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Miles Spencer Kimball is an American economist who is currently the Eugene D. Eaton Jr. Professor of Economics at the University of Colorado Boulder. From 1987 to 2016, he was professor of economics and research professor of survey research at the University of Michigan. He is also a research associate of the National Bureau of Economics Research. He is a columnist for the online international business magazine Quartz, where his column coauthored with Noah Smith, "There is one key difference between kids who excel at math and those who don't" was the second most popular article in 2013. [1] Other popular columns have focused on education, immigration policy, how to get into PhD programs in economics, geopolitics, gay marriage, sexism in economics, the Reinhart and Rogoff controversy and negative interest rates. [2] On his blog, "Confessions of a Supply Side Liberal," he has been an advocate for eliminating the zero lower bound on nominal interest rates in order to make deep negative interest rates a viable monetary policy option. [3] Three former Federal Reserve officials, Don Kohn, Ben Bernanke and Narayana Kocherlakota, can be seen discussing his proposal for eliminating the lower bound on interest rates here. Many of his blog posts have been translated into Japanese and some into Thai. Kimball is a Unitarian-Universalist lay preacher [4] after having departed from the Church of Jesus Christ of Latter-day Saints (LDS Church) around the age of 40 (circa 2000). He has a special interest outside his professional field of economics in the fields of nutrition and fasting.
Kimball was born to Edward Lawrence Kimball and Evelyn Bee Madsen Kimball on August 17, 1960. He is the grandson of Spencer W. Kimball, the twelfth president of the Church of Jesus Christ of Latter-day Saints and great-nephew of chemist Henry Eyring. As a high school senior, Kimball took 9th place in the USA Math Olympiad. Kimball graduated with a bachelor's degree in economics from Harvard University in 1982. He then received a master's degree in linguistics from Brigham Young University in 1984. His Master's thesis was "Language, Linguistics and Philosophy: A Comparison of the Work of Roman Jakobson and the Later Wittgenstein, with Some Attention to the Philosophy of Charles Saunders Peirce." [5] In 1987, he graduated with a Ph.D. in economics from Harvard and won the David A. Wells prize for the best Harvard dissertation in economics. He became an assistant professor at University of Michigan in 1987 and an associate professor in 1993. In 1999 he also became research professor at the University of Michigan's Survey Research Center. He gave the H. Chase Stone Lecture at Colorado College in 2009, held the Jon M. Huntsman Presidential Visiting Professorship at Utah State University in May 2011, and gave the Geneva Risk Economics Lecture in September, 2013. He gave one of two keynote speeches at the Bank of England Chief Economists' Workshop on "The Future of Money" in May 2015.
His general areas of expertise are macroeconomics and cognitive economics.
He is especially known for his important work in the areas of precautionary saving and survey measurement of preference parameters. Kimball (1990) first defined the prudence index to measure the intensity of the precautionary motive. [6] He was also awarded the Samuelson Prize Certificate of Excellence for his work in survey measurement of preference parameters. [7] He also has published well cited articles often in the fields of labor market dynamics, and the economics of uncertainty. [8] [9]
In 2016 Kimball began to give sustained attention to nutrition and fasting, arising from a personal quest to manage his own weight and health. He has collected significant resources on these topics, much of which he has made available online. [10] He has declared Canadian nephrologist Jason Fung's book The Obesity Code (2016) [11] to be the fifth and latest of the five books that have changed his life. [12]
Roman Osipovich Jakobson was a Russian linguist and literary theorist.
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the "Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision-making.
Gérard Debreu was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.
Oskar Ryszard Lange was a Polish economist and diplomat. He is best known for advocating the use of market pricing tools in socialist systems and providing a model of market socialism. He responded to the economic calculation problem proposed by Ludwig von Mises and Friedrich Hayek by claiming that managers in a centrally-planned economy would be able to monitor supply and demand through increases and declines in inventories of goods, and advocated the nationalization of major industries. During his stay in the United States, Lange was an academic teacher and researcher in mathematical economics. Later in socialist Poland, he was a member of the Central Committee of the Polish United Workers' Party.
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)".
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.
Michio Morishima was a Japanese heterodox economist and public intellectual who was the Sir John Hicks Professor of Economics at the London School of Economics from 1970 to 1988. He was also professor at Osaka University and member of the British Academy. In 1976 he won the Order of Culture.
Hirofumi Uzawa was a Japanese economist.
In linguistics and social sciences, markedness is the state of standing out as nontypical or divergent as opposed to regular or common. In a marked–unmarked relation, one term of an opposition is the broader, dominant one. The dominant default or minimum-effort form is known as unmarked; the other, secondary one is marked. In other words, markedness involves the characterization of a "normal" linguistic unit against one or more of its possible "irregular" forms.
In macroeconomic theory, liquidity preference is the demand for money, considered as liquidity. The concept was first developed by John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) to explain determination of the interest rate by the supply and demand for money. The demand for money as an asset was theorized to depend on the interest foregone by not holding bonds. Interest rates, he argues, cannot be a reward for saving as such because, if a person hoards his savings in cash, keeping it under his mattress say, he will receive no interest, although he has nevertheless refrained from consuming all his current income. Instead of a reward for saving, interest, in the Keynesian analysis, is a reward for parting with liquidity. According to Keynes, money is the most liquid asset. Liquidity is an attribute to an asset. The more quickly an asset is converted into money the more liquid it is said to be.
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".
Sho-Chieh Tsiang was a Chinese-American economist. He was born in China but resided primarily in the United States from 1949 until his death. He also resided in Taiwan in 1948 and in the 1980s.
Richard M. Goodwin was an American mathematician and economist.
Jacques H. Drèze was a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economics profession. Drèze was the first President of the European Economic Association in 1986 and was the President of the Econometric Society in 1970.
Jan Kmenta was a Czech-American economist. He was the Professor Emeritus of Economics and Statistics at the University of Michigan and Visiting Professor at CERGE-EI in Prague, until summer 2016.
Don Patinkin was an American-born Israeli monetary economist, and the President of the Hebrew University of Jerusalem.
Precautionary saving is saving that occurs in response to uncertainty regarding future income. The precautionary motive to delay consumption and save in the current period rises due to the lack of completeness of insurance markets. Accordingly, individuals will not be able to insure against some bad state of the economy in the future. They anticipate that if this bad state is realized, they will earn lower income. To avoid adverse effects of future income fluctuations and retain a smooth path of consumption, they set aside a precautionary reserve, called precautionary savings, by consuming less in the current period, and resort to it in case the bad state is realized in the future.
John Hicks's 1937 paper Mr. Keynes and the "Classics"; a suggested interpretation is the most influential study of the views presented by J. M. Keynes in his General Theory of Employment, Interest, and Money of February 1936. It gives "a potted version of the central argument of the General Theory" as an equilibrium specified by two equations which dominated Keynesian teaching until Axel Leijonhufvud published a critique in 1968. Leijonhufvud's view that Hicks misrepresented Keynes's theory by reducing it to a static system was in turn rejected by many economists who considered much of the General Theory to be as static as Hicks portrayed it.
In United States public policy, supply-side progressivism is a political ideology that emphasizes increasing the supply of essential goods and services, such as housing, healthcare, and higher education, in order to make them more abundant and affordable. Supply-side progressives believe that some regulations artificially restrict the supply and drive up costs of essential goods and services, while other regulations, such as antitrust law, need to be implemented or enforced to encourage market competition and innovation. They also advocate for more investment in research and development for technologies such as sustainable energy sources in order to increase abundance and reduce costs over time.