the Sir Anthony Atkinson Professor of Economics at the London School of Economics. Her research focuses on development,labour,and organisational economics. Outside of her academic appointment,she is co-editor of Econometrica,and an affiliate of the Centre for Economic Policy Research and Bureau for Research and Economic Analysis of Development. A fellow of the Econometric Society and the British Academy,she received the YrjöJahnsson Award in 2019,an award granted annually to the best European economist(s) under the age of 45.
Sumit Agarwal is an Indian academic who is the Low Tuck Kwong Distinguished Professor of Finance and a professor of Economics and Real Estate at the National University of Singapore (NUS). He is also managing director of Sustainable and Green Finance Institute (SGFIN) at NUS,as well as President of Asian Bureau of Finance and Economic Research.
