Thomas Vietorisz

Last updated
Thomas Vietorisz
Born (1926-02-04) February 4, 1926 (age 92)
Budapest, Hungary
Nationality American
Education MIT
Occupation Economist

Thomas Vietorisz (born February 4, 1926 in Budapest, Hungary) is an American economist who specialized in urban planning.

Budapest Capital city in Hungary

Budapest is the capital and the most populous city of Hungary, and the tenth-largest city in the European Union by population within city limits. The city had an estimated population of 1,752,704 in 2016 distributed over a land area of about 525 square kilometres. Budapest is both a city and county, and forms the centre of the Budapest metropolitan area, which has an area of 7,626 square kilometres and a population of 3,303,786, comprising 33 percent of the population of Hungary.

Hungary Country in Central Europe

Hungary is a country in Central Europe. Spanning 93,030 square kilometres (35,920 sq mi) in the Carpathian Basin, it borders Slovakia to the north, Ukraine to the northeast, Austria to the northwest, Romania to the east, Serbia to the south, Croatia to the southwest, and Slovenia to the west. With about 10 million inhabitants, Hungary is a medium-sized member state of the European Union. The official language is Hungarian, which is the most widely spoken Uralic language in the world. Hungary's capital and its largest city and metropolis is Budapest. Other major urban areas include Debrecen, Szeged, Miskolc, Pécs and Győr.

Economist professional in the social science discipline of economics

An economist is a practitioner in the social science discipline of economics.

Contents

Education

Vietorisz completed his undergraduate studies at Budapest, Basel, and Zurich. In 1948, he received a Master of Science degree in Chemical Engineering and in 1956, a doctorate degree in economics from the Massachusetts Institute of Technology (MIT). [1]

Basel Place in Basel-Stadt, Switzerland

Basel is a city in northwestern Switzerland on the river Rhine. Basel is Switzerland's third-most-populous city with about 180,000 inhabitants.

Massachusetts Institute of Technology research university in Cambridge, Massachusetts, United States

The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts. Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering. The institute is traditionally known for its research and education in the physical sciences and engineering, but more recently in biology, economics, linguistics and management as well. MIT is often ranked among the world's top five universities.

Career

Teaching

From 1963 to 1995, Vietorisz worked in the graduate faculty of The New School for Social Research in New York city. He held the position of department chair in 1977; senior lecturer from 1990 to 1994 and Professor Emeritus from 1995. Since 1996, he has been an adjunct Professor at Columbia University. Vietorisz also worked as an adjunct professor at Cornell University, Ithaca, New York from 1970 to 1973 and from 1977 onwards. [1]

The New School university in New York City, located mostly in Greenwich Village

The New School is a private non-profit research university centered in Manhattan, New York City, located mostly in Greenwich Village. It was founded in 1919 as The New School for Social Research with an original mission dedicated to academic freedom and intellectual inquiry and a home for progressive thinkers. Since then, the school has grown to house five divisions within the university. These include the Parsons School of Design, the Eugene Lang College of Liberal Arts, The New School for Social Research, the Schools of Public Engagement, the College of Performing Arts which consists of the Mannes School of Music, the School of Drama, and the School of Jazz and Contemporary Music. In addition, the university maintains the Parsons Paris campus and has also launched or housed a range of institutions, such as the international research institute World Policy Institute, the Vera List Center for Art and Politics, the India China Institute, the Observatory on Latin America, and the Center for New York City Affairs.

Columbia University private Ivy League research university in New York City

Columbia University is a private Ivy League research university in Upper Manhattan, New York City. Established in 1754, Columbia is the oldest institution of higher education in New York and the fifth-oldest institution of higher learning in the United States. It is one of nine colonial colleges founded prior to the Declaration of Independence, seven of which belong to the Ivy League. It has been ranked by numerous major education publications as among the top ten universities in the world.

Cornell University private university in Ithaca (New York, US)

Cornell University is a private and statutory Ivy League research university in Ithaca, New York. Founded in 1865 by Ezra Cornell and Andrew Dickson White, the university was intended to teach and make contributions in all fields of knowledge—from the classics to the sciences, and from the theoretical to the applied. These ideals, unconventional for the time, are captured in Cornell's founding principle, a popular 1868 Ezra Cornell quotation: "I would found an institution where any person can find instruction in any study."

Economics

Vietorisz worked in the field of applied and theoretical economics. An early example of his theoretical contribution is his method to quantize for priority ordering of projects in planning. [2] Another example is his theory of "Decentralization in NonConvex System" that was highlighted in Econometrica. [3] The aim was to represent a two-level planning and decision making system within the traditional Edgeworth box diagram, but extended for non-convex analysis.

Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics, it is typically characterized by the application of the core, i.e. economic theory and econometrics, to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, engineering economics, health economics, monetary economics, public economics, and economic history. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulations but also case studies, historical analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings. Among broad methodological distinctions, one source places it in neither positive nor normative economics but the art of economics, glossed as "what most economists do".

Edgeworth box

In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of resources. Edgeworth made his presentation in his book Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, 1881. Edgeworth's original two-axis depiction was developed into the now familiar box diagram by Pareto in his 1906 book "Manual of Political Economy" and was popularized in a later exposition by Bowley. The modern version of the diagram is commonly referred to as the Edgeworth–Bowley box.

An example of a practical suggestion Vietorisz makes is discussed in his challenge of the substitution-based theory for setting the US minimum wage which came under discussion in the forum of the journal Challenge. [4] In that forum, McCulloch raised the question as to where the other factors of production will come from to support an increase in the minimum wage. Vietorisz proposed that there were historic precedents to show that government-assisted loans were a possible source, and that in the case of the agricultural sector, there was no shortage of land since some was being taken out of cultivation through subsidy programs. [4] In short, McCulloch argued from the neoclassical perspective; Vietorisz, from the Dual Labor Market and Moral perspectives. The two different paradigms to view the issue of minimum wage are still being reconciled in the literature.

Minimum wage in the United States

The minimum wage in the United States is set by US labor law and a range of state and local laws. Employers generally have to pay workers the highest minimum wage prescribed by federal, state, and local law. Since July 24, 2009, the federal government has mandated a nationwide minimum wage of $7.25 per hour. As of January 2018, there were 29 states with a minimum wage higher than the federal minimum. From 2017 to 2018, eight states increased their minimum wage levels through automatic adjustments, while increases in eleven other states occurred through referendum or legislative action.

Selected papers

Max Franklin Millikan was an American economist, Professor of Economics at MIT, Assistant Director of the Office of Research and Reports at the CIA, and director of the MIT Center for International Studies.

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Industrialisation period of social and economic change from agrarian to industrial society

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The big push model is a concept in development economics or welfare economics that emphasizes that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do. It assumes economies of scale and oligopolistic market structure and explains when industrialization would happen.

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References

  1. 1 2 "bio-vita_fall01".
  2. Vietorisz T. "Association Quantized Preferences and Planning by Priorities." in The American Economic Review (Papers and Proceedings of the Eighty-second Annual Meeting of the American Economic Association) May 1970 60:2 p. 65 - 69.
  3. "Decentralization in Non-Convex Systems" in Econometrica 1966 34:5S p. 123 - 125.
  4. 1 2 Vietorisz T. and McCulloch J. H. "The $3.50 Minimum Wage: "Let Them Earn Cake!"" in “Challenge” 1973, July and August 6:3 p. 69 - 70.